Newly released data from a Charles Schwab survey found a 12 percent spike in the amount of money Americans think people must have “to be considered wealthy,” up $300,000 from last year.
The data, released in a press release Thursday, found Americans saying that “it takes” an average net worth of $2.5 million “to be ‘wealthy,’” spiking by 12 percent from last year when Americans said that “it takes” $2.2 million on average.
“‘Wealth’ means different things to different people, whether it’s financial freedom, enriching experiences with friends and family, or a certain dollar amount,” Rob Williams, Charles Schwab managing director of financial planning, said in the release.
Among geographic locations, California ranked highest in terms of what monetary amount constitutes being wealthy — San Franciscans and Southern Californians said an average net worth of $4.4 million and $3.4 million are required, respectively.
Other data released included Americans saying the average net worth that “it takes to be ‘financially comfortable’” is $778,000, down from last year when it was $1 million.
“The average net worth required for financial comfort reached a peak last year at $1 million, but this year, Americans’ estimations are more in line with 2022 ($775,000) and show an upward trend when compared with 2021 ($624,000),” the release stated.
The survey occurred between March 4 and 18 and featured 1,200 people aged 21 to 75.
