How Rich is Rich? Americans Reconsider What Constitutes Wealth in 2023

Thursday, 22 August 2024, 21:33

How rich is rich? A new Charles Schwab survey indicates a 12 percent spike in the amount of money Americans consider necessary for wealth. Rising from $2.2 million to $2.5 million, perceptions of wealth are evolving while the average net worth needed for financial comfort has decreased. This comprehensive survey highlights notable regional differences in wealth expectations across the United States.
The Hill
How Rich is Rich? Americans Reconsider What Constitutes Wealth in 2023

The Evolving Definition of Wealth

Recently released data from a Charles Schwab survey shows that 12 percent of Americans now believe that to be considered 'wealthy,' an individual must have an average net worth of $2.5 million. This marks an increase of $300,000 from last year's stipulated average of $2.2 million.

Regional Variations in Wealth Perception

  • In California, average net worth expectations for wealthiness reach an average of $4.4 million in San Francisco and $3.4 million in Southern California.

Financial Comfort: A Shifting Benchmark

Additionally, the survey found that the amount of average net worth deemed necessary to feel 'financially comfortable' is now approximately $778,000, down from $1 million last year. This is a significant shift, as the benchmark for financial comfort peaked last year but has since stabilized closer to estimates from recent years.

The survey, conducted between March 4 and 18, engaged 1,200 participants aged between 21 and 75, illustrating a broad perspective of American views on wealth and financial stability.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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