How much does it take to be rich in the United States? The results of the Modern Wealth Survey provide insight into what the net worth of your assets must be to be considered in this way.
The survey, which has been conducted annually since 2016, surveyed a total of one thousand Americans between the ages of 21 and 75 living in 12 U.S. metropolitan areas in 2023. The study was conducted virtually from March 1 to 13 this year.
It is important to clarify that the cost of living and salaries are not the same in all states. That’s why in San Diego, California, to be rich you don’t need the same amount of millions; than in Houston, Texas. And for many, happiness doesn’t equate to a full bank account.
How much does it take to be rich in the United States?
The 2023 Modern Wealth Survey conducted by Charles Schwab asked 1,000 respondents about saving, spending, investing and wealth. When asked how much money a person needs to be considered rich, the majority agreed that their net worth should average $2.2 million. However, a more comprehensive analysis shows that this number is not enough for those living in cities like New York, Denver or Washington DC. Check out the list below:
- San Francisco: $4.7 million
- New York City: $3.3 million
- Southern California (including Los Angeles and San Diego): $3.5 million
- Seattle: $3.1 million
- Washington, DC: $3 million
- Boston: $2.9 million
- Denver: $2.5 million
- Phoenix: $2.4 million
- Chicago: $2.3 million
- Dallas: $2.3 million
- Atlanta: $2.3 million
- Houston: $2.1 million.
NOT EVERYTHING IS MONEY: WHAT IS WEALTH FOR AMERICANS?
The survey analysis showed that many people did not define wealth in terms of their economic resources, but rather associated it with family or health aspects. According to the research, 48% of respondents said they already felt rich, despite having an average net worth of $560,000, which is almost a quarter of the $2.2 million it takes to be a to be considered rich
“We asked 1,000 Americans what wealth means to them and found that they measure it not in dollars, but in things like satisfying relationships and experiences with their family and friends, good health and even career flexibility,” said Abel Oonnoonny , vice president and senior financial advisor at Charles Schwab’s Midtown branch in New York, told The Post.