Americans believe you need an average net worth of $2.5 million to be considered wealthy, up from $2.2 million in 2023 and 2022, a recent survey from Charles Schwab found .

Being wealthy means different things to different people. You don't necessarily have to be in the top 1% to be considered wealthy, but the survey showed the amount of money some people think they need to me🌺et the threshold varies by generation and where they live. 

Your Age Determines Your Perception Of Wealth

Older generations, on average, reported that it takes a much higher 澳洲幸运5开奖号码历史查询:net worth🃏 to be🐠 considered wealthy or financially comfortable compared to younger ones.

Baby Boomers, born between 1948 and 1964, reported that you need an average net worth of $2.8 million to be wealthy and $780,000 to be fina⛦ncially 🧜comfortable. 

In contrast, Genꦐ Z, born between 1997 and 2002, believes you need a much lower amount to be wealthy, $1.2 million, and $406,000 to be financially comfortable.

Here’s the average net worth you need to have to be considered wealthy, according to each generation:

• All Americans: $2.5 million
• Baby Boomers (1948 to 1964): $2.8 million
• Gen X (1965 to 1980): $2.7 million
• Millennials (1981 to 1996): $2.2 million
• Gen Z (1997 to 2002): $1.2 million

And So Does Your ZIP Code

Generally, residents of high-cost cities or regions reported needing a much higher net worth than residents of more affo🎃rdable areas.

Of the geographic regions surveyed, San Francisco, Southern California, and New York residents had the highest thresholds for what it takes to be wealthy or even 澳洲幸运5开奖号码历史查询:financially comfortable. Phoenix, Dallas, and Hou�𒆙�ston had the lowest thresholds.

Here’s the net ꦫworth that residents of different geographic regions and cities think you need to be wealthy:

• San Francisco: $4.4 million
• Southern California: $3.4 million
• New York: $2.9 million
• Washington, D.C.: $2.8 million
• Denver: $2.8 million
• Seattle: $2.8 million
• Boston: $2.7 million
• Atlanta: $2.4 million
• Chicago: $2.3 million
• Houston: $2.3 million
• Phoenix: $2.3 million
• Dallas: $2.2 million

How Do People Feel About Their Finances?

Only 21% of survey respondents said they thought they’d be wealthy in their lifetimes. However, younger generations were𒈔 more hopeful about the possibility of being wealthy—29% of Gen-Zers and 28% of millennials reported they were on track to be wealthy.

Many Americans also don’t think they’re currently in control of their finances: justꦫ 18% of Americans reported feeling on top of their 🌠finances, and Baby Boomers were the most likely to say they were. 

Although many respondents don’t think they’re on track to be wealthy, many still gave themselves a passing grade when it came to rating their own finances. More than two-thirds of Americans gave themselves an A, B, or C grade on how prepared they were for retirement and how much they had invested.