What does being wealthy mean to you? It turns out, Americans have a specific number in mind for how much it takes to be considered wealthy and it’s a pretty big chunk. According to Schwab’s latest Modern Wealth Survey, it takes an average of $2.2-million in assets.
The financial services firm polled 1-thousand U.S. adults about their views on money and found:
- Around half of those surveyed say they already feel wealthy, even though the average net worth is about $560-thousand, about a quarter of that $2.2-million threshold for being rich.
- Nearly two-thirds (62%) say being able to enjoy healthy relationships with loved ones makes them feel richer than having a lot of money.
- Seven in 10 say wealth is more about not having to stress about money than having more of it.
- When asked to describe wealth in their own words, respondents mention their well-being (40%) more often than money (32%) and assets (26%).
- Only 35% have created a financial plan, but seven in 10 of those who have say it makes them feel more in control of their finances.
- Those who don’t have a plan say they haven’t done it because they don’t have enough money (44%), it’s too complicated (21%) or they just don’t have enough time (20%).
- Close to half (47%) of all respondents say being able to afford a lifestyle similar to their friends makes them feel wealthy.
- Younger generations were more likely to say they feel rich, almost 60% of millennials and 50% of Gen Zers do, compared to 40% of boomers.