Americans now say a net worth of $2.3 million will make you rich, according to the survey
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With the surprising decline in wealthy people compared to last year, the average net worth Americans feel they need to qualify is still a spectacular figure, Charles Schwab discovered.
The financial services company said “” in its latest edition.Modern wealth research“The Americans now see $2.3 million as a benchmark to count as wealthy and point to what they see as worsening. economy.
Research shows there was a $200,000 decrease from 2024 to 2024, which stated that Americans should be classified as wealthy.
Someone who has a mountain of money. (istock / istock)
The “thresholds” they cited as being considered wealthy have exceeded $2 million since 2022.
Meanwhile, Americans surveyed for Charles Schwab’s “modern wealthy survey” reported that they believe an average net worth of $839,000 is needed to be “economically comfortable.”
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The average that Americans felt was needed.”It’s economically comfortable“Last year, I arrived at $778,000, which means the amount is up from the previous year.
Net worth that Americans with net worth, which they normally consider to be necessary to be wealthy and financially comfortable, changes across different generations, the study found.
For the baby boomer generation, the average net worth of the rich is $2.8 million, which is higher than the other three generations, according to Charles Schwab.
The report shows that Generation X and Millennials both became wealthy with a net worth of $2.1 million, but Generation Z made the necessary fortune much lower at $1.7 million.
When it comes to financial comfort, Baby Boomers once again proposed an average net worth of $943,000. Behind that was $847,000 millennials and X’s Gen X at $783,000, according to the survey.
The average net worth required to be “financially comfortable” among Gen Z was only $329,000.
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Overall, 63% of those surveyed reported that “we feel that we need more money to be wealthy today compared to last year,” Charles Schwab said. For 73% of people who felt that way, they cited inflation.
A couple reviews their finances in their homes. (istock / istock)
Inflation measured by the May consumer price index was up 0.1% from the previous month and 2.4% higher than a year ago, the Bureau of Labor Statistics reported last month.
Many respondents who said they thought “more money” was necessary to become rich – 62% – economy. Meanwhile, taxes and high interest rates were the reasons that more than four in 10 people cited this recognition, according to the survey.
The current range of benchmark interest rates for the Federal Reserve is between 4.24% and 4.5%.
According to Charles Schwab, about 35% of Americans felt they were “now wealthy” or “on track to become wealthy,” with 11% reporting the former and 24% saying the latter.
Gen Z had the most disparate view of reaching that status at 43%, being “wealthy or on-orbit.” A close share of millennials (42%) reported these sentiments, the study found.
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Charles Schwab also said, “Who is it?” There are savings, investments and financial plans They are more optimistic about their wealth status and their ability to reach wealth. ”
Woman calculating finances at a desk (istock / istock)
Research shows that happiness and funding stood out as the biggest factors in how Americans define wealth. They were cited at 45% and 44%, respectively.
According to another report released last month by UBS, the median wealth per adult in the US was $124,041 in 2024.
Total number of billionaires In the United States, it reached 23.8 million last year, an increase of 1.5% from the previous year, the report said.