According to a new survey by Charles Schwab, the average American thinks it takes an average of $2.5 million to be considered wealthy in 2024, which is up from $2.2 million in 2022 and 2023.
The survey found that young adults, those in Gen Z, thought it only takes $1.2 million, while baby boomers, on average, think it takes $2.8 million to be wealthy.
Concerning what it takes to "live comfortably," the average American said they believe it takes about $778,000. The average baby boomer said it takes about $780,000 to live comfortably, while someone in Gen Z says it takes $406,000.
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Members of Gen X said it takes $873,000 to live comfortably, the survey found.
The survey also found that very few Americans consider themselves "wealthy." All told, 10% said they are wealthy, but an additional 21% said they're on track to become wealthy.
Millennials were most likely to consider themselves to be wealthy, while baby boomers were least likely, the poll found.
“'Wealth’ means different things to different people, whether it’s financial freedom, enriching experiences with friends and family, or a certain dollar amount,” said Rob Williams, managing director of financial planning at Charles Schwab. “Our survey reinforces that people with a written financial plan are more confident about achieving their personal financial goals. Financial planning helps people understand where they are today and create a roadmap to get where they want to be, whether someone is saving for a single goal, like retirement, or needs comprehensive planning and wealth management.”
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According to NerdWallet, the median net worth for a family in the U.S. is $192,000. Those aged 65-74 had the highest median net worth at $409,900. Those under age 35 had a median net worth of $39,000.
