How Much Do You Need to Be Considered ‘Wealthy’?
May 20, 2021
If you want your fellow Americans to consider you “wealthy,” you need a net worth of nearly $2 million. According to Schwab’s 2021 Modern Wealth Survey, respondents said, on average, that $1.9 million would be needed before they considered someone wealthy.
That’s down quite a bit from the $2.6 million cited in the 2020 survey. Schwab notes that the drop in net worth expectations could be due to the pandemic. More than half, 53%, of the survey’s 1000 respondents said they were financially impacted by the pandemic. More than a quarter (26%) said they had their salary or hours cut, and 20% said they were laid off or furloughed.
As expected, age plays a big part in one’s definition of wealthy. For millennials, all you need is $1.4 million. Gen X said $1.9 million would make you wealthy, and for baby boomers, you need $2.5 million