How Much Do You Need To Be Considered “Wealthy”?
"Mental inflation" adds up over time. I remember growing up that I thought a half a million dollars seemed like the ultimate in personal wealth and I couldn't imagine anyone being deserving or earning that much!
Yahoo News reports as times change, being 'wealthy' means different things to different people. Assets may vary but Charles Schwab's 2019 Modern Wealth Survey polled 1,000 U.S. adults ages 21 to 75 about their feelings on what one's personal cash holdings would need to be to be considered 'wealthy.'
On average Americans say you need to have $2.27 million in the bank to be truly wealthy though responses varied by generation.
The older you are , the more money it seems you would need:
Baby Boomers said $2.63 million fits the definition of 'wealthy'
GenGen X think it takes $2.53 million to be considered wealthy
Millennials put the number at $1.94 million.
The median net worth of Americans is $97,300. Also, 60 percent of those surveyed said they are either optimistic they will be wealthy within at least 25 years or already consider themselves wealthy.