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The average American thinks being wealthy means having a net worth of $2.5 million.
Wednesday Charles Schwab’s research We tracked wealth standards across generations, from Gen Z to Baby Boomers, with each group naming a different number as their threshold for being wealthy, and the older the group, the higher the magic wealth number becomes.
Generation Z ( Charles Schwab’s definition Gen Xers (born between 1965 and 1980) believe they need $1.2 million to be wealthy, compared to $2.2 million for Millennials (born between 1997 and 2002), $2.7 million for Gen Xers (born between 1965 and 1980), and $2.8 million for Baby Boomers (born between 1948 and 1964).
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The new average of $2.5 million is $300,000 higher than the $2.2 million average indicated by last year’s survey participants, a higher figure that may reflect rising inflation and economic uncertainty.
“The concept of wealth combines both numbers and emotions,” says Rob Williams, managing director of financial planning at Charles Schwab. He told Bloomberg. “The jump from $2.2 million to $2.5 million is indicative of both a rising cost of living and, more likely, a rising idea of ​​what it takes to be wealthy, which is driven by most Americans’ emotions.”
Aside from wealth, the survey also looked at the average net worth Americans believe they need to be “financially secure.”
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Again, the numbers are split between younger and older generations, with Gen Z saying they would be financially comfortable at $406,000, compared to $725,000 for Millennials, $873,000 for Gen X and $780,000 for Baby Boomers.
The average net worth of those who are financially comfortable is $778,000, down from the $1 million average recorded last year.
The survey was conducted in March and was based on responses from 1,200 Americans between the ages of 21 and 75.
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