• Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans

Subscribe to Updates

Get the latest finance news and updates directly to your inbox.

Top News

4 Ways To Downsize After Retirement

July 29, 2025

6 Ways Target Has Changed in 2025 — for Better or Worse

July 29, 2025

20 Great Part-Time Jobs for Retirees

July 29, 2025
Facebook Twitter Instagram
Trending
  • 4 Ways To Downsize After Retirement
  • 6 Ways Target Has Changed in 2025 — for Better or Worse
  • 20 Great Part-Time Jobs for Retirees
  • 8 “Discount” Insurance Plans That End Up Costing You More
  • Benefit From Strong Brand Awareness with a Moe’s Southwest Grill Franchise
  • Self-Funded Founder’s 3 Secrets for $25M Revenue and 2 Brands
  • Chipotle Says Candidates Love Its AI Hiring Tool ‘Ava Cado’
  • Nvidia CEO Jensen Huang Says AI Will Create Millionaires
Tuesday, July 29
Facebook Twitter Instagram
iSafeSpend
Subscribe For Alerts
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans
iSafeSpend
Home » Americans now view this figure as the benchmark for being wealthy
Personal Finance

Americans now view this figure as the benchmark for being wealthy

News RoomBy News RoomJuly 11, 20250 Views0
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email Tumblr Telegram

The average net worth that Americans feel is needed to qualify as wealthy has surprisingly declined, compared to last year, though it is still an eye-popping figure, Charles Schwab found.

The financial services company said in the latest edition of its “Modern Wealth Survey” that Americans now view $2.3 million as the benchmark for counting as wealthy, pointing to what they see as a worsening economy. 

That marked a $200,000 decrease from 2024, when Americans said the net worth required to be classified as wealthy averaged $2.5 million, according to the survey.

The “threshold” they have cited for being deemed wealthy has been above $2 million since 2022.

Meanwhile, Americans surveyed for Charles Schwab’s yearly “Modern Wealthy Survey” reported thinking an average net worth of $839,000 was necessary for being “financially comfortable,” the company found.

The average that Americans felt was needed to be “financially comfortable” came in at $778,000 last year, meaning the amount has gone up year-over-year.

How big of a net worth Americans typically thought was necessary to be wealthy and financially comfortable varied among the different generations, the survey found. 

For Baby Boomers, the average net worth for being rich was $2.8 million, higher than the other three generations, per Charles Schwab. 

The report said both Generation X and Millennials felt a $2.1 million net worth made someone wealthy, while Generation Z pegged the necessary fortune much lower, at $1.7 million.

When it came to financial comfort, Baby Boomers once again put forward the highest average net worth: $943,000. Behind them were Millennials, at $847,000, and Gen X, at $783,000, the survey showed.

The average net worth that was needed to be “financially comfortable” among Gen Z was just $329,000.

RETIREMENT ACCOUNT BALANCES DIP IN 1ST QUARTER, BUT SAVERS KEEP CONTRIBUTING

Overall, 63% of those surveyed reported that it “feels like it takes more money to be wealthy today when compared with last year,” Charles Schwab said. For 73% who felt that way, they cited inflation.

Couple personal finance

Inflation measured by the Consumer Price Index in May posted a 0.1% increase from the prior month while being 2.4% higher than a year ago, the Bureau of Labor Statistics reported last month.

Many – 62% – of respondents that said they thought “more money” was needed to be rich pointed to the economy. Taxes and higher interest rates, meanwhile, were the reasons cited by over four in ten for that perception, according to the survey.

The range of the Federal Reserve’s benchmark interest rate is currently 4.24% to 4.5%.

About 35% of Americans indicated they felt they were “wealthy now” or “on track to be wealthy,” with 11% reporting the former and 24% saying the latter, according to Charles Schwab.

Gen Z had the rosiest views on being “wealthy or on track” to reaching that status, at 43%. A close share of Millennials – 42% – reported those sentiments, the survey found.

Charles Schwab also said those “who are saving, investing, and have a financial plan are more optimistic about their wealth status or ability to reach wealth.” 

A woman calculating her finances at a desk

Happiness and funds stood out as the biggest factors in how Americans define wealth, according to the survey. They were cited by 45% and 44%, respectively. 

That median wealth per U.S. adult was $124,041 in 2024, according to a separate report released last month by UBS.

The total number of millionaires in America hit 23.8 million last year, marking a 1.5% increase from the prior year, that report said. 

Read the full article here

Featured
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

4 Ways To Downsize After Retirement

Retirement July 29, 2025

6 Ways Target Has Changed in 2025 — for Better or Worse

Burrow July 29, 2025

20 Great Part-Time Jobs for Retirees

Make Money July 29, 2025

8 “Discount” Insurance Plans That End Up Costing You More

Savings July 29, 2025

Benefit From Strong Brand Awareness with a Moe’s Southwest Grill Franchise

Make Money July 28, 2025

Self-Funded Founder’s 3 Secrets for $25M Revenue and 2 Brands

Investing July 28, 2025
Add A Comment

Leave A Reply Cancel Reply

Demo
Top News

6 Ways Target Has Changed in 2025 — for Better or Worse

July 29, 20250 Views

20 Great Part-Time Jobs for Retirees

July 29, 20250 Views

8 “Discount” Insurance Plans That End Up Costing You More

July 29, 20250 Views

Benefit From Strong Brand Awareness with a Moe’s Southwest Grill Franchise

July 28, 20250 Views
Don't Miss

Self-Funded Founder’s 3 Secrets for $25M Revenue and 2 Brands

By News RoomJuly 28, 2025

Growing up in Toronto, Canada, Tanya Taylor, now founder of her namesake womenswear brand and…

Chipotle Says Candidates Love Its AI Hiring Tool ‘Ava Cado’

July 28, 2025

Nvidia CEO Jensen Huang Says AI Will Create Millionaires

July 28, 2025

Changes In Prior Approval Coming To Traditional Medicare, Medicare Advantage

July 28, 2025
About Us

Your number 1 source for the latest finance, making money, saving money and budgeting. follow us now to get the news that matters to you.

We're accepting new partnerships right now.

Email Us: support@isafespend.com

Our Picks

4 Ways To Downsize After Retirement

July 29, 2025

6 Ways Target Has Changed in 2025 — for Better or Worse

July 29, 2025

20 Great Part-Time Jobs for Retirees

July 29, 2025
Most Popular

Why Make Year-End Charitable Donations?

August 6, 20235 Views

More than half of Gen Xers stopped saving for retirement, here’s why: Survey

August 5, 20233 Views

4 Ways To Downsize After Retirement

July 29, 20250 Views
Facebook Twitter Instagram Pinterest Dribbble
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
© 2025 iSafeSpend. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.