Newly released From the data A Charles Schwab survey found that the amount of wealth Americans believe they need to be “considered wealthy” has increased 12 percent since last year, up by $300,000.
According to the data released in a press release Thursday, Americans say they need an average net worth of $2.5 million to be “wealthy,” up 12 percent from last year, when Americans said the average needed $2.2 million.
“‘Wealth’ can mean different things to different people – financial freedom, rich experiences with friends and family or even a certain amount of money,” Rob Williams, managing director of financial planning at Charles Schwab, said in a press release.
By geographic location, California had the highest threshold for the amount of money needed to be considered wealthy, with San Francisco and Southern California residents saying they needed an average net worth of $4.4 million and $3.4 million, respectively.
Other data released included that the average net worth Americans need to be “financially secure” is $778,000, down from $1 million last year.
“The average net worth needed for financial well-being peaked at $1 million last year, but Americans’ estimates this year are closer to what they need in 2022 ($775,000) and showing an upward trend compared to 2021 ($624,000),” the statement said.
investigation Occurred The event took place on March 4th and 18th, and was attended by 1,200 people aged between 21 and 75.
