--- title: Here’s How Much Money Americans Think They Need to Be 'Wealthy’ Today description: On average, Americans would need a net worth of $2.5 million or higher to be considered wealthy, according to a new Charles Schwab survey. authors: - name: Pete Grieve role: Lead News Reporter url: https://money.com/author/pete-grieve/ bio: Pete Grieve is a personal finance reporter at Money who frequently writes about news and trends related to car buying, auto insurance and gas prices. education: University of Chicago, BA Political Science at_money_since: 2022 articles: 598 covers: - Personal Finance - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Professional Services - Retirement - Shopping - Taxes social: - https://twitter.com/pete_grieve - https://linkedin.com/in/pete-grieve-b5aa02138 - https://www.facebook.com/petegrieve4 editors: - name: Brad Tuttle role: Senior Editor url: https://money.com/author/brad-tuttle/ bio: Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals. education: Columbia University School of Journalism, MS at_money_since: 2014 articles: 366 covers: - Personal Finance - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Pets - Professional Services - Retirement - Shopping - Taxes - Technology social: - https://twitter.com/bradrtuttle - https://linkedin.com/in/brad-tuttle-834b225 former_staff: true published: '2024-08-23T12:00:10.000Z' section: Personal Finance tags: - News word_count: 398 canonical: https://money.com/how-much-money-to-be-wealthy/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Photo collage of a man laying down on top of a big stack of hundred dollar bills](https://img.money.com/2024/08/News-Money-Wealthy-America.jpg) Who qualifies as rich today? The bar for being considered wealthy is shifting, as most people now believe that merely being a millionaire doesn't cut it. An annual survey from Charles Schwab asks Americans how much net worth it takes to be wealthy. This year, the average answer was $2.5 million, up from $2.2 million in the last two iterations of the survey. Older generations and residents of expensive cities like San Francisco had the highest thresholds for what net worth qualified as wealthy. Generally, the survey found significant variance in answers based on age and city of residence. "'Wealth' means different things to different people," Rob Williams, managing director of financial planning at Charles Schwab, said in a [release](https://pressroom.aboutschwab.com/press-releases/press-release/2024/Schwab-Survey-Reveals-That-Americans-Think-It-Takes-2.5-Million-to-Be-Considered-Wealthy-in-2024/default.aspx). But for many Americans, reaching "a certain dollar amount" is a key part of how they think about achieving wealth, he added. ## Make sure your hard-earned money is protected with a Gold IRA ### Gold IRAs help you protect your investments by providing the asset diversification and stability you need. Click on your state to get started. [Invest in Gold](https://money.com/pr/ued87e7966ca?ap_referrer=%2Fhow-much-money-to-be-wealthy%2F) The results of the Schwab survey suggest only a tiny portion of people are rich. If $2.5 million is what it takes to be wealthy, about 2% of Americans actually meet the criteria. Americans are also somewhat pessimistic about their chances of becoming wealthy. About 10% say they’re wealthy now, and 21% say they’re on track to get there. "Younger Americans, including Millennials and Gen Z, are the most optimistic about being wealthy in their lifetimes (29%)," Schwab said in the release. It takes a lot less wealth to be considered "financially comfortable," according to the survey. The average net worth people think it takes to be comfortable is $778,000, which is actually down from a peak last year of about $1 million. ## Average net worth it takes to be wealthy, by generation Here's how much money each generation says it takes to be wealthy: - All Americans: $2.5 million - Boomers: $2.8 million - Gen X: $2.7 million - Millennials: $2.2 million - Gen Z: $1.2 million ## Average net worth it takes to be 'wealthy' by location Here's how much money residents of major cities say it takes to be wealthy: - San Francisco: $4.4 million - Southern California: $3.4 million - New York: $2.9 million - Washington, D.C.: $2.8 million - Denver: $2.8 million - Seattle: $2.8 million - Boston: $2.7 million - Atlanta: $2.4 million - Chicago: $2.3 million - Houston: $2.3 million - Phoenix: $2.3 million - Dallas: $2.2 million ### Top Precious Metals Company on Inc. 5000 ![Invest in 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