The Modern Wealth Survey is a yearly survey conducted by Charles Schwab. It asks Americans to talk about wealth in the United States, and what dollar amount they feel they would need to have, in order to be considered wealthy. In February, the survey reached out to 1,000 Americans between the ages of 21 and 75. That helped to get a broader picture of what people believe wealth really means, because it took into account information from a wide age range.
The results of the survey show that a net worth of $774,000 was believed to be required for someone to have a life that’s considered financially comfortable. But the magic number for being considered wealthy was higher, at $2.2 million. The numbers were higher than what was seen in the same survey in 2021, but lower than the numbers that were collected by the survey before the COVID pandemic. That indicates that Americans generally see the threshold for wealth as being lower than they did in the past.
However, with the rise in numbers from 2021 to 2022, it could be that what’s believed to be needed for wealth could be on the rise again. Over time, the survey may show that wealth numbers are continuing to climb, with Americans feeling that being wealthy requires more net worth than it did in the past. The rising inflation rate could also affect future survey opinions, since people may start to feel as though they need more to be financially secure due to rising costs for gasoline, groceries, and more.
As it stands currently, being truly wealthy requires more than $2 million. That’s a bar that a lot of Americans won’t reach. But the $774,000 figure for net worth is more realistic, especially for those who save, have retirement accounts, and focus on how to build a portfolio that can provide them with security for the future.
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