Are you rich? Here's what Americans think they need to be considered wealthy.
CBSN
The cost of living is much higher than just a few years ago — and so is the amount of money that Americans say is required to be considered wealthy.
Americans believe it now takes an average net worth of $2.5 million to be counted as rich, a 14% increase from last year's $2.2 million, according to a new survey from Charles Schwab.
That may seem like a stretch for many, given that the median net worth of U.S. households stood at $193,000 in 2022, according to the Federal Reserve's Survey of Consumer Finances. But the survey's results reflect the typical American's feelings about their wealth goals, and hint as well at the impact inflation has had on their views about money, said Rob Williams, managing director of financial planning at Charles Schwab.
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