To Be Rich In America, You Need Over $2 Million

That's according to Charles Schwab's 2023 Modern Wealth Survey released Tuesday, which asked a nationally representative sample of Americans to estimate the average net worth required to reach the ranks of the rich.

To be wealthy in America, you need at least $2.2 million.

That's according to Charles Schwab's 2023 Modern Wealth Survey released Tuesday, which asked a nationally representative sample of Americans to estimate the average net worth required to reach the ranks of the rich.

Despite that lofty sum, 48% of respondents said they already feel wealthy today, with an average net worth of just $560,000. And counter to the narrative that young people are struggling with money, feeling wealthy was most common among millennials and Gen Z, with 57% and 46% respectively reporting that they feel rich compared to just 41% of Gen X and 40% of baby boomers.

The counterintuitive findings demonstrate the difficulties in determining what wealth in America means. With housing prices skyrocketing and inflation pushing up the prices of everyday goods, it takes more money than ever to feel financially secure, especially in cities with a high cost of living. The purchasing power of a six-figure salary goes much further in certain areas of the country than others, while individual circumstances like household size, homeownership and debt can drastically affect feelings of financial health.