What You Need to Be 'Wealthy' in 12 Cities

In a new survey, Americans say it takes an average of $2.5 million to be considered wealthy, up from $2.2 million in 2022 and 2023, Charles Schwab reported Wednesday. The threshold for how much they believe is needed to be considered wealthy ranged from $1.2 million for Generation Z respondents to $2.8 million for baby boomers. It also varies based on where survey respondents live. Poll participants think that the average net worth required to be financially comfortable is $778,000. This is down from a peak of $1 million recorded last year but in line with the 2022 finding of $775,000. Logica Research conducted the online survey from March 4-18 among a national sample of 1,000 Americans aged 21 to 75. An additional 200 Gen Z Americans completed the study. Asked whether they expect to be wealthy within their lifetimes, 21% of respondents say they are on track to be wealthy, including 29% of millennials and Gen Zers. Although they are optimistic about their future wealth, respondents acknowledge that they can do more. A third say they are on track to gaining control of their finances, and another third state that they need to make changes in order to feel more in control. Fewer than a fifth of respondents view themselves as being on top of their finances. Survey participants generally give themselves passing grades when it comes to their personal finances, including how much they have saved and invested, how much they have educated themselves about finance and how prepared they will be for retirement. The grades they give themselves this year are significantly higher among those who report that they have a financial plan in place. "'Wealth' means different things to different people, whether it's financial freedom, enriching experiences with friends and family, or a certain dollar amount," Rob Williams, managing director of financial planning at Charles Schwab, said in a statement. "Financial planning helps people understand where they are today and create a roadmap to get where they want to be, whether someone is saving for a single goal, like retirement, or needs comprehensive planning and wealth management," Williams stated. See the accompanying gallery for how much it takes to be wealthy in 12 metropolitan areas, ranked from cities requiring the least amount of money to the most. (Credit: Adobe Stock)