What net worth does one need to be rich in 2024? Here’s what Americans think

It takes more to be viewed as rich in the U.S. this year than it used to, according to new data. Charles Schwab’s annual Modern Wealth Survey released this week found Americans now believe it takes a $2.5 million net worth on average to be considered wealthy in 2024, up from $2.2 million for the past two years. 

Older generations actually think $2.5 million isn’t enough to be considered rich, with baby boomers saying on average that the threshold for wealth should be $2.8 million. Gen Xers said the number is more like $2.7 million. New Yorkers say it takes $2.9 million to be rich, while residents of Washington, D.C., Denver and Seattle all said on average that being wealthy means a $2.8 million net worth.

Although the results showed Americans think it takes more to be wealthy now than it did in years past, the survey indicated they believe the amount needed for financial comfort has declined. Respondents said that in 2024 it takes a $778,000 net worth to be financially comfortable, down from last year’s survey, where they said it takes a cool $1 million.

Rob Williams, managing director of financial planning at Charles Schwab says wealth means different things to different people, whether it’s financial freedom, enriching experiences with friends and family, or a certain dollar amount.

For more information see Breck Dumas “What net worth does one need to be rich in 2024? Here’s what Americans think” FOXBusiness, August 23, 2024.