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Americans Say They Need $2.3 Million To Be Considered Wealthy

YEET MAGAZINE

Jun 13, 2023 • 2 min read

What does it mean to be rich? Be part of the 1% of the most fortunate people? 10%? If there is no definition of wealth, it is still best to ask people about their perception of financial ease. This is what the American consulting company Charles Schwab does in an annual study on wealth.

The wealthiest americans by bisiness sector:

Real Estate Developers, Builders, Architects and Infra Industry

According to this survey, Americans estimate that it takes an average of $2.3 million of wealth (financial and real estate) to be considered "rich". This is more than 20 times the value of the median wealth of American households, according to the U.S. Federal Reserve. This is a little lower than in the previous study since the Americans then considered that it was necessary to have 2.4 million to be rich.

This estimate is obviously higher for baby boomers (55-73 years old) who consider that wealth starts at $2.6 million. For millennials (25-35 years old), wealth starts lower at $1.9 million.

20% of Americans see themselves rich within 10 years

Americans are on the whole rather optimistic. 60% of them believe that they will be rich at some point in their lives (but this time they estimate their own wealth at $700,000 in net wealth). 8% already consider themselves rich and 20% think they will be rich within 10 years.

Another lesson from the study: for Americans, money is mainly used to consume. Thus, if they were given $1 million, 54% answer that they would take advantage of it to spend part of it, 28% would settle their debts, 23% would invest it, 21% would save it and 7% would make a donation.

real estate money people consulting united state