Everybody wants to be considered wealthy. But how big of a net worth is required to be considered wealthy in some of the biggest cities in America?
Charles Schwab’s annual Modern Wealth Survey shares its insights for 2022. In the U.S. overall, the survey says it takes a net worth of $2.2 million to be considered wealthy, up from $1.9 million in 2021. Up 15.8% is a significant increase, but it makes sense due to high inflation and a rise in home prices.
What’s interesting is that the net worth minimum thresholds required to be wealthy or financially comfortable were much higher in 2018, 2019, and 2020. It’s nice to see our overall expectations haven’t surged to unreasonable levels.
The online survey was conducted in early February 2022, with a sample of 500 to 750 local residents for each metropolitan area, between the ages of 21 and 75.
Sadly, since then, U.S. stocks have lost all their 2021 gains in 2022. Hence, the overall net worth required of $2.2 million to be considered wealthy might be lower now if the participants were surveyed again.