According to the 2023 Modern Wealth Survey, recently released by Charles Schwab, one was asked to nationally representative sample of Americans estimating the average net worth needed to be considered rich.
The results revealed that, to be considered rich in the United States, it is necessary to own at least US$ 2.2 million.
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Despite the large amount required, surprisingly, 48% of respondents to the survey stated that they already feel rich today, even with an average net worth of US$ 560,000, well below that idealized by search.
These results contradict the common narrative that young people are facing financial difficulties.
In fact, feeling rich was more common among millennials and Gen Z, with 57% and 46% respectively reporting this feeling, compared to just 41% of Gen Xers and 40% of Baby Boomers.
After all, what does it mean to be rich in the US?
In cities with high living costs, rising housing prices and inflation have impacted significantly the cost of living, requiring a larger amount of money to feel financially safe.
Furthermore, the purchasing power of a six-figure salary can vary considerably depending on the region of the country, due to differences in costs and living standards.
On the other hand, the determination of a single measure of wealth becomes challenging given the complexities individual circumstances, such as family size, home ownership, and debts.
These diverse factors highlight the importance of considering personal context when assessing health. one's financial situation, as the meaning of wealth can vary widely according to these unique circumstances.
Feelings of wealth among people are also shaped by the influences of their social circles. Nearly half of the survey participants revealed that being able to live a similar lifestyle to their friends is what makes them feel wealthy.
Furthermore, more than a third of those who use social media say they compare their own lifestyles to what is shared online by their family and friends. This dynamic is particularly observed among millennials and Generation Z.
For many Americans, the conception of wealth goes beyond mere net worth.
According to the survey, nearly two-thirds of respondents said that having healthy relationships with your loved ones is a more accurate description of wealth than merely having a large amount of money.
Furthermore, a staggering 70% of respondents highlighted that true wealth lies in not having to worry about money, rather than having a big bank account.
These perspectives underscore the importance of emotional well-being and financial security as key components of true wealth.
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