Americans Think $2.2 Million Means You’re Rich

According to a survey released on Tuesday, Americans believe having at least $2.2 million in the bank would make them wealthy, Newsmax reported.

On Tuesday, Charles Schwab released its 2023 Modern Wealth Survey which found that 48 percent of respondents said they already feel wealthy now, despite having an average net worth of $560,000.

The survey also found that Americans view affluence as being defined by more than just money, with 70 percent of respondents saying that wealth can be defined as enjoying experiences.

Additionally, 69 percent defined wealth as having a healthy balance between work and life, while 60 percent defined wealth as the ability to work where and how they choose.

Another 67 percent defined wealth as showing generosity to loved ones, while 63 percent said that good health is the definition of wealthy. Another 62 percent said wealth means having healthy relationships.

While 70 percent of respondents said wealth means not having to worry about money, 30 percent said they define wealth as having more money or nice things than the other people they know.

Based on this year’s survey, it is clear that social media has negatively influenced people’s view of wealth, with 37 percent of respondents saying they compare their lifestyles to those with whom they interact on social media platforms.

According to CNBC, the Modern Wealth Survey conducted in 2020 before the pandemic found that it would take $2.6 million for someone to be considered wealthy. Post-pandemic, in 2021, that number fell to $1.9 million. By 2022, that figure jumped to $2.2 million, where it remains this year.

Johnathan Craig, the head of investor services at Charles Schwab said Americans seem to believe that they can find happiness from “fulfilling experiences and relationships” regardless of how much money they have. He said Americans today aren’t as likely to worry about “keeping up with the Joneses.”