Survey: You need $2.4 million to be considered ‘wealthy’ in America

Just how much money do you have to be to be considered “wealthy” in America? Recent findings from Charles Schwab’s 2018 Modern Wealth Index pinpoint the number at $2.4 million on average. Respondents said that $1.4 million is needed to be considered “financially comfortable.”

Koski Research surveyed 1,000 people living in the U.S., ages 21 to 75.

People have different definitions of wealth

The most popular option far outweighed the others — and only 11% of Americans thought it had to do with having a ton of cash.

  • “Living stress-free/peace of mind:” 28%
  • “Being able to afford anything I want:” 18%
  • “Loving relationships with family and friends:” 17%
  • “Enjoying life’s experiences:” 14%
  • “Having lots of money:” 11%
  • “Having good health:” 7%
  • “Being charitable:” 2%
  • “Other (please specify):” 3%

The research also included findings on what people think it takes to get to “wealthy” status, with 49% thinking it all comes down to “saving and investing,” 40% thinking it’s all about “hard work” and 11% chalking it up to “luck.”

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Here’s what makes people feel “wealthy” everyday

The research also shows what “makes Americans feel wealthy in day-to-day life.” Here are the top 10.

  • “Spending time with family:” 62%
  • “Taking time for myself:” 55%
  • “Owning a home:” 49%
  • “Meals out/have meals delivered:” 41%
  • “Subscription services like Netflix, Spotify, Amazon Prime:” 33%
  • “Grooming/pampering:” 29%
  • “Having the latest tech gadgets:” 27%
  • “Shopping at specialty grocery stores:” 22%
  • “Having a busy social life:” 21%
  • “Driving a luxury car:” 21%