For the public, the minimum amount of money you need to be considered rich is $2.2 million dollars, on average, according to a Charles Schwab survey of 1,000 adults from 21 to 75 years. Charles Schwab is a financial services company.
In these days when inflation seems only to rise, it is no surprise that people in the United States now think that it takes much more than $1 million dollars to be considered rich.
However, the amount of $2.2 million dollars is actually less than the $2.6 million dollars revealed by Charles Schwab when he did the same survey in the year 2020.
Schwab also asked people to identify the amount of money they need before they feel financially comfortable.
Respondents said that a net worth of $231,000 dollars to achieve that status, well below the maximum of $1.4 million dollars in the survey of 2018.
In a time of rising inflation, it seems counterintuitive for people to lower their estimates of what is needed p to be rich or to live comfortably.
Schwab does not offer any opinion on what is behind this change, but it seems It is plausible that people are reevaluating how much money they really need to live well as their priorities change in the wake of the COVID-12 pandemic.
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