According to Schwab’s seventh annual Modern Wealth Survey, conducted among a sample of 1,000 participants, an average net worth of $2.2 million is required to be considered wealthy.
However, the median net worth of those Americans who consider themselves wealthy today is $560,000, which is 48% of them.
Schwab’s Annual Modern Wealth Survey also looks at different cities to see how much money it takes to be considered wealthy in those areas.
Here’s the average amount of money you need to have to be considered rich in 10 US cities by 2023.
1.Houston
–Average net worth it takes to be rich: $2.1 million
–Average net worth needed to be financially comfortable: $606,000
2.Atlanta
–Average net worth it takes to be rich: $2.3 million
–Average net worth needed to be financially comfortable: $729,000
3.Chicago
–Average net worth it takes to be rich: $2.3 million
–Average net worth needed to be financially comfortable: $817,000
4.Dallas
–Average net worth it takes to be rich: $2.3 million
–Average net worth needed to be financially comfortable: $820,000
5.phoenix
–Average net worth it takes to be rich: $2.4 million
–Average net worth needed to be financially comfortable: $653,000
6.Denver
–Average net worth it takes to be rich: $2.5 million
–Average net worth needed to be financially comfortable: $710,000
7.Boston
–Average net worth it takes to be rich: $2.9 million
–Average net worth needed to be financially comfortable: $932,000
8.Seattle
–Average net worth it takes to be rich: $3.1 million
–Average net worth needed to be financially comfortable: $1 million
9. New York
–Average net worth it takes to be rich: $3.3 million
–Average net worth needed to be financially comfortable: $1.2 million
10.Saint Francis
–Average net worth it takes to be rich: $4.7 million
–Average net worth needed to be financially comfortable: $1.7 million
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