Thursday, May 19, 2022
This is How Much Money Americans Think They Need to be Considered Wealthy
An annual survey conducted by Charles Schwab, known as the Modern Wealth Survey, asks Americans what dollar amount is needed to be wealthy in the United States. In February of 2022, 1,000 Americans ages 21-75 were surveyed about finances.
This year, the survey found that $2.2 million is considered the magic number for being wealthy and that an average net worth of $774,000 would result in a financially comfortable life. These averages were on the rise from 2021, however, are still lower than numbers reported prior to the COVID-19 pandemic.
For more information:
See Alicia Adamczyk, “This is How Much Money Americans Think They Need to be Considered Wealthy”, Fortune, May 17, 2022.
Special thanks to David S. Luber (Florida Probate Attorney) for bringing this article to my attention.
Wealth is relative, based on geographical location. In NYC the benchmark would be $15 million, in flyover country $3 million. Of course the truly wealthy count their wealth in friends and family. The wealthiest amongst us have the love and respect of their children and nary to utter a bad word after death.
Posted by: VINAYA SAIJWANI | May 23, 2022 12:36:15 PM