In the US, 'being rich' now requires more than $1 million

Having $1 million is no longer enough to feel like a wealthy person in the US. According to a report by MarketWatch, Charles Schwab's latest Modern Wealth Survey shows that Americans believe one needs an average net worth of $2.5 million to be considered wealthy.

This figure, revealed by the survey results, is several hundred thousand dollars higher than in previous years. In 2023 and 2022, participants stated that this figure was an average of $2.2 million.

Survey participants state that an average net worth of at least $778,000 is required to be "financially comfortable" in the US.

According to data from the Federal Reserve (FED), the median household net worth in the US is $192,900.

10 PERCENT OF PARTICIPANTS SEE THEMSELVES AS WEALTHY

The survey also examined whether Americans see themselves on the path to becoming wealthy. One-fifth of the participants think they are on the right track, and 10 percent already consider themselves wealthy.

Advisors stated that while high-income individuals may be considered wealthy, building actual wealth is somewhat more difficult. Being "rich" might mean you have a large income or a flashy career, but those who possess wealth tend to have longer-term financial freedom and security.

Experts added that net worth is typically a better indicator of wealth than income level.