Americans Say $2.2 Million Needed to Be 'Wealthy,' But Nearly Half Feel Rich on Far Less

The average net worth Americans say is needed to be considered "wealthy" is $2.2 million, according to a 2023 survey. This figure varies widely by city, from $4.7 million in San Francisco to $2.1 million in Houston.
However, 48% of survey respondents said they feel wealthy despite having an average net worth of only $560,000. There is a paradox between the wealth number and feeling wealthy.
Millennials were most likely to feel wealthy at 57%, while only 40% of Baby Boomers felt wealthy, the lowest percentage.
Many Americans place more importance on non-monetary assets vs monetary assets when defining wealth. For example, 72% said a fulfilling personal life better reflects wealth than career.
The data illustrates the nuanced layers beyond just dollar figures that influence perceptions of financial health and overall quality of life. Wealth is complex.

visualcapitalist.com

Relevant topic timeline:

9/8/2023

U.S. Household Wealth Rebounds to New Record $154 Trillion in Q2 2022 on Gains in Stocks and Real Estate

The surging stock market and rebounding property values have propelled U.S. household wealth to a record high of more than $154 trillion in the second quarter, fully offsetting the losses incurred during the previous year.

9/11/2023

Global Ultra Wealthy Population and Wealth Decline in 2022 Due to Economic Turmoil

The number of ultra wealthy individuals worldwide decreased by 5.4 percent last year, and their combined net worth fell by 5.5 percent to $45.4 trillion, with Asia experiencing the largest decline due to China's Covid policies and the war in Ukraine.

9/13/2023

U.S. Holds Massive $147 Trillion in Private Wealth, But Public Debt Clouds Economic Outlook

The United States has a net wealth of $136.8 trillion, with the private sector holding all the wealth while the public sector runs a deficit due to federal debt, and pro-growth policies are essential for economic health.

10/3/2023

Elon Musk Tops Record-High Forbes 400 List as Trump and Others Fall Off

The wealthiest people in the U.S. have seen a significant increase in their wealth, with the richest Americans now holding a total of $4.5 trillion, tied with the record set in 2021, due to rebounding stock markets and the flourishing AI-driven tech industry.

10/6/2023

$3 Billion Net Worth Puts You in Top Echelon Now, But Riches Have Skyrocketed for the Ultra-Wealthy

The net worth required to become the richest person in America has significantly increased over the past four decades, with Elon Musk currently holding the title with a net worth of $251 billion, making him 125 times richer than the first richest person in 1982.

10/6/2023

Tennessee Billionaires: Frist, Haslam, Smith, Ingram, and Yarbrough Among State's Richest

The wealthiest Tennesseans, including Thomas Frist Jr., Jimmy Haslam, Bill Haslam, Fred Smith, Martha Ingram, and Jon Yarbrough, have made Forbes Magazine's 400 Richest People in America list, with their net worths ranging from $3.6 billion to $22.6 billion.

10/7/2023

Pennsylvania Home to 10 of America's Richest People, Led by Jeff Yass Worth Nearly $29 Billion

Ten of the wealthiest people in America, including Thomas Tull of Pittsburgh, call Pennsylvania home with a combined asset worth of $4.5 trillion, according to Forbes 400.

10/9/2023

Pandemic Widens Wealth Gap as Richest Americans Capture More Income and Riches

The richest Americans are seeing their share of wealth and income increase despite expectations that the pandemic might narrow the wealth gap, with the top 1% holding roughly 26.5% of household net worth and the share of income going to the top 5% growing. On the other hand, the bottom 40% has seen a smaller slice of the pie even as their net worth has risen.

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Posted 9/14/2023, 11:44:16 AM

Americans Say $2.2 Million Needed to Be 'Wealthy,' But Nearly Half Feel Rich on Far Less

The average net worth Americans say is needed to be considered "wealthy" is $2.2 million, according to a 2023 survey. This figure varies widely by city, from $4.7 million in San Francisco to $2.1 million in Houston.
However, 48% of survey respondents said they feel wealthy despite having an average net worth of only $560,000. There is a paradox between the wealth number and feeling wealthy.
Millennials were most likely to feel wealthy at 57%, while only 40% of Baby Boomers felt wealthy, the lowest percentage.
Many Americans place more importance on non-monetary assets vs monetary assets when defining wealth. For example, 72% said a fulfilling personal life better reflects wealth than career.
The data illustrates the nuanced layers beyond just dollar figures that influence perceptions of financial health and overall quality of life. Wealth is complex.

visualcapitalist.com

Relevant topic timeline:

9/8/2023

U.S. Household Wealth Rebounds to New Record $154 Trillion in Q2 2022 on Gains in Stocks and Real Estate

9/11/2023

Global Ultra Wealthy Population and Wealth Decline in 2022 Due to Economic Turmoil

9/13/2023

U.S. Holds Massive $147 Trillion in Private Wealth, But Public Debt Clouds Economic Outlook

10/3/2023

Elon Musk Tops Record-High Forbes 400 List as Trump and Others Fall Off

10/6/2023

$3 Billion Net Worth Puts You in Top Echelon Now, But Riches Have Skyrocketed for the Ultra-Wealthy

10/6/2023

Tennessee Billionaires: Frist, Haslam, Smith, Ingram, and Yarbrough Among State's Richest

10/7/2023

Pennsylvania Home to 10 of America's Richest People, Led by Jeff Yass Worth Nearly $29 Billion

Ten of the wealthiest people in America, including Thomas Tull of Pittsburgh, call Pennsylvania home with a combined asset worth of $4.5 trillion, according to Forbes 400.

10/9/2023

Pandemic Widens Wealth Gap as Richest Americans Capture More Income and Riches