How much money do you need to be wealthy in America?
May 16, 2019

From Bloomberg:

Rich is relative.

Merely having a net worth of $1 million, it seems, doesn't mean you're wealthy. In Charles Schwab's annual Modern Wealth Survey, the amount people said it took to be considered rich averaged out to $2.3 million. That, the company said, is "more than 20 times the actual median net worth of U.S. households."

It's also a very slight drop from the $2.4 million average in the two previous iterations of the survey.

The older one gets, the higher the bar goes, predictably. Among baby boomers (roughly age 55 to 73), the average net worth you need to be considered wealthy is $2.6 million, 35% higher than what millennials envision as the admission price to the plutocracy.

Continue reading at Bloomberg...

You may also like

'The greatest crisis in American journalism is the death of local news'

"'Their economic model is gone. I think most local newspapers in America are going to die in the next five years'..."

Where to live if you want the highest salary

"Looking for a bump in salary and lifestyle? Then try San Francisco."

It's better to be born rich than smart

"A child's success in life is shaped less by their innate talents and more by their social standing and life circumstances from birth to early adulthood."