The Paradox of Wealth Perception in America: How Much Money You Really Need to Feel Rich

Americans believe that you need at least $2.2 million to be considered rich, according to Charles Schwab's 2023 Modern Wealth Survey. However, 48% of respondents said they already feel wealthy today with an average net worth of just $560,000. Paradoxically, young people feel like the richest, with 57% of millennials and 46% of Gen Z reporting feeling rich, compared to just 41% of Gen X and 40% of baby boomers. Many don’t measure their own wealth by how much money is lining their pocket, with nearly two-thirds of Americans believing that being able to enjoy healthy relationships with their loved ones better describes wealth than simply having a lot of money.