If you want to be rich in today’s world, you need to be a multimillionaire — at least, that’s what most Americans think. According to Charles Schwab’s 2025 Modern Wealth Survey, Americans believe you need an average net worth of $2.3 million to be “wealthy.” Interestingly, the survey also found that the average American believes they need a net worth of just under $1 million — $839,000, to be exact — to be “financially comfortable.”
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Here’s a closer look at those numbers — and what to do if you’re nowhere near them.
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Is $2.3 Million the New Benchmark for Wealth in the US?
Americans believe it takes more than money to be wealthy, with 45% stating that their happiness is the factor that contributes most to their personal definition of wealth. However, money is not far behind — 44% believe that the amount of money they have is the factor that contributes most to being wealthy.
So why is $2.3 million the gold standard for reaching this distinction — and should it be?
“I don’t think there’s such a thing as accuracy with numbers of these kind for things that can be abstract, like wealth,” said Rob Williams, CFP, managing director of financial planning at Charles Schwab. “Is it accurate or not depends on each individual. Wealth is in the eye of the beholder.”
Some Americans might require more than $2.3 million to feel wealthy and some might require less, depending on their own personal goals and circumstances. However, for the average American, $2.3 million should be enough to live well.
“For the average home, for the average lifestyle, $2.3 million is quite a reasonable sum of money to be able to live that lifestyle,” Williams said.
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What’s the Difference Between Being Wealthy and Financially Comfortable?
Americans believe you need more than double the net worth it takes to be financially comfortable to be wealthy. But this discrepancy could be more due to perception than reality.
“‘Financially comfortable’ might be a little bit more tangible in terms of what their expenses are for their own life, and wealth is aspirational,” Williams said. “Wealth sounds larger; it’s a bit more abstract.”
Gen Z Sets Lower Bar for Financial Comfort Than Older Generations
Most of the generations were fairly aligned when it comes to the net worth they believe allows you to be financially comfortable. The average millennial put that amount at $847,000, while Gen X said you need a net worth of $783,000 and boomers set the bar at $943,000. But Gen Z believes it only takes a net worth of $329,000 to be financially comfortable.
“For Gen Z, they’re just getting started with their financial lives and their investing lives, so it’s natural that dollar amount will be a little bit lower,” Williams said. “Millennials, Gen X and boomers have hopefully already saved and invested some money, so it’s pretty reasonable to expect that as you become older, your lifestyles become more expensive.”
How To Find Your Own Wealth Goal
The amount you need to be “wealthy” might be $2.3 million — but you won’t know until you come up with your own numbers.
“Think about the lifestyle that you want and then come up with a saving and investment plan to achieve it,” Williams said. “Financial planning and investing are a means to an end, which is to be confident [that you’re] able to support the lifestyle that makes sense for you.”
The survey found that 31% of Americans have a financial plan, which could be setting them up on a path to wealth — 11% of those surveyed said they are already wealthy, 24% believe they are on track to be wealthy and 26% believe they can achieve wealth if they make some life changes.
If you’re not sure what changes to make to get on a path to wealth, Williams said to start by setting a goal and making a plan, and then taking small steps to achieve your goals little by little.
“That can be as simple as committing to saving 10% or more of what you earn,” he said. “Having some plan to say, ‘I’m going to save, I’m going to invest in a disciplined way,’ is the path to wealth.”
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This article originally appeared on GOBankingRates.com: Americans Say You Need $2.3 Million To Be Wealthy in 2025, According to Schwab
