Survey reveals how much money Americans need to feel rich

Charles Schwab survey reveals that Americans consider $2.5 million as net worth to feel rich (Illustrative Image Infobae)

A recent survey by Charles Schwab has revealed that Americans believe it is necessary to have a net worth of at least $2.5 million to feel rich. This figure represents a slight increase compared to the $2.2 million recorded in last year’s survey. The survey was conducted in March 2024 and surveyed 1,000 Americans aged 21 to 75, yielding results that varied significantly depending on the city of residence.

In San Franciscoresidents believe a net worth of $4.4 million is required to be considered wealthy, the highest among the 12 cities surveyed. This city is also the second in which homeowners pay more than renters, which makes it difficult to accumulate wealth, According to the survey, of the 750 San Francisco residents surveyed, only 16 percent say they have control over their finances, with most citing high cost of living and housing prices as the biggest challenges.

In the south of Californiawhich includes Los Angeles y San Diegothe wealth threshold is set at $3.4 million. Residents in these areas face high living costs and fierce competition in the real estate market, making it difficult to accumulate assets. This figure highlights regional differences in the perception of wealth and the particular economic challenges of each area, the study reports.

In San Francisco, residents believe that a net worth of $4.4 million is required to be considered wealthy (Gettyimages)

New Yorkone of the most expensive cities in the country, has a wealth threshold of $2.9 million. The high cost of urban living and high property prices influence the perception of what it means to be rich in this metropolis. The city It is known for its inflated costs for real estate and services, which complicates personal financial management.

Washington, DC, Denver y Seattle They share a wealth threshold of $2.8 million each. These cities, while not as expensive as San Francisco or New York, still present significant challenges in terms of housing and service costs, according to the research. In Washington, D.C., high government sector salaries and high-end educational and job opportunities contribute to this perception of wealth. In Denver, the tech boom has boosted wages and real estate prices. Seattle, home to large tech companies, faces a similar economic situation.

In Bostonthe wealth threshold is $2.7 million. The city has a significant concentration of prestigious educational and research institutions, which has attracted high-level professionals and raised living costs, according to the survey results. Demand for residential properties has increased due to the arrival of well-paid professionals.

Washington, DC, Denver and Seattle share a wealth threshold (Getty Images)

Atlanta The city has a slightly lower wealth threshold of $2.4 million. The city is perceived as more affordable compared to regions in the Northeast and West Coast, although it still faces obstacles in terms of rising housing and service prices, the survey reports. Atlanta’s diversified economy, which includes sectors such as technology, entertainment and transportation, also affects the perception of the wealth threshold.

In Chicago, Houston y Phoenixthe wealth threshold is $2.3 million. These cities, which have more affordable housing markets than cities on the East and West Coasts, still reflect a high net worth requirement to be considered wealthy, according to responses from those surveyed by Charles Schwab. Regional differences drive distinct economic realities and costs of living.

Atlanta considers a net worth of $2.4 million necessary to feel rich, making it more affordable than other regions (Getty Images)

Dallas is the city with the lowest threshold among the main surveyed, with 2.2 million dollars. The city has experienced significant economic growth in recent years, attracting various companies and workers from the technology and energy sectors, which has influenced living costs and incomes.