A survey revealed how much Americans need in the bank to be considered rich in their country. The survey was conducted by Charles Schwab’s, a financial services firm. According to the data collected, people with a little more than $2 million belong to the upper caste. However, analysts indicated that there are some areas where this amount should be higher.
It polled American finance experts on the topics of saving, spending, investing, and wealth. When asked how much money a person needs to be rich, Most of them agreed that they should have an average of $2.2 million in their net worth. However, a broader analysis shows that this number is not enough for those who live in cities like New York, Denver, or Washington, D.C.
According to the surveyAnd In San Francisco, it takes $4.7 million to belong to the upper class. This number is more than double the national average. Other areas in the same condition are:
In contrast, the paper concluded that wealth in Houston required less money: $2.1 million.
Charles Schwab members explained that they encountered a contradiction when conducting the survey, because many people did not define wealth by their economic resources, but associated it with aspects of family or health. 48% of respondents said they already feel rich, despite having an average net worth of $560,000accounting for nearly a quarter of the $2.2 million needed to be considered wealthy, according to the research.
“We asked 1,000 Americans what wealth means to them and found that they don’t measure it in terms of dollars.But in terms of things like fulfilling relationships and experiences with family and friends, good health and even career flexibility,” Abel Ononi, vice president and senior financial advisor for Charles Schwab’s Midtown branch in New York, said. the post.
The survey showed that a large portion of those surveyed believe that non-financial assets have more value than large sums of dollars. 72% considered it better not to worry about money, even if they had a low income. While 70% confirmed that stability is in Familiar surroundings Work is more important than your bank account. Likewise, more than half of people (62%) indicated that it is more convenient to have free time than to have a large income.
The Modern Wealth Survey is a study that has been conducted every year since 2016. Its most recent edition was carried out roughly from March 1 to March 13 of this year. It was applied to 1,000 Americans ages 21 to 75 who lived in 13 metropolitan areas in that country.
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