Americans Say It Now Takes $2.3 Million to Feel Wealthy, Survey Finds

As living costs continue to rise, so too does the bar for what it means to be wealthy in the United States, Fortune reports.

According to Charles Schwab’s latest Modern Wealth Survey, Americans now believe it takes an average net worth of $2.3 million to be considered wealthy—up 21% from 2021.

The survey, which polled 2,200 US adults aged 21 to 75 this spring, highlights how inflation, higher taxes, and economic uncertainty are reshaping public perceptions of financial success. While $1 million was once a common benchmark for wealth, many Americans today see that figure as insufficient for long-term financial security.

Though the $2.3 million figure is slightly below last year’s $2.5 million estimate, it still reflects a noticeable jump from pre-pandemic views. Nearly two-thirds of survey respondents said it now takes more money to feel wealthy than it did just a year ago.

“Many people technically qualify as millionaires when you factor in their home and retirement accounts,” said Brad Clark, CEO of Solomon Financial. “But most don’t feel wealthy because their liquid, investable assets are far less.”

Clark noted that, for most, wealth today is less about luxury and more about financial security.

“It’s about being able to retire, care for family, and live without financial anxiety.”

The survey found that perceptions of wealth vary widely by age:

• Gen Z respondents said it takes around $1.7 million to be wealthy and $329,000 to be financially comfortable.

• Millennials and Gen X set the bar at $2.1 million.

• Baby Boomers gave the highest figure, at $2.8 million.

Experts suggest these differences reflect each generation’s experiences with the economy and asset ownership. While older Americans often associate wealth with property and retirement stability, younger generations are more likely to value financial freedom, reduced debt, and lifestyle flexibility.

“Millennials and Gen Z are more focused on time and experiences than on large homes or assets,” said attorney William London, who works with high-net-worth individuals. “To them, wealth is less about excess and more about control over their time and well-being.”

Beyond finances, many Americans define wealth in broader terms. According to Schwab’s report, the top non-financial indicators of wealth include:

• Happiness

• Physical and mental health

• Strong personal relationships

• A sense of accomplishment

• Free time

These findings align with growing concerns that a purely monetary definition of wealth can fall short.

“We see time and again that those chasing a dollar amount often feel unsatisfied,” said Clark. “True wealth is about using your resources to create a life with purpose and balance.”

Although many Americans now view $2.3 million as the benchmark for wealth, financial comfort remains a more attainable goal for many. The survey found that the average amount respondents believe is needed to feel “financially comfortable” is $839,000.

In an economic environment shaped by uncertainty, rising costs, and generational shifts in values, the definition of wealth continues to evolve. As London puts it:

“Affluence today is less about luxury, and more about reducing stress and building a meaningful life.”