This is what it takes to be counted among the wealthy in America
Published: May 15, 2019 3:11 p.m. ET
What IS "wealthy," anyway?
By SHAWN LANGLOIS
Millionaire status ain’t what it used to be.
In fact, according to Charles Schwab’s 2019 Modern Wealth Survey, you’d need a lot more than a mere seven figures to be viewed as wealthy these
That’s right, the annual survey of 1,000 adults asked how much their net worth would have to be for them to earn such elite status, and they came
up with $2.27 million, on average. Considering the median net worth of
the average U.S. household is less than $100,000, that’s a pretty lofty number.
Here are median and average net worth figures by age across the country,
per the Federal Reserve’s Survey of Consumer Finances:
Perhaps the reason so few have actually attained “wealthy” status lies
in the answers that Schwab SCHW, -3.59% got when it asked what they
would do if they suddenly came into a $1 million windfall.
Here’s how they responded:
54 - spend it
28 - pay off debt
23 - invest it
21 - save it
7 - donate it
For millennials, in particular, their financial troubles could have
something to do with the fact they spend more time (and more
FOMO-induced money) surfing their social-media accounts than older
generations. “Social media has become the millennials’ financial
Achilles Heel,” Kelly LaVigne, vice president of Consumer Insights for Allianz Life, said regarding a survey released last year.
Read: The dark reason so many millennials are miserable and broke
But it’s not all about the money. The vast majority (72%) in the Schwab
poll said wealth’s more about how they live their life, not some dollar amount.
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