A recent survey asked Americans how much wealth someone would need to fit into different categories. Here are some of the results:

Charles Schwab today released additional findings from its 2024 Modern Wealth Survey. Since 2017, Schwab has collected data annually on Americans’ perspectives on saving, spending, investing, and wealth. This year’s study reveals that Americans now think it takes an average of $2.5 million to be considered wealthy – which is up slightly from 2023 and 2022 ($2.2 million).

By generation, Boomers have the highest threshold of what it takes to be considered wealthy, at $2.8 million, while the younger generations, Millennials and Gen Z, have lower thresholds of what is considered wealthy. At the same time, Americans say that the average net worth required to be financially comfortable is $778,000. The average net worth required for financial comfort reached a peak last year at $1 million, but this year, Americans’ estimations are more in line with 2022 ($775,000) and show an upward trend when compared with 2021 ($624,000).

Income is one measure of considering status and social class and wealth – adding up assets and subtracting debts – is another way. It may have benchmark figures like income does; perhaps making six figures is similar to being a millionaire or the median income might be akin to median wealth.

The survey referenced above has less intuitive figures after considering all the responses. To be wealthy, $2.5 million is up from previous years. It is certainly above $1 million and $2 million. It feels oddly specific, as if having $2.3 million would not quite qualify but $2.8 million certainly does (even for Boomers!).

The figure for being financially comfortable is also interesting: $778,000. Less than $1 million, more than $500,000. The figure has gone up and done in recent years. Having less than $778k feels uncomfortable and insufficient?

This would be fascinating to track over time with multiple kinds of data. If asked to add up different costs or expenses people might face, would the responses from the survey be revised upward or downward? Does this depend highly on the respondent’s current income level or cost of living or other traits? How much do broader economic factors affect the responses people give?