Charles Schwab runs an annual survey to calculate their Modern Wealth Index. Essentially, they ask people to define what it takes to be wealthy in America.
Answers regarding how wealthy people spend their time and how they live their life are included. Those surveyed are also asked how much money it takes to be financially comfortable, and how much it takes to be considered wealthy. One interesting thing that stands out in the data is that the older one gets, the more they think it takes to be wealthy.
Millennials say that it takes a net worth of $2 million to be considered wealthy, whereas Gen Xers says $2.6 million and Baby Boomers say $2.7 million on average. That could be a sign that as we get older and accumulate more wealth, we realize that we are not wealthy yet and so learn that our prior assumptions were off.
To review the rest of the survey results and gain insights from Suzanne Woolley at Bloomberg, click here.