Openly discussing the topic can be uncomfortable. But you’ve probably wondered who can be considered truly rich and whether you fit that definition (or ever will). According to Schwab’s 2022 Modern Wealth Survey, the average American thinks being rich means having a net worth of $2.2 million. However, wealth has no universal definition. Just as beauty is in the eye of the beholder, being rich depends on your personal definition and circumstances. Here’s what you need to keep in mind when determining whether you are rich and what most people consider to be rich.
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What’s the Amount of Money You Must Have to Be Considered Rich?
Schwab’s survey showed Americans’ conception of being rich means having a net worth of $2.2 million. This number represents a $300,000 increase from the survey’s results last year.
Additionally, statistics show that the top 2% of the United States population has a net worth of about $2.4 million. On the other hand, the top 5% wealthiest Americans have a net worth of just over $1 million. Therefore, about 2% of the population possesses enough wealth to meet the current definition of being rich.
That said, Americans’ feelings about wealth go beyond dollar figures. For instance, the survey indicated that over half the country’s workforce would take lower pay for employment with a company aligning with…
