How Much Money Does It Take to Be Wealthy?
What You Need to Know
Respondents to a Schwab survey said $2.2 million, up $300,000 from a year ago but below the $2.6 million cited in 2020.
When asked what money means to them, the respondents’ top answer was freedom.
And 59% said they would accept a lower salary to work for a company that better represents their interests or values.
Charles Schwab recently asked Americans, as it does every year, at what level of personal net worth a person could be considered wealthy.
Survey respondents said it would take an average of $2.2 million, up $300,000, or 15%, from a year ago, but still below the pre-pandemic response of $2.6 million.
Similarly, participants said it would take $774,000 to be considered financially comfortable today, more than they cited a year ago, but below the pre-pandemic average of $934,000.
In a related question, the survey asked respondents what money means to them. Forty-two percent said it means freedom, 23% said flexibility and 18% said opportunity.
Logica Research conducted the online study in February among a national sample of 1,000 Americans aged 21 to 75.
Personal Values Guide Life Choices, Finances
According to the survey, 73% of participants said their personal values guide how they make life decisions more today than they did two years ago.
The chief motivators of their decision-making are putting others first, cited by 21% of respondents; being frugal/saving, 15%; focusing on self, 13%; having positive work qualities, 11%; and doing good and influencing my spending/investing, 9% each.
Eighty-two percent of respondents said their personal values significantly influence how they manage their finances, and 79% said they play a role in their purchases, with values of a product’s company being an important consideration.
Seven in 10 survey participants said that in the year ahead, they expect to make lifestyle changes in order to have a positive effect on the world, including by making purchases at a locally owned store or business, reusing bags to reduce plastic pollution and reselling or donating clothing.
