What is considered rich? At least $2.5 million, say the Americans


The average American thinks being rich means a net worth of $2.5 million.

A Wednesday survey by Charles Schwab tracked the wealth bar by generation, from Gen Z to Boomers. Each group gave a different number as the threshold for being rich; the older the group, the higher the magic number for wealth.

General Z (who Charles Schwab defined as born from 1997 to 2002) thinks it takes $1.2 million to be rich, while millennials (1981-1996) put the number at $2.2 million, Gen X (1965-1980) at $2.7 million, and boomers (1948-1964) in $. million.

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The new median of $2.5 million is $300,000 higher than the median of $2.2 million that survey participants gave last year. The higher figure may reflect rising inflation and economic fears.

“The notion of wealth combines numbers and emotions,” Charles Schwab managing director of financial planning Rob Williams. told Bloomberg. “The jump from $2.2 million to $2.5 million shows both sides — the cost of living is rising, as are, likely, most Americans' more exciting views of what it takes to be wealthy.”

Wealth aside, the survey also looked at the average net worth Americans think they need to be “financially comfortable.”

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Once again, the numbers were split between the younger and older generations. Gen Z's financial comfort number was $406,000, while millennials pegged it at $725,000, Gen X at $873,000 and Boomers at $780,000.

The median net worth for being financially comfortable is $778,000, down from the $1 million median recorded last year.

The survey was based on responses from 1,200 Americans ages 21 to 75 and was conducted in March.

Related: In these US cities, earning a salary of $150,000 is considered 'lower middle class,' according to a new report



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