Americans Call $2.2 Million the Threshold to Feel Wealthy

Americans called $2.2 million the threshold to “be wealthy” in Charles Schwab’s 2023 Modern Wealth Survey, but the perception of wealth has changed over the years. Millennials and Gen Z respondents were more likely to “feel wealthy” than Gen X and Boomers.

More people are defining wealth in terms of well-being instead of by the amount of money and assets they have accumulated. They cite a fulfilling personal life, a lack of money stress, a healthy work-life balance, and good health. Having time was more important (61%) than having money.
Nearly half said being able to afford a lifestyle similar to their friends makes them feel wealthy, and more than a third said they compare their lifestyles with what family and friends share online. Millennials and Gen Z were the most likely to agree to both statements.
The net worth of households expanded this year, rising 2% in the first three months to $148.8 trillion, MarketWatch reported, citing the Federal Reserve’s flow of funds report. The record was $152.6 trillion in early 2022, when Americans were getting government pandemic aid.
A slowdown in the pace of inflation has lowered the projected cost-of-living adjustment (COLA) for Social Security recipients to just 2.7% for 2024, from 8.7% last year. The Senior Citizens League, a nonpartisan advocacy organization, lowered its estimate from 3.1% last month.

What’s Next: The actual COLA for 2024 won’t be announced until October, when the Social Security Administration compares the average consumer price index from third-quarter 2023 with data from third-quarter 2022.

—Elizabeth O’Brien and Janet H. Cho