Americans Say $2.2M Would Make Them Feel Rich

Americans say having at least $2.2 million in the bank would make them feel wealthy, according to Charles Schwab’s 2023 Modern Wealth Survey released Tuesday.

However, nearly half, 48%, of the 1,000 adults surveyed said they already feel wealthy today—even though they have an average net worth of just $560,000, roughly one quarter of their aspirations.

More significantly, the survey found that Americans ascribe non-monetary values to feeling affluent. Namely, 70% say enjoying experiences is one way they would define wealth.

Sixty-nine percent say being wealthy also means having a healthy work/life balance, and 60% say it’s having the flexibility to work where and how they want.

Just over a third, 67%, define good fortune as being generous with loved ones.

Sixty-three percent think the definition of wealth is being in good health, and 62% say it’s enjoying healthy relationships with loved ones.

Of course, money and the finer things in life are associated with prosperity, with 70% saying wealth, to them, means not having to stress over money.

However, just 30% say living an abundant life means owning nice things or having more money than the people they know.

Thirty-three percent place importance on leaving an inheritance, and 37% equate wealth with being successful.

Thirty-eight percent say being wealthy means having a lot of money, and 40% say it can be defined by having a higher salary.

“Americans today aren’t as worried about keeping up with the Joneses,” says Johnathan Craig, managing director and head of investor services at Charles Schwab. “More importantly, they understand they can be happier with fulfilling experiences and relationships, even if they have less money than them.”

Social media was proven in the survey to have a negative influence on people, since 37% compare their lifestyles to others in their social circle on these public platforms.

“Whether it’s the fear of missing out or the desire to keep up, there are many factors that can make you feel pressured to spend money on things that may not have long-term value,” Williams notes. “Thoughtful planning can help you be clear-eyed about your own goals, invest in a way that enhances your life and take control of your financial future.”

Logica Research conducted the online survey for Charles Schwab between March 1 and March 13 among 1,000 adults between the ages of 21 and 75. An additional 200 members of Gen Z were polled as well.