How long does it take to be Rich in America? Recent wealth survey results provide results about how much of the net worth of your assets should be taken into account in this way.
The survey, conducted every year since 2016, in 2023 surveyed a total of 1,000 Americans between the ages of 21 and 75 living in 12 U.S. metropolitan areas. The study was conducted virtually from March 1 to 13 of this year.
It should be clear that the cost of living in all states is not the same and neither are salaries, that’s why to become rich you don’t need the same amount of millions in San Diego, California; Than it was in Houston, Texas. For many, being lucky doesn’t mean having a full bank account.
How long does it take to become rich in the United States?
the Modern Wealth Survey 2023, conducted by Charles Schwab, asked thousands of interviewees about issues of saving, spending, investing, and wealth. When asked about the amount of money a person needs to be considered rich, The majority agreed that they should have an average of US$2.2 million in net worth. However, a broader analysis shows that this number is not enough for those who live in cities like New York, Denver, or Washington, D.C. Check the list below:
- San Francisco: US$4.7 million
- New York City: US$3.3 million
- Southern California (including Los Angeles and San Diego): US$3.5 million
- Seattle: $3.1 million
- Washington, DC: US$3 million
- Boston: $2.9 million
- Denver: $2.5 million
- Phoenix: $2.4 million USD
- Chicago: 2.3 million US dollars
- Dallas: 2.3 million US dollars
- Atlanta: $2.3 million USD
- Houston: US$2.1 million.
It’s Not All Money: What Is Wealth to Americans?
Survey analysis showed that many people did not define wealth with their economic resources, but rather linked it to family or health aspects. Forty-eight percent of those surveyed said they already feel wealthy, even though their average net worth is $560,000, which is nearly a quarter of the $2.2 million needed to be considered wealthy, according to the investigation.
“We asked 1,000 Americans what wealth means to them, and found that they don’t measure it in dollars.but on things like having fulfilling relationships and experiences with your family and friends, good health, and even career flexibility.Abel Onyoni, vice president and senior financial advisor at Charles Schwab’s downtown branch in New York, said: the post.