Apparently, we now live in a world where “simply” being a millionaire just isn’t that impressive.
In a new study conducted by Charles Schwab, Americans were asked how much money a person needs in 2024 to be considered “wealthy.”
The answer was that to be truly rich nowadays, one has to be a millionaire several times over. $2.5 million was the amount people said made someone well-off.
That’s an increase over last year’s total of $2.2 million.
For reference, the median household income in the U.S. is $193,000 according to 2022 numbers from the Federal Reserve’s Survey of Consumer Finances.
But that’s of course to be considered “rich.” The number is smaller for what Americans say is a yearly salary capable of providing a comfortable life: only $778,000.
Which of course is still more then four times the average household income. Apparently comfort doesn’t come cheap.