How Much Net Worth You Need to Be ‘Wealthy’ in America’s Biggest Cities
Wondering how much you need to feel rich in major U.S. cities? Net worth expectations vary widely—from under $1 million to over $4 million.
Since 2017, Charles Schwab’s annual Modern Wealth Survey has explored Americans’ real-life finances and their perceptions of what it means to be wealthy.
In 2024, Americans said it takes a net worth of $2.5 million to be considered “wealthy” — a $300,000 increase from the $2.2 million benchmark in 2023.
The study also asked respondents how much net worth they believe qualifies as being “financially comfortable.” This year, the average answer was $778,000—closer to 2022’s $775,000 than last year’s $1 million estimate.
Even so, that figure is more than four times the U.S. median net worth of $192,900, based on the Federal Reserve’s latest Survey of Consumer Finances. And the average net worth Americans associate with being “wealthy” is nearly 13 times that median.
Of course, a dollar goes much further in St. Louis than in San Francisco. So how do perceptions of wealth vary by region?
As expected, people living in high-cost cities tend to set a higher bar for what it means to be rich.
San Francisco leads the pack, with locals saying it takes a net worth of $4.4 million to be considered wealthy.
Meanwhile, in major cities like Houston, Phoenix, and Dallas, residents say having about half that amount qualifies as rich—and feeling financially comfortable requires significantly less, often well under $1 million.
