Well-being, not money, has become the leading measure of wealth
Many Americans feel wealthy — but don't necessarily measure it in dollars and cents. Well-being, not money, has become the leading measure of wealth for most adults today, according to the new Charles Schwab "Modern Wealth" survey.
It takes an average net worth of $2.2 million to be considered "wealthy," the survey found — but that's the estimate respondents gave for other people.
What about you? Are you rich? How much money does it take for you to consider yourself wealthy?
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Of the 1,000 adults surveyed, about 48% say they already feel wealthy. Yet their average net worth is $560,000 — about a quarter of what they think others need to be rich.
Millennials are overwhelmingly more likely to say they feel wealthy — with 57% of those ages 26 to 41 saying they feel this way, compared to only about 40% of Gen Z, Gen X and baby boomers. For millennials who say they feel wealthy, their average net worth is about $530,000.
Source: CNBC
