MAY 28, 2022
New York — Who wants to be a millionaire?
Americans say it takes exactly $2.2 million in net worth to be considered “wealthy,” according to a new Charles Schwab study. The figure was part of the financial group’s annual Modern Wealth survey.
The figure is up slightly from 2021, when it sat at $1.9 million, but down from a pre-pandemic “wealthy” high of $2.6 million in 2019.
The average net worth it takes to be “financially comfortable” sat at $774,000 in 2022, according to the survey. That is up from $624,000 in 2021, but down from a pre-pandemic high of $1.4 million in 2018.
The survey found several changes in habits compared to before the pandemic. About 73 percent of people say their personal values guide how they make life decisions compared to two years ago.
Roughly 69 percent of respondents said they support causes they care about is a top consideration in financial decisions.
“It’s a longer-term trend, but especially after the events of the past two years, Americans are thinking a lot about how their spending, saving and investing align with their personal situations and preferences, including the issues and causes they care most about,” said Jonathan Craig, with Charles Schwab.
The “wealthy” survey also found that 89 percent of people say that it’s important to feel fulfilled by their work, while 85 percent said it’s important to have coworkers who respect their personal values.
In fact, 59 percent of respondents said they would accept a lower salary to work for a company that better represents their personal values.