[ad_1] Our experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page. To be wealthy, you need a net worth of $2.2 million, according to the 2023 Charles Schwab Modern Wealth Survey. But that varies by city: In places like DC, Seattle, and New York, it’s much more than that. Respondents in nearly a dozen cities said they feel “financially comfortable” with much less than millions. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app To be considered wealthy in the US, you need a net worth of $2.2 million. That’s according to the 2023 Modern Wealth survey by Charles Schwab, which surveyed 1,000 US adults across four generations. But $2.2 million is just an average — there are some cities where it would be considered only a drop in the bucket. If you don’t have millions, try not to lose hope: 48% of respondents say they feel wealthy and of those that do, their average net worth is $560,000. Net worth is the value of the assets a person owns minus liabilities they owe. The feeling of being wealthy can be subjective; oftentimes feeling wealthy is not having to worry about money and bills, as opposed to actual net worth. Here’s the net worth you need to be considered wealthy in various cities across the US, from least amount required to most: 11. Houston: $2.1 million Average net worth it takes to be “wealthy”: $2.1 million Average net worth it takes to be “financially comfortable”: $606,000 How many people feel wealthy: 39% 10. Atlanta $2.3 million Average net worth it takes to be “wealthy”: $2.3 million Average net worth it takes to be “financially comfortable”: $729,000 How many people feel wealthy: 43% 9. Chicago: $2.3 million Average net worth it takes to be “wealthy”: $2.3 million Average net worth it takes to be “financially comfortable”: $817,000 How many people feel wealthy: 38% 8. Dallas: $2.3 million Average net worth it takes to be “wealthy”: $2.3 million Average net worth it takes to be “financially comfortable”: $820,000 How many people feel wealthy: 40% 7. Phoenix: $2.4 million Average net worth it takes to be “wealthy”: $2.4 million Average net worth it takes to be “financially comfortable”: $$653, 000 How many people feel wealthy: 33% 6. Denver: $2.5 million Average net worth it takes to be “wealthy”: $2.5 million Average net worth it takes to be “financially comfortable”: $710,000 How many people feel wealthy: 37% 5. Boston: $2.9 million Average net worth it takes to be “wealthy”: $2.9 million Average net worth it takes to be “financially comfortable”: $932,000 How many people feel wealthy: 32% 4. Washington, DC: $3 million Average net worth it takes to be “wealthy”: $3 million Average net worth it takes to be “financially comfortable”: $1 million How many people feel wealthy: 37% 3. Seattle: $3.1 million Average net worth it takes to be “wealthy”: $3.1 million Average net worth it takes to be “financially comfortable”: $1 million How many people feel wealthy: 41% 2. New York: $3.3 million Average net worth it takes to be “wealthy”: $3.3 million Average net worth it takes to be “financially comfortable”: $1.2 million How many people feel wealthy: 46% 1. San Francisco: $4.7 million Average net worth it takes to be “wealthy”: $4.7 million Average net worth it takes to be “financially comfortable”: $1.7 million How many people feel wealthy: 39% Jennifer Streaks Senior Personal Finance Reporter and Spokesperson Jennifer is a Senior Personal Finance Reporter and Spokesperson for the Personal Finance vertical at Business Insider. She started her career covering personal finance at Black Enterprise Magazine, went on to CNBC where she covered personal finance, women and money and tech and then Forbes, where she reported on personal finance, business, tech and money matters related to the economy, investing, credit and entrepreneurship. Jennifer is also the author of Thrive!…Affordably: Your Month to Month Guide to living your Best Life without breaking the bank. The book offers advice, tips and financial management lessons geared towards helping the reader highlight strengths, identify missteps and take control of their finances. In addition, she has extensive experience as an on-air financial commentator and has been a featured expert discussing credit and savings, investing and retirement, mortgages and all things money and personal finance. She has an ability to discuss and simplify complex financial issues and make them easier to understand. Follow her on Twitter @jstreaks. Read more Read less [ad_2] Source link Post navigation Exclusive-Deutsche Bank Tells Investors Some of Their Russian Shares Are Missing Jim Cramer’s guide to investing: Don’t be greedy