Depending on where you live, a net worth totaling millions of dollars may still be considered merely “comfortable,” a new survey finds.
In the U.S. overall, it takes a net worth of $2.2 million to be considered “wealthy” by other Americans — up from $1.9 million last year, according to financial services company Charles Schwab’s annual Modern Wealth Survey.
In San Francisco, the threshold for what’s considered wealthy is a net worth of $5.1 million. That’s the highest total in the survey, which examined 12 of the biggest metropolitan areas in the country.
To be considered “financially comfortable,” a San Francisco resident would need a net worth of at least $1.7 million, the survey finds.
Here’s a look at what it takes to be considered wealthy by city in 2022, as ranked by net worth thresholds:
- San Francisco: $5.1 million
- Southern California (includes Los Angeles and San Diego): $3.9 million
- New York City: $3.4 million
- Washington, D.C.: $3.3 million
- Seattle: $3.2 million
- Phoenix: $2.7 million
- Boston: $2.7 million
- Dallas: $2.6 million
- Houston: $2.6 million
- Atlanta: $2.5 million
- Chicago: $2.5 million
- Denver: $2.3 million
The online survey was conducted in early February, with a sample of 500 to 750 local residents for each metropolitan area, between the ages of 21 and 75.
Net worth is a measure of the value of the assets a person or corporation owns, minus the liabilities they owe.
SOURCE: CNBC
IMAGE SOURCE: PIXABAY
