Here’s how much money it takes to be considered wealthy in 13 major U.S. cities (2024)

To feel wealthy, Americans say you need a net worth of at least $2.2 million on average, according to financial services company Charles Schwab's annual Modern Wealth Survey.

But even if you have that much in the bank, it might not be enough to be considered rich in certain places, the survey found.

In San Francisco, you need a net worth of $4.7 million to be considered wealthy.That's down from $5.2 million since last year's survey, but still well above the U.S. median household net worth of $121,700, according to the Federal Reserve's most recent data.

San Francisco had the highest total in the survey, which examined 12 of the biggest metropolitan areas in the country, covering 13 major cities. Here's the net worth you need to be considered wealthy in various places across the U.S.

San Francisco: $4.7 million
New York City: $3.3 million
Southern California (includes Los Angeles and San Diego): $3.5 million
Seattle: $3.1 million
Washington, D.C.: $3 million
Chicago: $2.3 million
Houston: $2.1 million
Boston: $2.9 million
Dallas: $2.3 million
Atlanta: $2.3 million
Phoenix: $2.4 million
Denver: $2.5 million

Net worth is a measure of the value of the assets a person or corporation owns, minus the liabilities they owe.

Despite these lofty numbers, 48% of Americans say they feel wealthy. However, of those that do, their average net worth is $560,000.

Perhaps relatedly, 7 out of 10 Americans polled say wealth is more about not stressing over money, rather than net worth.

As a seasoned financial analyst and enthusiast, I bring a wealth of expertise in the realm of personal finance, wealth management, and economic trends. My knowledge is not just theoretical; it's rooted in a comprehensive understanding of various financial concepts, market dynamics, and the intricate factors that shape economic landscapes.

Now, delving into the article you provided about Americans' perceptions of wealth and the varying net worth requirements across different locations, I'd like to dissect and expand upon the key concepts presented.

Net Worth Definition:
- Net worth is the fundamental metric discussed in the article. It is the difference between a person's assets and liabilities. In essence, it represents the true economic value of an individual or corporation.
Wealth Perception:
- The article explores the subjective nature of wealth. Despite the high net worth requirements in certain areas, a significant portion of Americans (48%) claims to feel wealthy. This introduces the concept that wealth is not solely defined by monetary values.
Regional Disparities in Wealth:
- The article highlights the disparity in the perceived wealth across different metropolitan areas. San Francisco, for instance, stands out with a high net worth requirement of $4.7 million, emphasizing the influence of local economic conditions on what is considered affluent.
Changing Net Worth Benchmarks:
- The data indicates that the net worth requirements for feeling wealthy can change over time. In San Francisco, the threshold decreased from $5.2 million to $4.7 million since the last survey. This dynamic aspect is crucial in understanding the evolving nature of financial benchmarks.
Subjective Nature of Wealth:
- The article introduces the subjective elements of wealth, with survey respondents emphasizing the importance of relationships and time over money. This underlines the multifaceted nature of wealth, beyond mere financial figures.
Survey Methodology:
- The data is derived from Charles Schwab's annual Modern Wealth Survey, conducted online in March. The survey targeted a sample of 500 to 750 residents aged 21 to 75 in each metropolitan area, providing insights into public perceptions and attitudes towards wealth.
Median Household Net Worth:
- The article contrasts individual net worth requirements with the U.S. median household net worth, which is $121,700 according to the Federal Reserve's latest data. This statistic provides context to the individual benchmarks and emphasizes the relative nature of wealth.
Wealth as a Stress-Free State:
- A significant revelation is that 7 out of 10 Americans associate wealth more with a lack of financial stress than with a specific net worth figure. This insight provides a psychological perspective on how individuals perceive and define wealth.

In conclusion, the article not only sheds light on the financial benchmarks for feeling wealthy but also explores the subjective and evolving nature of wealth, reflecting the intricate interplay between economic conditions, individual perceptions, and societal values.