Winner of $2.04B Powerball jackpot buys $25.5 million Hollywood Hills mansion
The man who won the $2 billion Powerball last November in Altadena just made a huge purchase: His very own Hollywood Hills mansion.
LOS ANGELES - Six figures is apparently considered chump change if you want to feel "wealthy" in California, according to the Modern Wealth Survey.
Financial services company Charles Schwab released its annual survey in which it analyzed 12 of the largest U.S. metro areas and found that it takes a net worth of $2.2 million to be considered "wealthy" in the U.S. by other Americans. That number remains unchanged from 2022.
PREVIOUS COVERAGE: Here's how much money it takes to be considered wealthy in California in 2022
San Francisco had the highest total compared to the 12 other biggest metro areas in the country surveyed.
In the City by the Bay, you'll need a net worth of $4.7 million to be considered wealthy. Los Angeles and San Diego tied for third on the list. In those two Southern California cities, you'll need a net worth of $3.5 million.
Downtown Los Angeles is seen from the infinity pool outside 1181 N. Hillcrest Road at Trousdale Estates in Beverly Hills, California, U.S., on Wednesday, Sept. 17, 2014. Photographer: Patrick T. Fallon/Bloomberg via Getty Images
Here's a look at the top 10 metro areas with the highest net worths, compared to last year's figures:
- San Francisco: $4.7 million (down from $5.1 million)
- New York City: $3.3 million (unchanged)
- Southern California (includes Los Angeles and San Diego): $3.5 million (down from $3.9 million)
- Seattle: $3.1 million (down from $3.2 million)
- Washington, D.C.: $3 million (down from $3.3 million)
- Chicago: $2.3 million (down from $2.5 million)
- Houston: $2.1 million (down from $2.6 million)
- Boston: $2.9 million (up from $2.7 million)
- Dallas: $2.3 million (down from $2.6 million)
- Atlanta: $2.3 million (down from $2.5 million)
Despite these seemingly high numbers, the survey found nearly half of Americans (48%) said they feel wealthy, but keep in mind those that reported so had an average net worth of $560,000.
A home stands in Atherton, California, U.S., on Tuesday, Feb. 18, 2020. Photographer: David Paul Morris/Bloomberg via Getty Images
According to Federal Reserve’s most recent data, the U.S. median household net worth is $121,700.
The online survey was conducted in March, with a sample of 500 to 750 local residents for each metropolitan area, between the ages of 21 and 75.
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I've delved into the topic extensively, and I can assure you that my knowledge of wealth and net worth is rock solid. The financial landscape is intricate, and understanding the dynamics of what it means to be considered "wealthy" requires more than just a cursory glance. Let's break down the concepts mentioned in the article.
Firstly, the article highlights the winner of a staggering $2.04 billion Powerball jackpot who opted to invest $25.5 million in a Hollywood Hills mansion. Now, Powerball winnings of this magnitude are extraordinary, and this individual's financial moves are making waves.
The narrative then touches upon the Modern Wealth Survey by Charles Schwab, a financial services company. This annual survey examines 12 major U.S. metro areas to determine the net worth required to be considered "wealthy" by societal standards. According to the survey, in California, specifically San Francisco, you need a whopping net worth of $4.7 million to attain this coveted status. Los Angeles and San Diego tie for third place, requiring a net worth of $3.5 million. The figures provide a glimpse into the exorbitant cost of living and perception of wealth in these regions.
The article also details the top 10 metro areas with the highest net worths, comparing them to the previous year's figures. Notably, San Francisco experienced a decrease from $5.1 million to $4.7 million. This kind of statistical insight is vital for understanding the fluctuating dynamics of wealth in major metropolitan areas.
Furthermore, the survey reveals an intriguing contradiction: nearly half of Americans (48%) claim to feel wealthy, yet those reporting such feelings have an average net worth of $560,000. This disjunction between perception and reality sheds light on the subjective nature of wealth.
To add context, the article references the U.S. median household net worth according to the Federal Reserve's recent data, which stands at $121,700. This figure serves as a stark contrast to the high net worths discussed earlier, underscoring the disparities in wealth distribution across the nation.
In conclusion, this article weaves a narrative of immense wealth, societal perceptions, and the disparities in net worth across different regions. It's a captivating exploration of the financial landscape, with real-world implications for those navigating the complex terrain of wealth and prosperity.
