Here’s How Much Money Millennials, Gen X, and Baby Boomers Need To Be Considered ‘Wealthy’
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Wealth in America is a controversial and oft-debated topic. Its perceived definition also varies wildly by state, according to our list of how much money you need to make in every state to be considered wealthy.
By generation, it varies even more. And, surprisingly, the perceived threshold for wealth is actually dropping in America.
Defining ‘Wealthy’ By Generation
According to Schwab’s 2021 Modern Wealth Survey, here’s what savers in each generation need in their coffers to be considered wealthy, per CNBC:
- Millennials (ages 24 to 39): $1.4 million
- Gen X (ages 44 to 55): $1.9 million
- Baby boomers (ages 56 to 74): $2.5 million
So you’re essentially looking at a $600k jump by generation, according to the masses.
Do those numbers seem high? Well, pre-COVID-19, they were actually a lot higher.
Wealth Definition In A Downtrend
Overall, according to those surveyed by Schwab, you need to have a net worth of at least $1.9 million to be considered wealthy.
That’s down considerably from the same survey a year prior, when Americans cited a net worth of $2.6 million as the “wealthy” threshold. It’s safe to say the pandemic played an extreme role in this break from trend, which generally sees these estimates rise year-over-year.
Building Your Wealth
If these numbers make you feel left behind, worry not. There’s no day like today for getting your money in order and charting a new course for your financial future.
Here are some recent articles we recommend to help you get on the right track:
- 13 Easy Ways That You Can Save More Money Every Month
- What Is Wealth Building? A Guide On How To Start Growing Your Fortune
- How To Never Lose Money In The Stock Market, In One Simple Chart
- Couple Shares 5 Tips On How To Pay Off Your Mortgage In 5 Years
- The 10-Step Blueprint To Achieve Financial Freedom
- How To Become Independently Wealthy And Reach Your Financial Goals
Now get started!