Here’s How Much Money Millennials, Gen X, and Baby Boomers Need To Be Considered ‘Wealthy’

Written by Ryan Rabasa on May 13, 2021

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:

Now get started!