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

Advertiser Disclosure

Advertiser Disclosure

The Wealth Gang team writes about financial information, passive income ideas, apps, programs, cash management tools and other wealth gadgets that we think you might want to use or learn more about. Sometimes, we write about products, services or items that might be associated with affiliate partnerships. In these instances, we will earn a small percentage of the revenue from sales. There is, of course, no cost to you.

Thank you for all your support! Without you, we could not keep this site running. Gang Gang!

Wealthy young guy.

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!

Author
Ryan Rabasa

Ryan Rabasa is an associate editor at Wealth Gang. His passions are technology, writing, business, and media. He won't trust an investment strategy that doesn't incorporate both technical and fundamental analysis.

Current Top Offers

Earn an unlimited 1.5% back in Bitcoin on every purchase with the BlockFi Rewards Visa® Signature Credit Card.

Invest spare change easily. Get $5 when you sign up for Acorns.

fundrise logo

Invest in Commercial Real Estate With As Little As $10

Put your crypto to work. Get up to a $250 crypto bonus with a transfer of $100 or more in crypto.

m1 finance logo

Get a $50 bonus for creating and funding a new account