HOW MUCH MONEY DO YOU need to be rich?
According to a 2019 Modern Wealth Survey from Charles Schwab, Americans reported needing an average of $2.3 million in personal net worth to be identified as wealthy.
The survey results don’t surprise Nick Giacoumakis, president and founder of New England Investment & Retirement Group Inc. in North Andover, Massachusetts. However, he isn’t sure they actually represent what it means to be rich. “Do I think it’s accurate? Absolutely not,” he says.
Financial experts say it’s hard to quantify what makes someone wealthy. A personal net worth of $2.3 million in New York City is much different than having that net worth in the Great Plains, explains Chad Chubb, certified financial planner and founder of the advisory firm WealthKeel in Philadelphia.