""If I had a million dollars... I'd be rich," the Barenaked Ladies sang in their hit 1988 song."
""With so many middle-class Americans being considered millionaires, it stands to reason that the average individual would consider $2.3 million to be wealthy, as it may seem out of reach," Clark said."
""not luxury for everyone, but security. It's wanting to have a house, retire well, have family, and have one's time,""
A Charles Schwab survey of 2,200 adults aged 21 to 75 found Americans now consider $2.3 million necessary to be wealthy and $839,000 to be financially comfortable. The $2.3 million estimate fell from $2.5 million last year but remains 21% higher than 2021's $1.9 million. Sixty-three percent of respondents said wealth feels harder to achieve than last year, citing inflation, a worsening economy, and higher taxes. Experts note many U.S. millionaires include home equity in net worth, leaving investable assets often under $1 million. The $2.3 million benchmark is framed more as security than luxury.
Read at Fortune
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