By: April Carson
According to a recent poll, a net worth of millions of dollars in some areas is still considered “comfortable.”
In order to be considered wealthy in the United States, it really varies depending on where you live. A new poll from Charles Schwab asked Americans what kind of net worth they would need before feeling “wealthy” and the responses varied greatly by city.
In the eyes of other Americans, it takes a net worth of $2.2 million to be labeled "wealthy" — up from $1.9 million last year, according to financial services firm Charles Schwab's annual Modern Wealth Survey.
But living in different parts of the country will determine how much money you need before you can consider yourself wealthy.
For instance, if you live in Pittsburgh, you can get away with a net worth of $1.6 million and still be considered wealthy. And in Memphis, the bar is even lower, at just $1 million.
In San Francisco, $5.1 million is the tipping point for financial well-being. That is more than twice the national average. New Yorkers also have a high bar for wealth, with a net worth of $3.4 million required to be considered wealthy in the Big Apple.
According to the study, a San Francisco resident must have a net worth of at least $1.7 million in order to be deemed "financially comfortable." And in New York City, that number is even higher, at $2.5 million.
Jobs that tend to pay six-figure salaries – such as doctors, lawyers, and tech executives – are more common in these cities, which likely contributes to the higher wealth thresholds. But it's not just high-earning jobs that are driving up the wealth requirements in these cities.
Here's a look at what it takes to be considered well-off in 2022, as determined by net worth cutoffs:
San Francisco: $5.1 million
Southern California (includes Los Angeles and San Diego): $3.9 million
New York City: $3.4 million
Washington, D.C.: $3.3 million
Seattle: $3.2 million
Phoenix: $2.7 million
Boston: $2.7 million
Dallas: $2.6 million
Houston: $2.6 million
Atlanta: $2.5 million
Chicago: $2.5 million
Denver: $2.3 million
The online poll was conducted in early February, with 500 to 750 local residents for each metropolis area between the ages of 21 and 75 participate. The margin of error for each city was plus or minus 4.4 percentage points.
The term "net worth" refers to a person's or firm's assets minus liabilities. Therefore, if a person has $10 million in assets and $8 million in debts, his or her net worth would be $2 million.
Forbes used the same methodology to come up with its "America's richest people" lists. It looked at the total value of an individual's stocks, real estate and other assets, minus any debts.
So, there you have it. In order to be considered wealthy in some of America's largest cities, it takes an estimated net worth of at least $2 million. Of course, this is just a general guideline and there will always be exceptions to the rule.
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About the Blogger:
April Carson is the daughter of Billy Carson. She received her bachelor's degree in Social Sciences from Jacksonville University, where she was also on the Women's Basketball team. She now has a successful clothing company that specializes in organic baby clothes and other items. Take a look at their most popular fall fashions on bossbabymav.com
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