What sort of net worth does it take for an American to occupy the lofty status called "wealthy"
As you would anticipate, opinions vary all over the place, especially by age.
Here’s the net worth each generation says you need to be considered wealthy in 2021:
- 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
As one older than the boomers I can tell you those views are all in error. You need at least five million today if you want to think of yourself as well-heeled. Moreover:
It’s also worth noting that to be considered part of the top 1%, households need a net worth of over $11 million.
Finally, it must be pointed out how few Americans come anywhere near to being truly wealthy. In fact:
Even before the pandemic affected employment, most Americans had nowhere near a net worth of $1.9 million. Prior to the pandemic, the average U.S. household had a net worth of $748,800, according to The Federal Reserve’s 2019 Survey of Consumer Finances.
CNBC has just done a writeup on all this. Here is your link: