The average American believes you need to have at least $839,000 in net worth to feel financially comfortable. And to be considered wealthy, you'll need around $2.3 million, according to Charles Schwab's 2025 Modern Wealth Survey.
Being financially comfortable means being able to pay bills, handle emergencies and enjoy small luxuries without worrying about running out of money or going into debt. Wealth, on the other hand, means having the long-term freedom and ability to live exactly how you want.
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The amount of money Americans believe you need to make to be financially comfortable has climbed from $778,000 last year to over $800,000 this year, which shows how inflation and rising living costs keep pushing the cost of stability higher and higher.
Generations See the Numbers Differently
Charles Schwab found that younger people expect less financially when it comes to comfort and wealth, whereas older generations have higher expectations.
- Gen Z says they need around $329,000 to feel comfortable and $1.7 million to feel wealthy.
- Millennials aim for about $847,000 for comfort and $2.1 million for wealth.
- Gen X says $783,000 is comfortable and $2.1 million is wealthy.
- Boomers need $943,000 to feel comfortable and $2.8 million to feel wealthy.
Younger respondents were also more optimistic about hitting their financial goals. 43% of Gen Z and 42% Millennial participants said they feel on track to reach their comfort target because they have more years of earning ahead, whereas only 33% of Gen X and 20% of Boomers think they are — or will be — wealthy.
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Wealth Is More Than Just Numbers
The survey also shows that most Americans define wealth as more than a bank balance. When asked what truly makes them feel wealthy, most mentioned being healthy, having strong relationships, personal happiness and the freedom to spend time the way they want. Though only 49% of those surveyed said they feel rich financially, slightly over 80% feel wealthy when it comes to the quality of their relationships, their happiness and the free time they have.
That said, money still matters, especially when it supports those non-financial goals. Having enough savings to cover emergencies, afford health care or take time off work can make it easier to protect your health, nurture relationships and enjoy the experiences that people value most. In other words, though dollars alone don't define wealth, they can create the freedom and security that allow the things that really matter.
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