Americans are rethinking what it truly means to be rich.
People in the U.S. believe that you need an average net worth of $2.3 million to be considered “wealthy,” according to the 2025 Modern Wealth Survey from Charles Schwab. The amount is down slightly from $2.5 million last year but consistent with the five-year trend. How people define wealth, however, is evolving. (The financial services firm surveyed 2,200 adults between the ages of 21 and 75 to get a holistic picture.)
While 63 percent of Americans feel the bar for being rich keeps rising—citing inflation, a weaker economy, and higher taxes as reasons—many believe wealth is no longer just about dollars in the bank or material assets. Some 45 percent of survey respondents said happiness is what makes them feel wealthy, slightly more than the 44 percent who answered money.
Physical health, mental well-being, and strong personal relationships also play a big role in Americans’ perception of wealth. Eight out of 10 people say they already feel rich when it comes to the quality of their relationships, happiness, and free time. It’s a departure from viewing wealth as a purely financial goal to seeing it more as a fulfilling lifestyle.
Still, the price tag for being simply “financially comfortable” is rising, too. In 2025, Americans say they need $839,000 to reach that level, up from $778,000 reported last year. Both figures are down from the $1 million Americans cited in 2023.
“The concept of wealth can feel distant, abstract, or even aspirational,” Rob Williams, managing director of financial planning at Charles Schwab, said in a statement. “Financial comfort is something people might see as more tangible and associated with the everyday realities they’re facing right now.”
A notable trend in the survey is the youthful optimism of Gen Z, who believe only $329,000 is needed to be considered financially comfortable. Boomers, on the other hand, inflated that estimate to $943,000. Younger generations are also more inclined to believe they’ll achieve wealth (or already have), versus 33 percent of Gen X and 20 percent of Boomers.
The survey also found that people who identify as savers, investors, and planners are much more likely to feel financially secure. Among planners, 25 percent say they’re already wealthy.
“In uncertain times, planning can help turn aspiration into action,” Williams said.
It’s clear that amid recent inflation, economic turmoil, and increased taxes, our definition of wealth is moving away from money and toward mindset.
