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Financial Fundamentals

What Does It Mean to Be Wealthy in 2023?

β€” Alexandra Ardelean

Charles Schwab's Modern Wealth Survey

In this article, we're going to be discussing the results of Charles Schwab's Modern Wealth Survey. This survey is important because it gives us a snapshot of how Americans view wealth and their financial priorities. The survey includes 1,000 adults and 200 additional Gen Z's, with ages ranging from 21 to 75 years old. Here are some key takeaways from the survey:

  • Americans claim that $2.2 million is the threshold for being wealthy in 2023.

  • 48% of Americans feel wealthy out of the 1,200 respondents

  • Average net worth of those who feel wealthy is $560,000

  • Net worth is assets minus liabilities

  • Millennials are most likely to feel wealthy today at 57%

  • Breakdown of feeling of wealthiness by generation: Boomers at the least with Gen Z at the highest for their age group

  • Average net worth by generation: Boomers should be the highest, followed by Millennials, then Gen X, and finally Gen Z with an average net worth of $414,000

  • Footnote clarifies that total assets include retirement funds but not real estate

  • Definitions of wealth by Americans: well-being (40%), money (32%), assets (26%), necessities (25%), freedom (15%), achievements or goals (13%), luxury (11%), giving (9%)

  • Americans generally choose non-financial assets over monetary ones in a variety of life scenarios

  • Financial planning statistics: one-third of people have a documented financial plan, and those with a plan feel more in control of their finances.

  • Barriers to financial planning: not having enough money and perceived complication of financial plans are the biggest barriers

  • Demographic snapshot of respondents: 46% male, 54% female; average investable assets $361,000; median investable assets $75,000; average household income $93,000; median household income $68,000. Employment status: 53% full-time, 12% part-time, 18% retired, 17% other.