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The status of millionaire is not what it was.
In fact, according to Charles Schwab's 2019 Modern Wealth Survey, it would take you a lot more than seven digits to be considered rich today.
True, the annual survey of 1,000 adults asked how much their net worth should be for them to be eligible for elite status, and they averaged $ 2.27 million. Considering that the median net worth of the average American household is less than $ 100,000, this is a fairly high figure.
Here are the median and mean net values by age of the country, according to the Federal Reserve's Survey of Consumer Finances:
- Under 35 years old: $ 11,100 ($ 76,200)
- 35 to 44 years: $ 59,800 ($ 288,700)
- 45-54: $ 124,200 ($ 727,500)
- 55 to 64: $ 187,300 ($ 1,167,400)
- 65 to 74 years old: $ 224,100 ($ 1,066,000)
- 75 and over: $ 264,800 ($ 1,067,000)
The reason why so few people have actually achieved "rich" status may lie in the answers given by Schwab
SCHW, + 1.60%
got when he asked what would they do if they suddenly came up with a million dollar windfall.
Here's how they responded:
For millennia in particular, their financial problems could be related to the fact that they spend more time (and more money generated by FOMO) to surf their social media accounts compared to previous generations. "Social media has become the millennial generation," said Paul Kelash, of Allianz Life in a survey last year.
Lily: The dark reason why so many millennia are miserable
But all is not a question of money. The vast majority (72%) of respondents Schwab said that wealth was more related to the way they lived their lives, not to a dollar amount.
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