According to a 2024 Empower survey, Americans, on average, say a net worth of $5.3 million is required to be considered financially successful. This figure, which aligns with the threshold for the top 1% of U.S. households, is often seen as a target for financial freedom, though most Americans define success more broadly as happiness and having free time.
What it takes to be wealthy in America: $2.3 million, Charles Schwab says. Americans now believe it takes an average of $2.3 million to be considered wealthy. That's a 21% rise since 2021, reflecting the way inflation and soaring costs have changed perceptions of wealth.
In fact, reliable data suggests that households with $5 million or more in net worth represent a small fraction of the population. According to DQYDJ, in 2023, approximately 4.8 million American households had a net worth above $5 million, representing roughly 3.7% of all U.S. households.
Americans say it now takes an average net worth of $2.3 million to be considered wealthy in 2025, according to Charles Schwab's latest Modern Wealth Survey.
Insights into Americans' definitions of financial success, the actions to reach it, and the barriers people face along the way. Is there a secret to financial success? Most Americans (52%) say “yes” – and the average salary considered successful is $270,000 per year, and $5.3 million in overall net worth.
Only a small fraction of Americans, around 1.8% of U.S. households, have $2 million or more saved in retirement accounts, according to analyses of Federal Reserve data by organizations like the Employee Benefit Research Institute (EBRI). This puts them in a very elite group, as most people fall far short of this milestone, with far fewer reaching $3 million (around 0.8%).
The "27.39 rule" (often rounded to $27.40) is a simple financial strategy to save $10,000 in one year by consistently setting aside $27.40 every single day, making it an achievable micro-saving habit to build wealth or an emergency fund. It turns the daunting goal of saving $10,000 into a manageable daily action, emphasizing consistency over large lump sums.
How many Americans have $500,000 in retirement savings? Of the 54.3% of U.S. households that have any money in retirement accounts, only about 9.3% have $500,000 or more in retirement savings.
It's often viewed as a marker of financial success. According to 2023 estimates from the Credit Suisse Global Wealth Report and other sources, approximately 23.7 million U.S. households, or about 18.04% of all households, have a net worth of $1 million or more.
Average net worth at age 72
According to Federal Reserve data, households led by someone between the ages of 70 and 74 have an average net worth of about $1.7 million to $1.8 million. This is the mean figure, and it's heavily skewed by very wealthy households.
According to data based on estimates from the Federal Reserve, having a net worth of $4 million places you in the top 3% of American households. That's an elite group, for sure. Leigh Baldwin & Co. Advisory Services reports about 4,473,836 U.S. households have amassed $4 million or more in wealth.
Defining the Classes
Bottom 25% of Americans: Less than $29,300 net worth. Lower middle class (25th to 50th percentile): $29,300 to $209,000 net worth. Upper middle class (50th to 75th percentile): $209,000 to $714,000 net worth. Upper class (75th to 90th percentile): $714,000 to $2.1 million net worth.
9 Signs of Wealth to Look Out For
But after that, you are left on your own. That could explain why there are roughly 8.3 million millionaires in the U.S. … but only 1.4 million people with a net worth of $5 million or more. In other words, only 17% of people who reach $1 million in net worth then go on to get $5 million. Think about it.
A secondary level, a very-high-net-worth individual (VHNWI), is someone with at least US$5 million in investable assets. The terminal level, an ultra-high-net-worth individual (UHNWI; the ultra-rich, super-rich, extremely wealthy, or a billionaire), holds US$30 million in investable assets (adjusted for inflation).
One in five Americans over the age of 50 have no retirement savings, according to a survey by the AARP. And even if you have something tucked away, it may not be enough — though that is something you can change even late in the game.
For a 70-year-old, average retirement savings vary significantly by source, but generally fall between $250,000 and over $600,000 (mean/average), while the median (half have less) is much lower, around $100,000 to $200,000, highlighting a wide gap due to high earners skewing averages. Key figures show the mean for ages 65-74 around $609,000, but the median for that group is closer to $200,000.
I tell young people all the time, by the time you hit 33 years old you should have at least $100,000 saved somewhere. Make that your goal. That's the age when it's really time to start getting FOCUSED on saving.
While exact numbers vary by survey, roughly 15% to 20% of Americans have $10,000 or more in savings, though many have significantly less, with a median savings balance often reported below $10,000, highlighting a gap in financial security for many households. A significant portion of the population struggles to save, with some surveys showing nearly half having under $500 or less than $1,000, while others indicate that a notable percentage has $10,000 to $49,999.