Regarding net worth, having $1 million in liquid assets often puts you in the 'high net worth' category. But if you want to be considered very high net worth, you might need anywhere from $5 million to $10 million. For those aiming even higher, ultrahigh net worth status could mean having $30 million or more.
Middle class is defined as income that is two-thirds to double the national median income, or $47,189 and $141,568. By that definition, $100,000 is considered middle class. Keep in mind that those figures are for the nation. Each state has a different range of numbers to be considered middle class.
A net worth of $2.5 million is what Americans think it takes to earn the wealthy moniker, according to Charles Schwab's annual Modern Wealth survey.
The richest Americans have, on average, $111,600 in their bank accounts. That's around 29% of what they make in a year. On the other hand, the bottom 20% of Americans have around $900 in their accounts, about 4% of their income.
Most American households have at least $1,000 in checking or savings accounts. But only about 12% have more than $100,000 in checking and savings.
Elon Musk is the wealthiest person in the world, with an estimated net worth of US$426 billion as of January 2025, according to the Bloomberg Billionaires Index, and $416 billion according to Forbes, primarily from his ownership stakes in Tesla, Inc. and SpaceX.
While there's no definitive line, households in the top 20% of earners are generally considered upper class. According to the U.S. Census Bureau, the median household income in 2022 was $74,580. To reach the upper class in 2024, you'd typically need an income exceeding $153,000 – more than double the national median.
Probably 1 in every 20 families have a net worth exceeding $3 Million, but most people's net worth is their homes, cars, boats, and only 10% is in savings, so you would typically have to have a net worth of $30 million, which is 1 in every 1000 families.
As of the second quarter 2024, the average American household had wealth of $1.17 million. The average wealth of households in the top 1 percent was about $35.5 million. In the top 0.1 percent, the average household had wealth of more than $158.6 million.
There's no one-size-fits-all number in your bank or investment account that means you've achieved this stability, but $100,000 is a good amount to aim for. For most people, it's not anywhere near enough to retire on, but accumulating that much cash is usually a sign that something's going right with your finances.
In 2022, the national middle-income range was about $56,600 to $169,800 annually for a household of three. Lower-income households had incomes less than $56,600, and upper-income households had incomes greater than $169,800. (Incomes are calculated in 2022 dollars.)
A $100,000 salary is considered good in most parts of the country, and can cover typical expenses, pay down debt, build savings, and allow for entertainment and hobbies. According to the U.S. Census, only 15.3% of American households make more than $100,000 annually.
Americans say you need a net worth of at least $2.5 million to feel wealthy, according to Charles Schwab's annual Modern Wealth Survey, which surveyed 1,000 Americans ages 21 to 75 in March 2024. That's up slightly from $2.2 million, compared with last year's survey results.
Yahoo Finance
In 2024, Americans stated that the average net worth they consider “wealthy” is $2.5 million.
So, let's break it down – how many Americans have a net worth of $1 million or more? According to the 2022 Survey of Consumer Finances by the Federal Reserve, only about 12% of U.S. households have a net worth over $1 million. This means that the vast majority – 88% – are nowhere near that level.
Rich people are often measured by their income. Wealthy people, though, are measured by their net worth – how much they own minus how much they owe. A person can earn a huge salary but not wealthy if they have high debt or no savings.
What proportion of American households have saved at least $500,000 for retirement? Believe it or not, data from the 2022 Survey of Consumer Finances indicates that only 9% of American households have managed to save $500,000 or more for their retirement.
But according to Charles Schwab's 2024 Modern Wealth Survey, the general consensus is that a net worth of $778,000 will put most Americans into financial comfort. This survey collected information from 1,000 Americans aged 21-74.
Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year. The top 5% of income earners make $335,891 per year.
The company followed the Pew Research Center's definition of middle-class income — "two-thirds to double the U.S. median household income." According to the data, the middle-class household income averages across the U.S. ranged between $52,000 and $98,500 in 2024.
High net worth individuals are typically described as people who have $1 million or more in investable assets. Those with more than $5 to 10 million in investable assets may be labeled as “very high net worth”, and those with more than $30 million are generally considered ultra high net worth individuals.
PNC. PNC's Private Bank serves high net worth individuals and families with at least $1 million in investable assets. The bank offers a comprehensive suite of personalized banking, credit, and investment services, along with access to a team of dedicated private bankers and investment advisors.
According to CNBC's Millionaire Survey , that portion was about 24% in 2023. While this doesn't necessarily mean a quarter of a millionaire's wealth is sitting in a checking account, it does indicate the importance of maintaining liquid assets.
To handle that, he has credit cards and debit cards on bank accounts. He can also write checks against his bank accounts. He does not use such cards or checks to buy things like Twitter; big purchases are done with bank loans, more like mortgages for a house.