Yahoo Finance
In 2024, Americans stated that the average net worth they consider “wealthy” is $2.5 million.
How many multi-millionaires are in the US? About 8,046,080 US households have a net worth of $2 million or more, covering about 6.25% of American households. 5,671,005 US households have a net worth of $3 million or more, covering about 4.41% of all US households.
According to recent data from the Federal Reserve, a net worth of at least $3,795,000 places you among the coveted top 5% of U.S. 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 not chump change, but it's also not the $5-$10 million range some financial gurus – like Suze Orman – insist you must live comfortably. If you're dreaming of $3 million or more, though, you're officially aiming for a financial VIP club that represents less than 1% of retirees.
In findings from its 2024 Modern Wealth Survey, Charles Schwab said that Americans, on average, believe it takes $2.5 million to be considered wealthy in today's economy.
Interestingly, the 90th percentile is pretty flat, around $2.5M to $3M, from one's early 50s to one's 80s. The 95th is slightly less flat, with a peak slightly under $7M in one's late 60s; while the 99th percentile rises sharply with age until peaking over $22M in one's late 60s, from which point it mostly drops.
According to estimates based on the Federal Reserve Survey of Consumer Finances, a mere 3.2% of retirees have over $1 million in their retirement accounts. The number of those with $2 million or more is even smaller, falling somewhere between this 3.2% and the 0.1% who have $5 million or more saved.
A high-net-worth individual (HNWI) is a person with typically at least $1 million in liquid financial assets. An ultra-high-net-worth individual has a net worth of more than $30 million.
The poll also found that among those who have been saving for retirement, 6.7% have saved between $10,000 and $49,999, 12.6% have saved between $50,000 and $99,999, 12% have saved between $100,000 and $199,999, 9.9% have saved between $200,000 and $299,999 and 16.5% have saved $300,000 or more.
Dated ways of describing someone worth n millions are "n-fold millionaire" and "millionaire n times over". Still commonly used is multimillionaire, which refers to individuals with net assets of 2 million or more of a currency.
You can probably retire in financial comfort at age 45 if you have $3 million in savings. Although it's much younger than most people retire, that much money can likely generate adequate income for as long as you live.
The top 10% of earners have an average net worth of $2.65 million. Even if you're squeaking into the upper class (the 80-90% range), you're looking at about $793,000. Moving down to the middle class, things get a bit more varied. The upper-middle class folks have an average net worth of around $300,800.
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 mentioned above, $3 million can easily carry you through 40 years of retirement, making leaving the workforce at 50 a plausible option. Many dream of early retirement, but if you're lucky enough to already have $3 million set aside for this phase of your life, you could do more than dream.
Your net worth is what you own minus what you owe. It's the total value of all your assets—including your house, cars, investments and cash—minus your liabilities (things like credit card debt, student loans, and what you still owe on your mortgage).
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.
But how much does it take to be considered wealthy? 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. That seven-figure sum is up 14% from a year ago, when survey respondents thought amassing $2.2 million was enough.
The Top 1% by Net Worth
When it comes to net worth, the threshold is even higher. To be part of the top 1% in the U.S., a household's net worth needs to be at least $13.6 million. This measure includes everything you own – homes, investments, savings – minus debts.
The 95th percentile, with a net worth of $3.2 million, is considered wealthy, facilitating estate planning and possibly owning multiple homes. The top 1%, or the 99th percentile, has a net worth of $16.7 million and represents the very wealthy, who enjoy considerable financial freedom and luxury.
According to Kiplinger, by 2025, entering the top 2% of America's wealth will require a net worth of approximately $2.7 million, marking the threshold for elite economic status. Last year, the Schwab Modern Wealth Survey revealed Americans believe it takes $2.2 million to feel wealthy.
And if you're aiming for the $2 million club? Well, the number of those who make it is even smaller. We're talking about a sliver of a sliver – somewhere between that 3.2% and the razor-thin 0.1% who've got $5 million or more.