By Andrew Welsch

What does it take these days to be wealthy in America? A cool $2.3 million, according to Americans polled as part of Charles Schwab's new Modern Wealth Survey.

That figure is down from $2.5 million in last year's survey but still above the $2.2 million Americans cited in 2022 and 2023, and the $1.9 million they cited in 2021, according to Schwab's survey. To be merely financially comfortable, Americans say they would need $839,000. That is up from $778,000 last year and an increase from $624,000 in 2021, according to Schwab's survey.

Schwab didn't explain why the "wealthy" number decreased but said it was "consistent with the five-year trend."

The company polls Americans about what it means to be wealthy and financially comfortable to reveal their beliefs about aspirations and needs. "Wealth is aspirational," says Rob Williams, managing director of financial planning at Charles Schwab. "It's something you want to achieve in the future and over time. Financial comfort is more tangible. It's about your daily life today. To be comfortable is a lower threshold than wealth."

That the numbers have trended higher since the second year of the pandemic is perhaps no surprise given the economic hardships many Americans have faced in recent years. Inflation reached its highest level in decades in 2022, and increases in interest rates have made buying a home or an automobile more difficult. Homeownership, for example, has become more difficult to achieve in many metropolitan areas.

Although respondents' target number to be wealthy was smaller this year than last, a majority nonetheless said it feels like it takes more money to be wealthy today compared with last year. They cited inflation (73%), a worsened economy (62%), higher taxes (48%), and higher interest rates on loans (43%).

Williams notes that the pace of inflation has slowed considerably since its peak in 2022, but because prices remain high relative to where they were just a few years ago, it's understandable people cite it as a top concern.

The timing of Schwab's survey may have influenced the results. It polled 2,000 Americans from April 24 to May 23, a period when markets were reeling after President Donald Trump's tariff announcements sparked concerns about rising prices and slower economic growth.

Although hurdles remain to achieving wealth, many young Americans are determined to overcome them. Thirty-nine percent of Gen Z Americans and 36% of millennials say they have established their financial goals and have a formal plan to achieve them, according to Schwab's survey. That compares with just 27% of Gen Xers and 26% of baby boomers.

Williams attributes the generational difference to the ease with which younger Americans can begin their investing journeys compared with the circumstances faced by older generations. Investors can open and fund an investing account today with just a swipe. Commissions on trades have dropped to zero. And many employers automatically enroll employees into retirement plans, ensuring that more Americans are saving for retirement.

Williams says it's encouraging to see younger generations taking ownership of their financial future. "The research shows that people who have a plan are more likely to achieve their goals than those that don't, " he says.

Write to Andrew Welsch at andrew.welsch@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

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July 09, 2025 08:00 ET (12:00 GMT)

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