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The average American has a net worth of $2.2 million to be considered wealthy, and California requires much more

According to a new national survey, in some parts of the United States, if you have a net worth of millions of dollars, you can only live a so-called “comfortable” (comfortable) life, not wealthy (wealthy), because wealth depends on specific depending on where you live in the US.

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According to a new national survey, in some parts of the United States, if you have a net worth of millions of dollars, you can only live a so-called “comfortable” (comfortable) life, not wealthy (wealthy), because wealth depends on specific depending on where you live in the US. And in California, the bar for representing a wealthy net worth is higher than in any other metro area.

The latest annual Modern Wealth Survey, released by financial services firm Charles Schwab, analyzes the results of the 12 largest metropolitan areas in the United States and finds that the average American needs to have a net worth of $2.2 million. To be considered “wealthy”. In the previous year, the figure was 1.9 million yuan.

The online survey of 1,000 Americans between the ages of 21 and 75, conducted in February, showed that people not only think they need more money than they did in 2021 ($1.9 million) to be considered wealthy, but they need more Mostly it feels like they also have a solid financial foundation.

Interestingly, the survey results show that the average amount Americans need to be financially comfortable is down significantly from five years ago. In 2018, the average amount needed to obtain financial satisfaction was $1.4 million, but in 2021 it was only $624,000, and this year it has soared to $774,000. Experts say this may be because people have learned to adjust their lifestyles and financial prospects in the wake of the Covid-19 pandemic.

The 2022 Wealth Survey report shows that in the Southern California region (the survey groups Los Angeles and San Diego as one borough), the net worth considered wealthy is $3.9 million, the second-highest number in the survey , second only to San Francisco, which is considered wealthy with a net worth of $5.1 million.

Metropolitan areas ranked by how much net worth a household has to be considered wealthy in 2022: San Francisco, $5.1 million, Southern California (Los Angeles, San Diego), $3.9 million, New York City, $3.4 million, and Washington, D.C., $330. $3.2 million in Seattle, $2.7 million in Phoenix, $2.7 million in Boston, $2.6 million in Dallas, $2.6 million in Houston, $2.5 million in Atlanta, $2.5 million in Chicago, and $2.3 million in Denver.

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Written by Natalia Chi

Chicago Popular; Chicago breaking news, weather and live video. Covering local politics, health, traffic and sports for Chicago, the suburbs and northwest Indiana.

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