Millionaire status is not what it used to be.
In fact, according to Charles Schwab's 2019 Modern Wealth Survey, you'll need much more than just seven characters to be seen as prosperous these days.
It was true, the annual survey of 1000 adults asked how much their net worth would have to earn such elite status, and they achieved an average of $ 2.27 million. Considering the median value of average American households is less than $ 100,000, it's a pretty high number.
Here are the median and average net worth figures by age across the country, by Federal Reserve's Survey of Consumer Finances:
- Under 35: $ 1
- 35-44: $ 59,800 ($ 288,700)
- 45-54: $ 124,200 ($ 727,500)
- 55-64: $ 187,300 ($ 1,167,400)
- 65-74: $ 224,100)
- 75 +: $ 264,800 ($ 1,067,000) 75 +: $ 264,800 ($ 1,067,000)
Perhaps the reason why few have actually achieved "prosperous" status lies in the answers like Schwab
SCHW, + 1.60%
received when asked what they would do if they suddenly entered a $ 1 million fall.
Thus, they responded:
Especially for millennia, their financial problems can have something to do with the fact that they spend more time (and more FOMO-induced money) surfing on social media than older generations. "Social media has become the millennium," Allianz Life's Paul Kelash said in a survey last year.
Read: The dark ground so many millennia are miserable and broke
But it's not just about money. The vast majority (72%) of the Schwab survey say wealth is more about how they live, not a dollar amount.
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