The amount of money required to be considered wealthy in 12 major U.S. cities.

According to Charles Schwab's annual Modern Wealth Survey, which surveyed 1,000 Americans ages 21 to 75 in March 2024, Americans believe that a net worth of at least $2.5 million is necessary to feel wealthy.

Last year's survey results showed a slight increase in revenue from $2.2 million.

In San Francisco, being wealthy is considered to require a net worth of $4.4 million, which is the highest among 12 major cities surveyed.

A survey of 750 residents in San Francisco revealed that only 16% of them are financially stable, with the majority of respondents citing the city's high cost of living and expensive housing as the main obstacles to accumulating more wealth.

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In 12 major U.S. cities, the net worth required to be considered wealthy was determined based on a survey sample of 500 to 750 individuals in each city.

1. San Francisco: $4.4 million
2. Southern California (includes Los Angeles and San Diego): $3.4 million
3. New York City: $2.9 million
4. Washington, D.C.: $2.8 million
5. Denver: $2.8 million
6. Seattle: $2.8 million
7. Boston: $2.7 million
8. Atlanta: $2.4 million
9. Chicago: $2.3 million
10. Houston: $2.3 million
11. Phoenix: $2.3 million
12. Dallas: $2.2 million

The worth of a person's assets, such as savings or a home, minus their liabilities, like loans or credit card debt, determines their net worth.

21% of survey respondents reported that they were on track to become wealthy within their lifetimes when asked about their financial future.

According to Rob Williams, a certified financial planner and managing director of financial planning at Charles Schwab, wealth is a subjective term that means different things to different people, whether it's enriching experiences with friends and family or a certain dollar amount.

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