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The Charles Schwab 2023 Modern Wealth Survey gives Americans an estimate of how much money they would need in the bank to be considered “wealthy.”

Researchers noted that the term “wealthy” can be subjective since the term isn’t always used to describe financial stability.

Overall, Americans who participated in the survey said that a net worth of at least $2.2 million is needed to be “wealthy” in the U.S., but that number could increase depending on where someone lives.

Here is the net worth needed to be considered “wealthy” in California

  • San Francisco: $4.7 million
  • Southern California (including the L.A. and San Diego areas): $3.5 million

Researchers looked at 13 major U.S. cities to determine what it meant to be “wealthy” in each location.

Here is the net worth needed to be considered “wealthy” in select U.S. cities

  • San Francisco: $4.7 million
  • Southern California (including the L.A. and San Diego areas): $3.5 million
  • New York City: $3.3 million
  • Seattle: $3.1 million
  • Washington D.C.: $3 million
  • Boston: $2.9 million
  • Denver: $2.5 million
  • Phoenix: $2.4 million
  • Chicago: $2.3 million
  • Dallas: $2.3 million
  • Atlanta: $2.3 million
  • Houston: $2.1 million

Despite the high figures, 48% of Americans said they feel wealthy even without having a net worth in the millions. Those who considered themselves to be wealthy had an average net worth of $560,000.

Out of that group, about 57% of millennials, the most out of the generational groups included in the survey, considered themselves wealthy.

About 46% of Gen Z respondents put themselves In that category, followed by 41% of Gen X and 40% of boomers.

The complete study can be viewed here.