Are You Wealthy? The Net Worth Considered ‘Rich’ in America’s Largest Cities

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Every year since 2017, Charles Schwab has conducted its Modern Wealth Survey, which asks Americans about both their actual finances and their beliefs about money. 

In 2024, Americans stated that the average net worth they consider “wealthy” is $2.5 million. That’s up by $300,000 over last year, when Americans said $2.2 million qualified you as rich. 

The study also asked participants about how much they’d need to count as “financially comfortable.” This year, participants responded with an average of $778,000, more on par with the 2022 number of $775,000 than the $1 million figure from last year. 

Even that net worth is still over four times higher than the median net worth of $192,900, according to the Federal Reserve’s most recent Survey of Consumer Finances. And the net worth that the average American considers “wealthy” is around 13 times the median. 

Still, dollars stretch further in St. Louis than in San Francisco. So what do some of the regional differences look like for how much wealth residents consider rich?

As you might expect, residents in more expensive cities think you need more money to qualify as rich.

San Francisco

• Average net worth to be “wealthy”: $4.4 million
• Average net worth to be “financially comfortable”: $1.5 million

New York

• Average net worth to be “wealthy”: $2.9 million
• Average net worth to be “financially comfortable”: $994,000

Washington, D.C.

• Average net worth to be “wealthy”: $2.8 million
• Average net worth to be “financially comfortable”: $968,000

Denver

• Average net worth to be “wealthy”: $2.8 million
• Average net worth to be “financially comfortable”: $876,000

Seattle

• Average net worth to be “wealthy”: $2.8 million
• Average net worth to be “financially comfortable”: $789,000

Boston

• Average net worth to be “wealthy”: $2.7 million
• Average net worth to be “financially comfortable”: $903,000

Atlanta

• Average net worth to be “wealthy”: $2.4 million
• Average net worth to be “financially comfortable”: $781,000

Chicago

• Average net worth to be “wealthy”: $2.3 million
• Average net worth to be “financially comfortable”: $813,000

Houston

• Average net worth to be “wealthy”: $2.3 million
• Average net worth to be “financially comfortable”: $662,000

Phoenix

• Average net worth to be “wealthy”: $2.3 million
• Average net worth to be “financially comfortable”: $650,000

Dallas

• Average net worth to be “wealthy”: $2.2 million
• Average net worth to be “financially comfortable”: $724,000

San Francisco topped the list, with residents stating you need a net worth of $4.4 million to cross the threshold.

In the major cities of Houston, Phoenix and Dallas, residents feel rich with half that amount, and they feel financially comfortable with well under $1 million.

It goes to show that the local cost of living has an enormous impact on your finances — and how you perceive them. 

Achieving Your Financial Goals

No matter where you live and how much you need to feel rich there, your chances of reaching your financial goals improve when you commit to them in writing. Of the 36% of Schwab’s survey respondents who said they have written financial goals and a plan to achieve them, 76% say they feel more in control of their finances, and 96% feel confident that they’ll achieve their goals. 

If you aren’t saving and investing as much as you’d like and need help defining your goals and creating a strategic plan, consider sitting down with a financial planner. They can provide some fresh ideas for budgeting and saving more, and help you plan and execute a simple investing strategy. 

Stick with it, and you too can cross those thresholds required to count as “financially comfortable” or “wealthy” — no matter where you live.

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