How much money would you need to consider yourself rich? According to investment house Charles Schwab’s annual Modern Wealth Survey, the answer for the average American in 2024 $2.5 million.
That figure is up slightly from the previous two years, when we said $2.2 million.
The poll, which has been taken annually since 2017, focuses on Americans’ views of spending, saving and wealth.
When it comes to exactly how to build that wealth, the poll revealed 36% of Americans actually have a financial plan written down. Of those, 96% are confident they’ll reach their financial goals.
Almost three in five Americans — or 58% — are investing today, according to the poll of 1,000 Americans between the ages of 21 and 75.
Gen Z respondents say they started investing as young as 19. By comparison, most baby boomers were 35 years old, on average, when they started.
Fifty-one percent said they feel they’re looking after their financial future better than their parents did.
Methodology and results have not been verified or endorsed by ABC News or The Walt Disney Company.