If you want to be considered “wealthy” in the U.S. this year, the magic number is $2.3 million in net worth, though where you live can push that figure much higher. According to Charles Schwab’s 2025 Modern Wealth Survey, Americans in the West say you need a staggering $3 million to earn the “rich” label, while those in the South peg it at a more modest $1.8 million.
Here’s the regional breakdown:
- West: $3 million
- Northeast: $2.4 million
- Midwest: $2.1 million
- South: $1.8 million
The West tops the list thanks to sky-high housing costs in states like California and Washington, where cities such as San Francisco and Los Angeles remain some of the priciest in the country.
Interestingly, while the wealth benchmark dropped from $2.5 million last year, nearly two-thirds of Americans say it feels harder to achieve. Inflation, steep interest rates, and economic uncertainty are the top hurdles.
But money isn’t the whole story. When asked what being wealthy means, 45% of respondents said “happiness,” nearly matching the 44% who focused on dollar amounts. Others pointed to good health, strong relationships, and free time. In fact, about four in five Americans say they already feel wealthy in non-financial ways.
The bar for feeling “financially comfortable” is much lower — $839,000 nationally, up from $778,000 in 2024. By region, it ranges from $1.1 million in the West to just $615,000 in the South. Almost half of the respondents believe they’ve already reached or are close to reaching that comfort zone, while 25% say it’s possible with lifestyle adjustments like cutting expenses or boosting income.
In short, wealth in America may still be measured in millions, but for many, true richness is measured in moments, not just money.
