While a decade ago a salary of more than $100,000 was enough to make a person feel financially well-off, it doesn’t seem to be enough today.
According to the Harris Poll’s recent Income Paradox survey, 64% of six-figure earners admitted that they believe a six-figure salary is no longer a sign of wealth and that they are in survival mode. The survey also revealed that 44% of six-figure earners believe they could avoid “financial chaos” with just one unexpected bill.
GOBankingRates consulted experts to determine the minimum net worth you currently have to be considered wealthy in the United States and how to work toward getting there.
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Here’s what research and experts have to say about the net worth that will make you rich in America today.
According to Charles Schwab’s most recent Modern Wealth Survey, Americans believe a net worth of $2.3 million is needed to be considered wealthy, down from $2.5 million last year. The survey also found that Americans think you need $839,000 to be “financially comfortable,” up from $778,000 in 2024. A net worth of $2.3 million makes sense because $1 million may not be enough to retire on, and inflation must be factored in when considering your money.
“Let’s assume ‘rich enough’ means being able to earn $120,000 in annual dividends from your investments,” said Arie Brish, a St. Edwards University professor, board member and investor. “Based on the modest assumption of 5% per annum, this equates to a net worth of $2.4 million.”
Bish also points out that being wealthy depends on how you define it and where you want to be. These numbers make sense because they are close to who Americans will think are wealthy in 2026.
“If you’re in your 30s or younger, you must have a net worth of at least $1 million to be considered wealthy,” says financial expert Melanie Musson of Quote.com. “You’re just halfway through your career in your 30s, so you still need to pay down some debt while preparing for the future.” Since you still have income and time, you can continue to grow your wealth as you think about retirement.
Musson also noted that the average American should have at least $1 million in a retirement account before retirement. She warns that as you get older, you’ll need more money to be considered wealthy because you’ll be living off your net worth and not contributing as much as you did when you were working. That’s why it’s crucial to continually manage your money so you can keep up with inflation and your financial goals.
Lee Tree, director and co-founder of Money Helpdesk, believes that the term “rich” is relatively objective, so it is difficult to use precise dollar figures to determine whether a person will become rich. It’s worth noting that being wealthy may depend on where a person lives and how they live.
“For example, in the financial industry, we judge ‘high net worth’ people as wealthy,” Tree said. “This is the level at which people typically require professional personal wealth management services and is the label at which an individual acquires $1 million in liquid assets.”
Tree also emphasized that if you want to be considered wealthy, you may need to have a net worth of $2 to $3 million due to the high cost of living. At this level, you may have the funds to purchase items that others cannot afford.
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Musson believes that to achieve wealthy status, you should maximize your retirement accounts.
“If your employer offers a 401(k) match, contribute as much as you can,” she says, “and then contribute as much as you can to a Roth IRA.” The goal is to take advantage of the options available to you to build wealth and increase your net worth.
You also need to pay down debt, Musson says, because your debt affects your net worth. This means paying off debt will increase your net worth, allowing you to focus on saving.
“Assuming a compound annual growth rate of 5 percent, you can reach your $2.4 million goal in 30 years if you save $36,000 per year, or $11,000 per year to reach that goal in 50 years,” Bish says. Investing outside of retirement accounts is critical to building your net worth and diversifying your portfolio with stocks, real estate and other assets.
You need to make sure you continue to invest and contribute to your retirement account so your money keeps growing. While the definition of wealthy will change in a decade, it’s important that you do your best to get started so you can move in the right direction.
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This article originally appeared on GOBankingRates.com: What net worth can make you rich in the U.S. right now