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Schwab Modern Wealth Study: What is Wealth?

Charles Schwab’s latest Modern Wealth Study, conducted with Logica Research, was recently released. This study revealed the latest in Americans’ views on wealth—and how “non-financial assets like good health, fulfilling relationships and career flexibility resonate far more when defining wealth than having large sums of money.” The study was covered in articles from The New York Post, CNBC, MarketWatch and Forbes, among many others including Fortune, Bloomberg and more.

What Does it Take to be Wealthy?

The New York Post shares in “This is exactly how much money you need to call yourself rich” that the survey found Americans believe that being considered “wealthy” requires an average net worth of $2.2 million. However, it is interesting to note that among the 48% of Americans who already consider themselves wealthy, their average net worth is only $560,000.

Well-Being Over Wealth

According to the article “What does it take to be wealthy? Well-being is a more important measure than money or assets, survey finds” from CNBC, the Schwab study found that when defining wealth, respondents mentioned well-being more often than money and assets. This shift indicates a greater emphasis on overall well-being rather than just financial considerations. As noted in MarketWatch, respondents defined “wealthy” as the enjoyment of experiences and good physical health, rather than focusing on material possessions and success. When given a choice between two definitions of wealth, respondents overwhelmingly preferred “enjoying healthy relationships with loved ones” over “having a lot of money.”

Generational Definitions of Wealth

In Forbes, it is noted that the Schwab Modern Wealth Study found that “feeling wealthy was most common amongst Millennials and Gen-Z, with 57% and 46% reporting that they feel rich, compared to just 41% of Gen-X and 40% of Baby Boomers.” To find out more, check out the full articles from The New York Post, CNBC, MarketWatch and Forbes, or go directly to the study here: https://www.aboutschwab.com/schwab-modern-wealth-survey-2023

About the Study

The Modern Wealth Survey is an online study conducted for Charles Schwab by Logica Research. The online study was conducted from March 1st to March 13th, 2023 among a national sample of Americans aged 21 to 75. 1,000 nationally representative adults ages 21-75 completed the study, with 200 additional Gen Z.
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