10% of men aged 25-54 don't have a job and aren't looking for one, more than triple the percentage recorded in 1955, when just 3% were out of the workforce

10% of men aged 25-54 don't have a job and aren't looking for one, more than triple the percentage recorded in 1955, when just 3% were out of the workforce

In its 2024 Modern Wealth Survey, Charles Schwab revealed that Americans, on average, believe it takes $2.5 million to be considered wealthy in today's economy.

“‘Wealth’ means different things to different people, whether it’s financial freedom, meaningful experiences with loved ones, or reaching a specific financial milestone,” said Rob Williams, CFP, managing director of financial planning at Charles Schwab. “Our survey highlights that individuals with a written financial plan are more confident in achieving their financial goals.”

Breaking down the survey by generation offers further insight. Baby Boomers believe a net worth of $2.8 million is necessary to be wealthy, followed by Gen X at $2.7 million and Millennials at $2.2 million.

The most striking statistic, however, comes from Gen Z, who believe it only takes $1.2 million in net worth to be considered wealthy — nearly half of what Millennials think.

Gen Z’s financial struggles are well known, with housing prices soaring while wages stagnate. A recent Acorn survey showed that nearly 30% of Gen Z fears homelessness.

In terms of financial comfort, Gen Z said they need a net worth of $406,000, significantly lower than Millennials, who placed that number over $300,000 higher.

Despite these challenges, 29% of younger Americans — including Millennials and Gen Z — remain optimistic about their chances of becoming wealthy. This may be attributed to the increased accessibility of investing and the potential to build wealth through social media and content creation.