When it comes to defining wealth, there’s no clear-cut answer.
In fact, according to a 2017 survey from Charles Schwab, Americans are split on what rich means: Some describe wealth as a specific dollar amount and others as a state of mind.
Survey participants were also asked how much money is required to be considered “financially comfortable” and “wealthy” in their cities.
In the notoriously expensive San Francisco Bay Area, locals say you have to have a net worth of over $1 million just to be financially comfortable. To be rich, you need $4.2 million, which is “more than 50 times greater than the actual median net worth of U.S. households,” Charles Schwab reports.
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