Here's how much money it takes to be considered wealthy in California
LOS ANGELES - Having a net worth of millions of dollars is considered just "comfortable" depending on where you live in the U.S., according to a new survey.
Financial services company Charles Schwab released its annual Modern Wealth Survey in which it analyzed 12 of the largest U.S. metro areas and found that it takes a net worth of $2.2 million to be considered "wealthy" in the U.S. by other Americans. That's up from $1.9 million last year.
In Southern California (which the survey grouped Los Angeles and San Diego), the threshold for what is considered wealthy is $3.9 million. It's the second-highest total in the survey, trailing San Francisco, where the "wealthy" net worth is $5.1 million.
To be financially comfortable in Southern California, you'd need a net worth of $1.3 million.
Here's what it takes to be considered wealthy in 2022 by city ans ranked by net worth thresholds:
- San Francisco: $5.1 million
- Southern California (includes Los Angeles and San Diego): $3.9 million
- New York City: $3.4 million
- Washington, D.C.: $3.3 million
- Seattle: $3.2 million
- Phoenix: $2.7 million
- Boston: $2.7 million
- Dallas: $2.6 million
- Houston: $2.6 million
- Atlanta: $2.5 million
- Chicago: $2.5 million
- Denver: $2.3 million
The online survey was conducted in early February, with a sample of 500 to 750 local residents for each metropolitan area, between the ages of 21 and 75.