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LOS ANGELES - Six figures is apparently considered chump change if you want to feel "wealthy" in California, according to the Modern Wealth Survey.
Financial services company Charles Schwab released its annual 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 number remains unchanged from 2022.
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San Francisco had the highest total compared to the 12 other biggest metro areas in the country surveyed.
In the City by the Bay, you'll need a net worth of $4.7 million to be considered wealthy. Los Angeles and San Diego tied for third on the list. In those two Southern California cities, you'll need a net worth of $3.5 million.
Downtown Los Angeles is seen from the infinity pool outside 1181 N. Hillcrest Road at Trousdale Estates in Beverly Hills, California, U.S., on Wednesday, Sept. 17, 2014. Photographer: Patrick T. Fallon/Bloomberg via Getty Images
Here's a look at the top 10 metro areas with the highest net worths, compared to last year's figures:
- San Francisco: $4.7 million (down from $5.1 million)
- New York City: $3.3 million (unchanged)
- Southern California (includes Los Angeles and San Diego): $3.5 million (down from $3.9 million)
- Seattle: $3.1 million (down from $3.2 million)
- Washington, D.C.: $3 million (down from $3.3 million)
- Chicago: $2.3 million (down from $2.5 million)
- Houston: $2.1 million (down from $2.6 million)
- Boston: $2.9 million (up from $2.7 million)
- Dallas: $2.3 million (down from $2.6 million)
- Atlanta: $2.3 million (down from $2.5 million)
Despite these seemingly high numbers, the survey found nearly half of Americans (48%) said they feel wealthy, but keep in mind those that reported so had an average net worth of $560,000.
A home stands in Atherton, California, U.S., on Tuesday, Feb. 18, 2020. Photographer: David Paul Morris/Bloomberg via Getty Images
According to Federal Reserve’s most recent data, the U.S. median household net worth is $121,700.
The online survey was conducted in March, with a sample of 500 to 750 local residents for each metropolitan area, between the ages of 21 and 75.
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To read more about the study, tap or click here.