What Being Rich Really Looks Like in 2024, Backed by the Latest Data

The income gap in the United States is massive and seems to only get large by the day. Some people are swimming in wealth while others are barely staying afloat. But, here’s the million-dollar question.What does it really mean to be rich in America? And how do you know when you’ve hit that magical point where money worries fade away?
We looked to the Charles Schwab Modern Wealth Survey and insights from Lazy Trader to help answer this question. Together, they paint a fascinating picture of what it truly means to be wealthy in today’s modern world. Take a look and see what really defines and implies wealth in 2024.
Not Paycheck To Paycheck

It’s no secret that most Americans are now living paycheck-to-paycheck. In fact, living paycheck-to-paycheck is a good thing if you’re not incurring more debt these days. When you’re wealthy, you’re building wealth. You’re working on growing your net worth.
We’ll start off with the following statement: being wealthy means that you are able to accrue income. It’s possible to be high-income and not wealthy. In fact, it’s a growing problem in many parts of the country. For the sake of this article, we’re going to look at net worth more than income. (Though, admittedly, income is part of it.)
The Average Minimum

According to a survey by Schwab, the average American believes that you need to have a net worth of over $2.2 million in order to be considered wealthy. In other words, the value of the money in your bank, your retirement funds, and your home, minus your debts, would have to be more than $2.2 million.
However, wealth is a very regional concept. While $2.2 million would be quite affluent in most parts of Alabama, in New York, that amount of wealth would not make most people bat an eye. In many parts of America, $2.2 million can be the value of the house above. So, keep your surroundings in mind when you consider wealth.
Better Relationships

Did you know that people are increasingly aware of the effect of wealth on a person’s quality of life? The same survey noted that approximately 62 percent of survey respondents said the ability to spend more quality time with friends and family is a good sign of wealth.
Money makes it easier to free up time. It also makes outings like brunch, trips abroad, or even having a special summer home more doable. As it turns out, having a good social scene can make you a truly wealthier person.
Good Health

Did you ever notice how white rich people’s teeth tend to be? Or how they seem to age a little slower than everyone around you? It’s not just your imagination. Wealthy and rich people tend to be healthier than average Americans.
The reason for this is pretty simple: they have time and money to care for themselves. The American healthcare system is notoriously expensive, which is why bad teeth and poor health have become more commonplace in recent years.
If you have enough money to handle the American healthcare system, spare cash for a medical emergency, and also have insurance, you’re already richer than many other Americans.
Enjoying Life

Having nice things is not the only measure of wealth in America. Most respondents noted that enjoying life’s experiences and having less stress about money while doing so is a true mark of wealth. Life isn’t just about hoarding goods. (That’s the old way of thinking about things.)
It’s also about enjoying life. If you can travel the world, see cool games, and go to awesome events, you might be wealthier than you think.
Being On The Same Boat

The Charles Schwab study also examined what makes people feel wealthy. Social media has a bigger impact on our feelings about finances than we like to admit. Most respondents explained that living a life comparable to their friends makes them feel wealthy.
Social media posts can make us feel wealthier or more impoverished. In fact, Millennials and Gen Z respondents noted that social media makes a huge impact on what they buy, how they invest, and how they plan for the future.
Easy Retirement

For many Americans, retirement is off the table because saving money is so hard. Saving up money for retirement is a bragging right in and of itself. A wealthy person will not only be able to save up for retirement but also afford a nice lifestyle as a retiree.
Another obvious sign of wealth is being able to retire early. If you are in your 30s and can retire comfortably, that’s a good indication that you are very wealthy.
Investments Galore

It’s no secret that working day after day will not make you wealthy anymore. To get wealthy, you need to be able to invest the money you make so that it can work for you. One of the key defining traits of America’s wealthy elite is a wide portfolio of investments.
Whether it’s a 401(k), a small micro-investing app, or a vacation home doesn’t matter. Every single investment you make will inch you closer to the world of the wealthy.
Upper Class, Defined

Let’s say you want to have a more official definition of what it means to be rich in America. When it comes to income, the Pew Research Center defines the upper class as “double the median income,” and approximately 19 percent of all families fit this definition.
You’re technically upper class if you earn slightly over $100,000 as a child-free couple. Of course, that definition doesn’t consider the cost of living or debt. But there’s at least some chance that you are rich by that definition.
Homeownership Is A Must

It’s no secret that homeownership is a major sign of wealth in America, though you don’t have to be rich to own a home. Owning your own home encourages financial stability and also saves money that would otherwise have gone into rent later on in life. Besides, homeownership means you can actually rent out a room.
A house is a major asset that boosts your overall net worth immensely. For many Americans, being rich almost requires owning at least one home.
Multiple Revenue Streams

We’ve already mentioned the importance of investing, but the truth is that investments are only part of the equation. Being rich in America means that you don’t rely on just one income stream to make ends meet. It means you have multiple streams of cash flowing to you.
Investments aside, do you have a good job? Do you own businesses that make a decent profit? If so, you’re likely rich by most people’s standards.
Up To You

Americans have many differing ideas of what it means to be rich. Some swear that they need $400,000 a year to feel well-established. Others feel wealthy enough at a net worth of $100,000. Money is not the only way to define the term “rich.”
Flexibility in Your Work

Being rich isn’t always about the money. It is also about the freedom that you have when it comes to making that money. About 60% of people surveyed said that the ability to work from anywhere, at any time, was the definition of wealth. Flexibility in your schedule is essential to feeling like you are in control of your money and your wealth.
Less Stress

The Charles Schwab survey pointed out that 70% of people feel wealthy when they no longer have to stress about money. You could have any amount of money in your bank account, but if you are not stressed about paying bills or having enough money, you are wealthy. Less stress is a sign of wealth and also a sign of good mental and financial health.
Enjoying Good Food

Have you ever seen a super rich person at the fast food drive through? Probably not. With more disposable income, wealthy people are able to prioritize fresh, organic produce, sustainably sourced meats, and artisanal ingredients that aren’t always affordable for the average person. Their resources also allow them to dine at upscale restaurants or hire personal chefs who focus on balanced, health-conscious meals. Rich people also have more access to nutrition education and wellness trends often empowers them to make informed dietary choices. Financial flexibility can lead to a diet that’s not just more luxurious but also healthier.
If you feel economically stable, happy, and healthy, you’re probably a lot more well-off than you think.
This article was inspired by the Charles Schwab Modern Wealth Survey and Lazy Trader.