Xi Jinping’s city of the future is coming to life
2025-08-07
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It is both impressive and worrying
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An economist’s guide to big life decisions
2025-08-07
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Forget your trip to the dentist. A new check-up is required
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Want better returns? Forget risk. Focus on fear
2025-08-06
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A recent study suggests a new paradigm for asset pricing
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If America goes after India’s oil trade, China will benefit
2025-08-06
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A crackdown on Russian crude would have knock-on consequences
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Southwest Rapid Rewards Performance Business review: Valuable airline perks and an annual anniversary bonus
2025-08-06
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America’s fertility crash reaches a new low
2025-08-05
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Even once-fecund states are having fewer children
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Want to buy a house with crypto? Here’s what to expect.
2025-08-05
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Buy now, pay later is taking over the world. Good
2025-08-04
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Buy that burrito, and don’t let anyone judge you
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Trump will not let the world move on from tariffs
2025-08-01
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Six charts show the damage to America, its trading partners and its consumers
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Uncovering the secret food trade that corrupts Iran’s neighbours
2025-07-31
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Oil and terrorism are not the country’s only exports
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The trade deal with America shows the limits of the EU’s power
2025-07-31
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The bloc opts for prudence over defiance
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Japan’s dealmaking machine revs up
2025-07-31
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Private equity is enjoying a renaissance in an unlikely place
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The deeper reason for banking’s retreat
2025-07-31
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Why bankers no longer play golf at 3pm
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Despite double dissent, Jerome Powell retains his hold on markets
2025-07-30
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A hawkish tilt changes rate-cut expectations
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A fresh retail-trading frenzy is reshaping financial markets
2025-07-29
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Blame apps and DORKs, not stimmies
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Europe averts its Trumpian trade nightmare
2025-07-27
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A deal with America chooses certain tariffs over risky retaliation
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Who’s feeling the pain of Trump’s tariffs?
2025-07-27
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Foreign companies are sharing the load. For now
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What economics can teach foreign-policy types
2025-07-24
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Hegemons should care about even puny countries
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Where will be the Detroit of electric vehicles?
2025-07-24
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A fierce battle is under way in China
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Crypto’s big bang will revolutionise finance
2025-07-23
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The more useful stablecoins and tokens prove to be, the greater the risk
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Why 24/7 trading is a bad idea
2025-07-23
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There are advantages to the old-fashioned working day
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Want higher pay? Stay in your job
2025-07-22
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America’s cooling labour market is bad news for those who move about
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Has Trump damaged the dollar?
2025-07-20
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Yes. How badly will become clear in the next crisis
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Why is AI so slow to spread? Economics can explain
2025-07-17
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Businesses are ignoring the street of hundred-dollar bills
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Trump’s real threat: industry-specific tariffs
2025-07-17
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Which countries would be hit hardest by levies on electronics and pharmaceuticals?
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Americans can still get a 2% mortgage
2025-07-17
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At a time of high interest rates, there are bargains to be found
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Stablecoins might cut America’s debt payments. But at what cost?
2025-07-16
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The Trump administration will take any help it can get
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Our Big Mac index will sadden America’s burger-lovers
2025-07-16
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Trump’s tariffs have brought a double serving of pain
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War, geopolitics, energy crisis: how the economy evades every disaster
2025-07-15
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A new form of capitalism may explain its success
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Best exotic pet insurance: How it works
2025-07-14
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Americans now view this figure as the benchmark for being wealthy
2025-07-11
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The average net worth that Americans feel is needed to qualify as wealthy has surprisingly declined, compared to last year, though it is still an eye-popping figure, Charles Schwab found.
The financial services company said in the latest edition of its “Modern Wealth Survey” that Americans now view $2.3 million as the benchmark for counting as wealthy, pointing to what they see as a worsening economy.
That marked a $200,000 decrease from 2024, when Americans said the net worth required to be classified as wealthy averaged $2.5 million, according to the survey.
The “threshold” they have cited for being deemed wealthy has been above $2 million since 2022.
Meanwhile, Americans surveyed for Charles Schwab’s yearly “Modern Wealthy Survey” reported thinking an average net worth of $839,000 was necessary for being “financially comfortable,” the company found.
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The average that Americans felt was needed to be “financially comfortable” came in at $778,000 last year, meaning the amount has gone up year-over-year.
How big of a net worth Americans typically thought was necessary to be wealthy and financially comfortable varied among the different generations, the survey found.
For Baby Boomers, the average net worth for being rich was $2.8 million, higher than the other three generations, per Charles Schwab.
The report said both Generation X and Millennials felt a $2.1 million net worth made someone wealthy, while Generation Z pegged the necessary fortune much lower, at $1.7 million.
When it came to financial comfort, Baby Boomers once again put forward the highest average net worth: $943,000. Behind them were Millennials, at $847,000, and Gen X, at $783,000, the survey showed.
The average net worth that was needed to be “financially comfortable” among Gen Z was just $329,000.
RETIREMENT ACCOUNT BALANCES DIP IN 1ST QUARTER, BUT SAVERS KEEP CONTRIBUTING
Overall, 63% of those surveyed reported that it “feels like it takes more money to be wealthy today when compared with last year,” Charles Schwab said. For 73% who felt that way, they cited inflation.
Inflation measured by the Consumer Price Index in May posted a 0.1% increase from the prior month while being 2.4% higher than a year ago, the Bureau of Labor Statistics reported last month.
Many – 62% – of respondents that said they thought “more money” was needed to be rich pointed to the economy. Taxes and higher interest rates, meanwhile, were the reasons cited by over four in ten for that perception, according to the survey.
The range of the Federal Reserve’s benchmark interest rate is currently 4.24% to 4.5%.
About 35% of Americans indicated they felt they were “wealthy now” or “on track to be wealthy,” with 11% reporting the former and 24% saying the latter, according to Charles Schwab.
Gen Z had the rosiest views on being “wealthy or on track” to reaching that status, at 43%. A close share of Millennials – 42% – reported those sentiments, the survey found.
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Charles Schwab also said those “who are saving, investing, and have a financial plan are more optimistic about their wealth status or ability to reach wealth.”
Happiness and funds stood out as the biggest factors in how Americans define wealth, according to the survey. They were cited by 45% and 44%, respectively.
That median wealth per U.S. adult was $124,041 in 2024, according to a separate report released last month by UBS.
The total number of millionaires in America hit 23.8 million last year, marking a 1.5% increase from the prior year, that report said.
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Want to be a good explorer? Study economics
2025-07-10
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The battle to reduce risk has shaped centuries of ventures
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Jane Street is chucked out of India. Other firms should be nervous
2025-07-10
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Around the world, marketmakers now face extra scrutiny
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Japan has been hit by investing fever
2025-07-10
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Will old folk catch the bug?
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Don’t invest through the rearview mirror
2025-07-09
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Markets are supposed to look forward; plenty of investors look back instead
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Trump’s trade deals try a creative way to hobble China
2025-07-08
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To appease the world’s biggest market, countries must anger the world’s biggest trader
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The great dealmaker is conspicuously short of trade deals
2025-07-07
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Donald Trump issues threats—and grants deadline extensions
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Struggling with the trade war? Amateur football might help
2025-07-06
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Jiangsu’s party cadres find success with a bizarre idea
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How America’s economy is dodging disaster
2025-07-06
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It is astonishingly dynamic, even under the weight of tariffs
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Inside Iran’s war economy
2025-07-03
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Airstrikes and sanctions leave the country poor. They do little to halt its nuclear development
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Vanguard will soon crush fees for even more investors
2025-07-03
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Pity the firm’s rivals
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How to strike a trade deal with Donald Trump
2025-07-03
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Vietnam is the latest country to secure concessions
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India’s Licence Raj offers America important lessons
2025-07-02
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Even when a protectionist system is dismantled, its problems can endure
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Which credit cards offer primary rental car insurance for your next trip?
2025-07-01
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Can Trump end America’s $1.8trn student-debt nightmare?
2025-07-01
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The Biden administration added to the problem. Now the “Big, Beautiful Bill” could help solve it
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Xi Jinping wages war on price wars
2025-06-30
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Unfortunately for China’s leader, his own policies are often to blame for them
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Big, beautiful budgets: not just an American problem
2025-06-29
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Across the rich world, governments are splashing the cash. What could go wrong?
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Why commodities are on a rollercoaster ride
2025-06-26
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Pity Tommy Norris. And his real-world equivalents
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Jane Street’s sneaky retention tactic
2025-06-26
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It involves the use of an obscure, French programming language
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How to escape taxes on your stocks
2025-06-26
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Not that American investors need a guide—a booming industry is doing the job for them
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