In 1988, the band Barenaked Ladies released the song "If I Had a Million Dollars", envisioning that sum as a symbol of life-changing affluence. However, nearly 40 years later, inflation has diminished the luster of the "million-dollar dream".
A recent Modern Wealth 2025 survey by financial services firm Charles Schwab reveals that the average standard for being considered wealthy in the U.S. currently stands at 2.3 million USD. While this figure is a slight decrease from last year's peak of 2.5 million USD, it remains double the typical asset threshold of a conventional millionaire.
To achieve "financial comfort"—meaning not worrying about money but not yet being rich—Americans believe they need approximately 839,000 USD.
Brad Clark, director of Solomon Financial consulting, attributes this disparity to asset structure. Many middle-class Americans are now categorized as paper millionaires due to a significant increase in their home values. However, their actual investable or spendable assets are often below one million USD.
"When home ownership pushes many onto the millionaire list, the public automatically raises the wealth standard to 2.3 million USD. This figure truly differentiates the elite from everyone else," Clark noted.
This situation creates a paradox: the U.S. has more wealthy individuals than ever, yet the sense of financial security is declining. Research by UBS indicates that the U.S. currently has about 24 million millionaires, with nearly 380,000 added in 2024 alone. Despite this, a 2025 survey by Northwestern Mutual found that only one-third of millionaires identify as "affluent", while nearly half believe they still need to improve their financial plans.
William Bill London, an estate attorney, suggests that for many, the 2.3 million USD figure primarily offers a sense of security for retirement and family, rather than enabling a lavish lifestyle. "Affluence today is about reducing anxiety, rather than accumulating money beyond need," he stated.
Perspectives on wealth also vary significantly by age. Generation Z (born 1997-2012) sets the lowest wealth standard at 1.7 million USD, needing only 329,000 USD to feel comfortable. Conversely, Baby Boomers (born 1946-1964) believe one must possess 2.8 million USD to be truly wealthy.
According to London, older individuals often associate affluence with tangible assets like homes and pensions. Younger people, however, prioritize life experiences, flexibility, and freedom from debt over owning large, cumbersome assets.
Despite these numerical differences, financial experts agree that money is no longer the sole measure of wealth. Charles Schwab's report highlights that an increasing number of Americans define wealth through health, the quality of their relationships, and their amount of free time.
"If you just chase asset numbers, many will be disappointed even when they reach the goal," Brad Clark said. "The true feeling of wealth comes from the ability to use money to control your time and life."
Ngoc Ngan (According to AOL, Charles Schwab)
