Does having a net worth of more than a million dollars mean you're rich? The answer may seem obvious, but if you think about it a little more, it's not that simple. 

The U.S. investment bank Charles Schwab has just released the 2023 edition of its annual “Modern Wealth Survey,” which it conducts every year in the United States. One of its main findings is that wealth does not depend on how much money you have, but rather on what the money you have can do for you. It’s about having the freedom to choose, having control over one’s personal financial future, as well as strong personal and family relationships and good health.

One of the most striking findings of the study is the perception of wealth. For those surveyed, being rich in 2023 means having a net worth of US$2.2 million. However, those who considered themselves rich according to the survey (48%) had an average net worth of US$560,000.

Among those who perceive themselves as wealthy, millennials stand out (57%, with an average net worth of US$531,000), compared to baby boomers (40%, with an average net worth of US$692,000), who are at the opposite end of the spectrum. 

According to those surveyed, the main characteristic of being wealthy is well-being. In that regard, having a formal financial plan seems to be the key. Thirty-five percent of those who perceive themselves as wealthy have a documented financial plan, and of those, 92% feel confident that they will achieve their financial goals. 

You can view the survey's key findings here