Is it wealthy to have a net worth of more than $1 million? The answer may seem obvious, but, if you think twice, it's not that simple. 

The U.S. investment bank Charles Schwab has just published the 2023 version of its annual Modern Wealth Survey, which it conducts annually in the United States. And one of its main conclusions is that wealth is not something that depends on how much money you have, but on what the money you have can do for you. It is about having the ability to make choices, to have control over your personal financial destiny, as well as good personal and family relationships and good health.

One of the striking points 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. But those who considered themselves rich according to the survey (48%) have 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 extreme. 

The main characteristic of being wealthy, according to respondents, is well-being. In that vein, 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 main findings of the survey here.