Is having a net worth of over a million dollars considered being rich? The answer may seem obvious, but if you think about it twice, it's not that simple. 

The US investment bank Charles Schwab has just published the 2023 edition of its annual Modern Wealth Survey, which it conducts every year in the United States. One of its main conclusions is that wealth is not something that depends on how much money you have, but rather on what the money you have can do for you. It is about having the ability to choose, 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 respondents, 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%) 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 end of the spectrum. 

The main characteristic of being wealthy, according to respondents, is well-being. In this regard, having a formal financial plan seems to be 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.