How much money you need to be considered rich in 12 major U.S. cities—it's over $4 million in San Francisco (2024)

Americans say you need a net worth of at least $2.5 million to feel wealthy, according to Charles Schwab's annual Modern Wealth Survey, which surveyed 1,000 Americans ages 21 to 75 in March 2024.

That's up slightly from $2.2 million, compared with last year's survey results.

However, a net worth of $2.5 million might not be enough to feel rich in some of the most expensive U.S. cities. In San Francisco, residents say you need a net worth of $4.4 million to be considered wealthy — the highest among 12 major cities surveyed.

Only 16% of the 750 residents surveyed in San Francisco say they're on top of their finances, with most citing the city's high cost of living and outsized home prices as the biggest roadblocks to building more wealth.

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Here's a look at the net worth you need to be considered wealthy in 12 major U.S. cities, based on a survey sample of 500 to 750 people in each city:

San Francisco: $4.4 million
Southern California (includes Los Angeles and San Diego): $3.4 million
New York City: $2.9 million
Washington, D.C.: $2.8 million
Denver: $2.8 million
Seattle: $2.8 million
Boston: $2.7 million
Atlanta: $2.4 million
Chicago: $2.3 million
Houston: $2.3 million
Phoenix: $2.3 million
Dallas: $2.2 million

Net worth measures the value of a person's assets — whether it be savings or owning a home — minus the liabilities they owe, like loans or credit card debt.

When asked if they will be wealthy within their lifetimes, 21% of survey respondents said they were on track.

It's worth noting that wealth is a subjective term that means "different things to different people," whether it's "enriching experiences with friends and family or a certain dollar amount," says Rob Williams, a certified financial planner andmanaging director of financial planning at Charles Schwab.

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