The Homa Files

Yesterday we reported survey results from Schwab and the WSJ that pegged the threshold for being classified as “rich” or “wealthy” at about $2.5 million.

Just being a millionaire doesn’t make the cut any more.

See What’s the “magic number” that makes you wealthy?

Source: NY Times

OK, so how many households do make the cut?

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Based on the Fed’s Survey of Consumer Finances…

Only the top  10% of 55 and over households have a net worth over $2 million.

A 45 to 55 household has to be in the top 5% to reach that threshold …. a 35 to 44 household has to be a top “1 percenter”.

Hmm.

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This entry was posted on August 22, 2019 at 6:59 am and is filed under Income & Wealth, Net Worth, U.S. - Income & Wealth, Wealth - Distribution. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.