The net worth you need to be considered rich in 12 major US cities

The magic number Americans believe you need to be considered wealthy has jumped significantly in the last year. 

To feel wealthy Americans believe you need a net worth of at least $2.5 million, according to a recent Charles Schwab survey.  

The figure has risen markedly from $2.2 million a year ago. 

An individuals net worth is a calculation based on adding up their assets, such as a home and savings, minus their debts, such as credit card balances or a mortgage. 

However, $2.5 million may still not be enough to be considered well-off for residents of some of the US's biggest and most expensive cities. 

Indeed a staggering $4.4 million net worth is needed to feel rich in San Francisco, according to residents. 

Just 16 percent of the San Francisco residents surveyed believe they were on top of their finances.

Most said sky-high house prices and the city's high cost of living were the biggest drags on building wealth. 

For those living in Southern California, including the notoriously expensive cities of Los Angeles and San Diego, a net worth of $3.4 million was cited as the entry-level requirement to wealth. 

East Coast cities such as New York, Boston and Washington D.C all required more than the average $2.4 million, with residents reporting that between $2.7 and 2.9 million was needed.  

Homeowners who have been on the property ladder for some time may have seen a significant boost to their net worth in recent years following rapid price growth since the pandemic.

There are now more homes worth $1 million in the US than ever before.

After a decade of rock bottom interest rates, sluggish homebuilding and the lockdown-fueled 'race for space,' home values have rocketed higher.

Yet the recent higher mortgage rates over the past 18 months have not resulted in lower demand as historically low amounts of properties are available, pushing prices even higher.

So much so that now nearly 1 in 10 homes across the country are worth $1 million or more.

Yet the salary needed to be considered 'rich' has risen in every state in the last five years. 

The definition of rich has changed the most in Washington state, according to data from, where Americans must now earn $544,518 to be among the wealthiest, up from $378,374.

The personal finance site defined 'rich' as those within the top 5 percent of earners in each state.

In order to be within this category in 12 US states, workers must earn a salary of over $500,000, it found, as household spending power has eroded.

Nevada saw the second biggest jump over the time period - up 40.41 percent from $320,403 in 2017 to $449,872 in 2022.

Residents in Las Vegas say they have been priced out of the once-affordable city as wealthy Californians have flocked to Nevada - pushing up housing costs.