SCHW - The Wealth Paradox: Defining Wealth Depends On Who You Ask And Who You're Asking About | Benzinga
Does being rich necessarily make you wealthy? The majority of Americans don't think so.
What To Know: According to Charles Schwab Corp's (NYSE: SCHW) annual Modern Wealth Survey, there's a wealth paradox in America. That is, there's a stark contrast between how people define wealth for themselves and how they define it for others.
Schwab found that the average American believes it takes a net worth of $2.2 million to be considered wealthy, but about half of respondents who said they currently feel wealthy have an average net worth of about $560,000. That's because non-financial assets resonate more with people when asked how to define wealth.
"When asked to characterize what it means to be wealthy in their own words, Americans ...