How much money you need to be ‘wealthy’ in the Bay Area

Bay Area

SAN FRANCISCO (KRON) – Hint: It’s a lot.

Charles Schwab on Wednesday released the findings of its annual Modern Wealth Survey for 2021.

The respondents to the Schwab survey reconsidered the average net worth it takes to be “wealthy” in 2021, to achieve “financial happiness” and to be “financially comfortable.”

The 2021 results were then compared to the results of the 2020 survey, which was conducted before the pandemic first broke out.

Here are the national averages:

  • To be wealthy: 2021 – $1.9 million; 2020 – $2.6 million
  • For financial happiness: 2021 – $1.1 million; 2020 – $1.75 million
  • To be financially comfortable: 2021 – $624,000; 2020 – $934,000

Here are the Bay Area averages:

  • To be wealthy: 2021 – $3.8 million
  • For financial happiness: 2021 – $1.8 million
  • To be financially comfortable: 2021 – $1.3 million

More than half of respondents said they were financially affected by the pandemic over the past year – 53%.

Another key finding – Americans are reprioritizing mental health and relationships. Now, 68% of respondents say mental health is more important than it was before, followed closely by relationships, financial health and physical health. 

The data was collected in February of this year and surveyed hundreds of Bay Area residents ages 21 to 75 across 7 counties.

You can see more on the study here.

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