Coronavirus effect: What does it take to be rich? Less than before

by · THE OKLAHOMAN

Chalk up yet another way the COVID-19 pandemic has upended lives and perceptions: The crisis has changed the way Americans view wealth.

They believe that on average it takes $655,000 to be financially comfortable, down from $934,000 in January, according to Charles Schwab’s 2020 Modern Wealth survey. And they think the minimum benchmark to be considered wealthy is $2 million, down from $2.6 million in January. The survey of 1,000 Americans was conducted for Schwab by Logica Research June 25-July 2.

“The drop in what Americans think it takes to be wealthy might be a result of people being more grounded about wealth perceptions and goals in such an uncertain environment and coming out of pretty significant market volatility and uncertainty in March and April," said Joe Vietri, Schwab’s senior vice president and head of its branch network.

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