No One Thinks Having Just $1 Million Makes You Rich Anymore
I guess one of the side effects of the disappearing middle class is that to be rich in this day and age, you've gotta be rich rich.
A new study asked people in different generations what your net worth has to be for you to be rich. And not a single generation thinks just being a millionaire means you're rich anymore.
The average answer was... $2.3 million. That's more than 20 times higher than the median net worth in this country right now.
Generation Z, who are roughly nine through 22 years old, had the lowest threshold for being rich. They say it "only" takes $1.5 million.
Baby boomers have the highest threshold, at $2.6 million.
The study also found that it takes a ton of money just to feel, "financially comfortable." The average answer for being just comfortable, not rich, was $1.1 million.
Read more at Bloomberg.