$1.4 Million Average Net Worth Needed To Be ‘Comfortable’ in NYC, Survey Finds
Published July 7, 2022 • Updated on July 7, 2022 at 10:29 pm
How much money do you think it would take for someone to live “comfortably” in New York City? As it turns out, some millionaires may not even have enough to hit that level.
According to a survey by financial firm Charles Schwab, New Yorkers believe that an average net worth of $1.4 million is needed for an individual to be “financially comfortable” in the city in 2022.
And to be considered “wealthy” in the city, a whole lot more money is necessary. The survey of 500 area residents found that $3.4 million is considered wealthy in NYC — over a million dollars more than what the national average was found to be.
Both results for New York are the second-highest in the country, with only San Francisco topping the the Big Apple in terms of money needed to be “comfortable” or “wealthy.” The Bay Area respondents said that $1.7 million is needed to be “comfortable” and $5.1 million to be considered “wealthy,” according to the survey.
The national average for what is considered comfortable was just under three-quarters of a million dollars, while the wealthy level was considered to be $2.2 million.