Finance

What net worth does one need to be rich in 2024? Here’s what Americans think

Published

10 months ago

August 23, 2024

GOP pollster Lee Carter and former Pennsylvania Congressman Patrick Murphy discuss whether current economic conditions plays to Trumps strengths on the campaign trail on Cavuto: Coast to Coast.

It takes more to be viewed as rich in the U.S. this year than it used to, according to new data.

Charles Schwab’s annual Modern Wealth Survey released this week found Americans now believe it takes a $2.5 million net worth on average to be considered wealthy in 2024, up from $2.2 million for the past two years.

couple stands in front of pool and nice home

A new survey from Charles Schwab found Americans believe it takes an average net worth of $2.5 million to be considered wealthy in 2024. (iStock / Getty Images)

Older generations actually think $2.5 million isn’t enough to be considered rich, with baby boomers saying on average that the threshold for wealth should be $2.8 million. Gen Xers said the number is more like $2.7 million.

Respondents in certain cities and regions feel like $2.5 million is a low bar, too.

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In San Francisco, residents said a person needs $4.4 million to be considered wealthy, and in the Southern California region, folks as a whole set the number at $3.4 million in this year’s survey.

An aerial view of San Diego, California. (iStock / iStock)

New Yorkers say it takes $2.9 million to be rich, while residents of Washington, D.C., Denver, and Seattle all said on average that being wealthy means a $2.8 million net worth.

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Although the results showed Americans think it takes more to be wealthy now than it did in years past, it indicated they believe the amount needed for financial comfort has declined.

Respondents said that in 2024 it takes a $778,000 net worth to be financially comfortable, down from last year’s survey, where they said it takes a cool $1 million.

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More than 1 in 5 (21%) of those surveyed this year said they are on track to becoming wealthy in their lifetimes, but Schwab acknowledged that there are varying perspectives on what it means to be rich.

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“‘Wealth’ means different things to different people,” said Rob Williams, managing director of financial planning at Charles Schwab, “whether it’s financial freedom, enriching experiences with friends and family, or a certain dollar amount.”

Finance

UK’s FCA teams up with Nvidia to let banks experiment with AI

Published

2 hours ago

June 9, 2025

Business Finance News

Jakub Porzycki | Nurphoto | Getty Images

LONDON — Britain’s financial services watchdog on Monday announced a new tie-up with U.S. chipmaker Nvidia to let banks safely experiment with artificial intelligence.

The Financial Conduct Authority said it will launch a so-called Supercharged Sandbox that will “give firms access to better data, technical expertise and regulatory support to speed up innovation.”

Starting from October, financial services institutions in the U.K. will be allowed to experiment with AI using Nvidia’s accelerated computing and AI Enterprise Software products, the watchdog said in a press release.

The initiative is designed for firms in the “discovery and experiment phase” with AI, the FCA noted, adding that a separate live testing service exists for firms further along in AI development.

“This collaboration will help those that want to test AI ideas but who lack the capabilities to do so,” Jessica Rusu, the FCA’s chief data, intelligence and information officer, said in a statement. “We’ll help firms harness AI to benefit our markets and consumers, while supporting economic growth.”

The FCA’s new sandbox addresses a key issue for banks, which have faced challenges shipping advanced new AI tools to their customers amid concerns over risks around privacy and fraud.

Large language models from the likes of OpenAI and Google send data back to overseas facilities — and privacy regulators have raised the alarm over how this information is stored and processed. There have meanwhile been several instances of malicious actors using generative AI to scam people.

Nvidia is behind the graphics processing units, or GPUs, used to train and run powerful AI models. The company’s CEO, Jensen Huang, is expected to give a keynote talk at a tech conference in London on Monday morning.

Last year, HSBC’s generative AI lead, Edward Achtner, told a London tech conference he sees “a lot of success theater” in finance when it comes to artificial intelligence — hinting that some financial services firms are touting advances in AI without tangible product innovations to show for it.

He added that, while banks like HSBC have used AI for many years, new generative AI tools like OpenAI’s ChatGPT come with their own unique compliance risks.