The Net Worth You Need to Be "Rich" in Every Major U.S. City

Finance experts at Charles Schwab Corporation recently released a report on what Americans believe is the optimal amount to be considered "wealthy."

While the average figure hovers around $2.5 million, there are distinct differences between some of the nation's largest cities. These benchmarks for wealth could help you check on your financial health based on your current situation and future goals.

This list covers the 12 major U.S. cities evaluated in the report, examining why the term "rich" has a different meaning from city to city.

Editor's note: Unless otherwise stated, property prices are sourced from Zillow, and cost-of-living calculations come via Numbeo.

Net worth to be wealthy: $2.2 million

According to the Schwab report, Dallas is the major city with the most achievable wealth goals. Residents believe that $2.2 million qualifies you as rich. However, you can be comfortable with just $724,000.

The average cost of living here is $1,232.90 per month, 31.4% less than in cities like New York. That's helped in part by the fact that Texas has no state income tax.

Net worth to be wealthy: $2.3 million

Head to Phoenix, Arizona, and you need to be a little wealthier to be considered "rich." That's despite a lower cost of living than Dallas, at just $1,208.40 per person, per month. A property here costs an average of $416,780, which has dropped 4% since last year.

That's higher than the national average value of $369,147, and could be a factor in the perception of what it means to be well-off. Phoenix locals believe you can be comfortable with the much lower figure of $650,000.

Net worth to be wealthy: $2.3 million

You need to save and earn a little more before you're considered wealthy in Houston, although you're seen as comfortable with a net worth of $662,000. Yet the cost of living here is 8.5% less than in Dallas, and houses are inexpensive compared to national averages.

Interestingly, Houston has a larger number of retirees than Dallas (368,000 versus 208,000), so the perception of worth could be seen through a lifelong wealth-building lens.

Net worth to be wealthy: $2.3 million

If you love city life, sports, and culture, Chicago has it all. As residents have noted, though, the cost of living here can be high ($1,292.40), leading to the perception that you need a net worth of $2.3 million before you're considered "rich."

House prices are climbing here, and essentials like gasoline can also be expensive. You'll need $813,000 to be considered comfortably well-off.

Net worth to be wealthy: $2.4 million

In Atlanta, the perceived boundary for true wealth is $2.4 million, with locals viewing a worth of $781,000 as comfortable. The cost of living here is substantially higher than in the previous cities we reviewed, at $1,327.50 per month.

The state of Georgia is experiencing soaring growth in the housing market (according to Norada), which could be impacting how expensive it is to live in Atlanta.

Net worth to be wealthy: $2.7 million

Bostonites believe $2.7 million is the minimum worth to be wealthy, with financial comfort starting at $903,000. The city's cultural, historical, and educational appeal likely drives up home prices, which average $804,062.

Tech giants like Google, HubSpot, and Amazon employ prolifically in Boston, driving salaries up but also the demand for houses, utilities, and local services.

Net worth to be wealthy: $2.8 million

Want to be rich in the Emerald City? No magic required. Just a net worth of $2.8 million (or $789,000 if you just want to be financially comfortable). This perception might be driven by the high home values of $880,401, on average. However, the monthly cost of living here is also very high: $1,569.20 before rent or mortgage payments.

Net worth to be wealthy: $2.8 million

Being rich in Denver means building wealth that can help you afford the average house price tag of over $555,300. Even to be seen as comfortable, you'll need a net worth of $876,000.

However, Denver's still considered cheaper than SoCal, San Francisco, and others. Factors impacting this could be house prices that have dropped in the last year, and the cost of living that's 24.7% lower than that in San Francisco.

Net worth to be wealthy: $2.8 million

It makes sense that you need to be worth a decent amount to be considered wealthy in the capital. Yet D.C. doesn't top this list, despite residents believing $2.8 million is the minimum you need to join the "rich" club.

With higher-than-average home prices of $603,000 and a cost of living of $1,491.20 per person, per month, it's no wonder you need $968,000 to be considered financially comfortable.

Net worth to be wealthy: $2.9 million

Nearly $3 million is the cutoff for wealth status in NYC. It's currently considered the most expensive American city to live in. Even to be considered comfortable, you'd need a worth of $994,000.

Rent here averages out at $3,795, and buying your own home will cost around $1.2 million. Perpetually high housing costs are due to a combination of demand and zoning regulations that will likely continue to climb.

Net worth to be wealthy: $3.4 million

Head to SoCal, and you need $3.4 million to be considered rich and a startling $1.2 million to be seen as comfortable. That perception may come from very high property prices and a premium cost of living of $1,359.20 per person, per month.

Top earners also have higher taxes, so the richer you are, the more you'll have to pay out.

Net worth to be wealthy: $4.4 million

Right on the edge of Silicon Valley is a top destination for tech workers and adjacent professionals. That creates huge demand for housing, utilities, transport, and other services that can charge a premium. Want to be seen as financially comfortable? You'll need a net worth of at least $1.5 million.

The recent "AI Boom" has encouraged more people to move to San Francisco, potentially driving prices even higher.

Where you call home could directly affect your wealth-building goals. Another Charles Schwab survey noted that wealth "isn't just about having a lot of money. Rather, it's more about what money does for us and how we use it to achieve our financial and life goals."

Whether you want to build wealth mid-career or head toward retirement, reflect on what makes you happy and fulfilled, no matter where you live.