A net worth of $2.2 million is needed to be considered wealthy in the US, according to a survey by investment platform Charles Schwab.
However, 48 per cent of respondents said they already feel wealthy despite having a net worth of $560,000, the Modern Wealth survey found.
Non-financial assets such as health and family were also more important for the survey’s 1,000 respondents when defining wealth than a high net worth.
“Americans today aren’t as worried about keeping up with the Joneses and, more importantly, they understand that they can be happier with fulfilling experiences and relationships, even if they have less money than them,” said Jonathan Craig, managing director and head of investor services at Charles Schwab.
“When people think about managing their finances and building wealth, it’s so much more personal than just money and investments.”
Despite the survey’s contradictory findings of the amount of money that defines wealth, inflation and economic uncertainty in the US, the world’s largest economy, remain the top concerns for most consumers.
Global economic uncertainty – compounded by the Russia-Ukraine war, a supply-chain crunch and a cost of living crisis – caused US inflation to rise to a 40-year high of 9.1 per cent in June last year.
The US Federal Reserve has increased its benchmark rates 10 times since March 2022 to bring inflation down to its 2 per cent target.
In May, the US consumer price index fell to an annual 4 per cent, down from 4.9 per cent in April – its lowest level since March 2021, government data showed.
Global inflation will decrease to 7 per cent this year and 4.9 per cent in 2024, from 8.7 per cent in 2022, according to the International Monetary Fund. This is still above the preferred 2 per cent target of central banks.
A separate survey by data news website PYMNTS and LendingClub in January found that 51 per cent of Americans who earn more than $100,000 reported living from paycheque to paycheque.
US consumers are also increasingly switching to cash to better manage their finances and cope with the cost-of-living crisis, according to another study by personal finance platform Credit Karma.
Meanwhile, 62 per cent of Americans said that being able to enjoy healthy relationships with their loved ones better describes wealth than having a lot of money, the Charles Schwab survey found.
Inflation around the world – in pictures
Seven in 10 of those polled also said that wealth is about not having to stress about money.
“In fact, when asked to characterise what it means to be wealthy in their own words, Americans mention their well-being (40 per cent) more often than money (32 per cent) and assets (26 per cent),” Charles Schwab said.
“These leanings are even stronger among older generations, with eight in 10 Boomers saying wealth is more about enjoying experiences (79 per cent) and not having financial stress (83 per cent) than having nice things or accumulating more dollars.”
The US economy is forecast to expand by 1.6 per cent in 2023, instead of 1.4 per cent as previously projected and lower than the 2.1 per cent growth recorded last year, according to the latest data from the IMF. Its economy is projected to expand by 1.1 per cent in 2024.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
A list of the animal rescue organisations in the UAE
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
THE BIO
Occupation: Specialised chief medical laboratory technologist
Age: 78
Favourite destination: Always Al Ain “Dar Al Zain”
Hobbies: his work - “ the thing which I am most passionate for and which occupied all my time in the morning and evening from 1963 to 2019”
Other hobbies: football
Favorite football club: Al Ain Sports Club
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
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UAE currency: the story behind the money in your pockets
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
THE SPECS
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
HAJJAN
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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UAE squad
Ali Kashief, Salem Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdelrahman, Mohammed Al Attas (Al Jazira), Mohmmed Al Shamsi, Hamdan Al Kamali, Mohammad Barghash, Khalil Al Hammadi (Al Wahda), Khalid Eisa, Mohammed Shakir, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Adel Al Hosani, Al Hassan Saleh, Majid Suroor (Sharjah), Waleed Abbas, Ismail Al Hammadi, Ahmed Khalil (Shabab Al Ahli Dubai) Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Mahrami (Baniyas)
Masters%20of%20the%20Air
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