According to a recent Charles Schwab survey, Americans have revised their perception of what it means to be wealthy, as they believe a higher net worth is now required to achieve that status. The survey, which was released in a press release on Thursday, indicated a significant spike in the amount of money Americans believe is necessary to be considered wealthy.

The data shows a 12 percent increase in the average net worth Americans deem necessary to be classified as wealthy. In comparison to last year's figure of $2.2 million, the survey reveals that Americans now view a minimum net worth of $2.5 million as a prerequisite to attaining wealth.

Rob Williams, the managing director of financial planning at Charles Schwab, stated that the notion of wealth can differ from person to person. It can be perceived as financial freedom, meaningful experiences with loved ones, or even a specific monetary amount.

Geographically, the survey highlighted California as having the highest benchmark for wealth. Residents of San Francisco and Southern California believed that an average net worth of $4.4 million and $3.4 million, respectively, is necessary to be considered wealthy.

The survey also examined Americans' perception of financial comfort. The data indicates a decrease in the average net worth required to be financially comfortable. Americans believed that $778,000 is now sufficient, down from last year's figure of $1 million.

In the press release, it was highlighted that the average net worth required for financial comfort reached its highest point last year at $1 million. However, this year's estimations are more aligned with the projected value for 2022, which is $775,000. The data suggests an upward trend when compared to 2021, where the average net worth deemed comfortable was $624,000.

These findings from the Charles Schwab survey provide insight into the changing perceptions of wealth and financial comfort among Americans. With increasing expectations for net worth thresholds, individuals may continue to reassess their financial goals and strategies for achieving them.