WASHINGTON — The standards of being labeled “wealthy” in D.C. is a bit higher than it is in the rest of the country.
The median net worth for someone to be considered wealthy in the D.C area is $1 million, according to a recent Charles Schwab survey of residents in the region. Respondents gave that same distinction as those worth at least $690,000 elsewhere.
Residents in our region said that, on average, someone needs to be worth $2.7 million for them to be considered wealthy in D.C., compared with $1.8 million to be wealthy elsewhere.
In terms of being financially comfortable, there is less clarity.
The median personal net worth to be considered comfortable in the D.C. area was $220,000, compared to $170,000 for those who don’t live in the region.
That means half the respondents think someone needs more than $220,000 to be not worry about money in the D.C. region and half think it is less.
But the average net worth that the respondents felt was necessary to be financially comfortable in the D.C. area was $720,000. They say those outside of the region only needed $620,000.
View the full report here.
Editor’s note: This story is the first story in an occasional series about wealth.
