San Franciscans say you need $5.1M to be considered 'wealthy'
SAN FRANCISCO - Some San Francisco residents believe that it takes an average net worth of $5.1 million to be considered wealthy and $1.7 million to be considered "financially comfortable," according to a recent survey.
This is more than $1 million more than what respondents reported last year in the annual Modern Wealth survey by Charles Schwab. San Francisco respondents said one needs an average of $3.8 million in 2021, and $4.5 million in 2020 to be considered "wealthy."
The benchmark to be "financially comfortable" has also increased, from $1.3 million in 2021 to $1.7 million in 2022, according to the study.
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The standard of wealth and financial comfort in San Francisco is much higher than the national average. The average net worth needed to be considered "wealthy" and "financially comfortable" nationwide is $2.2 million and $774,000 respectively.
The survey also looked into how personal values affect the way individuals spend their money.
The majority of the San Francisco residents surveyed said that it was a key priority to use their money to support causes they care about. This included purchasing products from brands that aligned with their beliefs.
More than 60% of the respondents were willing to pay more for locally made products, products where a portion of the price goes to charity and products made from recycled materials.