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Survey reveals what Charlotteans consider 'wealthy' to be

When asked how much money is required to be considered ‘wealthy’ in Charlotte, residents said it’s an average of $1.8 million, brokerage Charles Schwab said in survey results released this week.
When asked how much money is required to be considered ‘wealthy’ in Charlotte, residents said it’s an average of $1.8 million, brokerage Charles Schwab said in survey results released this week. Bloomberg News

How much money would you need to consider yourself wealthy? For Charlotteans, the figure is $1.8 million, according to the results of a new study.

Brokerage Charles Schwab released that finding this week among other results of online surveys conducted in April of 500 residents in the Charlotte metropolitan area.

The figure of $1.8 million, the average of all responses, equates to more than 20 times the median net worth of U.S. households based on U.S. Census Bureau data, according to the report. Here’s a look at some other responses from Charlotteans:

▪ Twenty-nine percent defined “wealth” as “having a lot of money.” That compared with the second-most popular choice, “enjoying life’s experiences,” at 24 percent. “Having loving relationships with family and friends” ranked fifth at 13 percent.

▪ But when given two definitions of wealth – being with friends or making lots of money – 57 percent chose being with friends.

▪ Forty-three percent said they are already millionaires or believe they can reach that level.

▪ Fifty-seven percent said they don’t have any hope of becoming a millionaire.

▪ Twenty-four percent have a written financial plan.

▪ Twenty-one percent said they stick to a monthly savings goal, compared with 24 percent of Americans nationwide.

Americans in other parts of the country were also polled in the surveys, which were conducted April 12-20 and collected responses of people ages 21 to 75. For more findings from the Charlotte surveys, click here.

Deon Roberts: 704-358-5248, @DeonERoberts

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