Defining what it means to be wealthy is part perception, but the average answer from D.C.-area residents in a recent Charles Schwab survey is that it takes $3 million in assets. That is $1 million more than the national average.
The reason why it’s higher is probably obvious.
“Honestly it is no surprise, when you think about the cost of living here. So whenever you think about what it actually means to be wealthy or to be comfortable, it is all relative, and at the very base of that is cost of living,” Joy Stephens, a Schwab vice president and branch manager for the D.C. region, told WTOP.
When D.C.-area residents were asked how much it takes to just be financially comfortable, the average answer was $1.1 million in assets, compared to the national average of $655,000.
Click here to read the rest of the story written by Jeff Clabaugh over at WTOP
