According to a 2019 Modern Wealth Survey from Charles Schwab, Americans reported needing an average of $2.3 million in personal net worth to be identified as wealthy.

The survey results don't surprise Nick Giacoumakis, president and founder of New England Investment & Retirement Group Inc. in North Andover, Massachusetts. However, he isn't sure they actually represent what it means to be rich. "Do I think it's accurate? Absolutely not," he says.

Read more at US News.