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A financial analyst has determined a precise point in the economic well-being of U.S. citizens. net worth A person may be considered poor, middle class or wealthy, according to the latest data from the Federal Reserve Survey of Consumer Finances.
Economics expert and author Jeff Schmidt Tell Change to gasoline These numbers, calculated by subtracting assets from liabilities, vary widely across the country, but broadly speaking, an American household with a net worth of about $20,856 or less is likely to be classified as poor.
Anyone to whom this applies is unlikely to own a home and may have to invest money into necessities such as groceries, rent and utility bills.
By comparison, the average middle-class household has a net worth of $193,000. Such family units typically have home equity, savings, and 401(k) accounts.
According to the Federal Reserve’s benchmark, a wealthy family has a net worth of about $1.6 million — enough to have disposable income for family travel, college funds and regular charitable giving.
A family would have to have a net worth of close to $3.8 million to be considered wealthy – that kind of money could open up the possibility of owning multiple properties.
Finally, those in the top one percent may have wealth With $11.6 million or more, enjoy a life of apparent freedom and luxury.
Schmidt himself admitted that his conclusions were inconsistent with Charles Schwab 2024 Modern Wealth SurveyThe survey found that most Americans believe an average net worth of $778,000 represents “financial comfort,” $2.5 million is sufficient to represent wealth, and $11 million represents elite wealth.
The current average annual salary in the United States is $82,933. According to the Organization for Economic Co-operation and DevelopmentIt ranks fourth in the world, behind Luxembourg, Iceland and Switzerland, and well ahead of Canada ($69,417) and the United Kingdom ($63,691).
Still, many Americans believe Feeling uneasy about economic conditions and want president Donald Trump More to be done to address the affordability crisis, according to latest poll.
The economy remains a top concern for many, and in a CNN/SSRS poll earlier this month, 55% said they trust Trump’s policies in his first year in office It will only make things worsecompared with 32% who believe they have made progress, which is controversial for him reciprocal tariff schemethrough which he sought to reset the terms of international trade.
64% said the president didn’t do enough to lower the cost of living, a key reason why many voted for him over the former vice president Kamala Harris By November 2024, even 42% of Republicans say more needs to be done to lower the prices of daily necessities.
With an eye on the November midterm elections, the president hopes to correct that perception on Tuesday when he visits Des Moines, Iowa, to discuss the same topic, following a trip to Pennsylvania in December to discuss the economy.
During a previous appearance at a casino in the Pocono Mountains, Trump veered off script and offered no assurances, instead slamming Democrats for pushing for a “Affordability scam” He told Keystone State listeners that “prices have come down significantly” and they have nothing to worry about.
The president is expected to face greater pressure on the issue, given his repeated promises to voters during the presidential election that he would usher in a new presidential election. “The Golden Age,” Revitalizing manufacturing and creating countless jobs means they will soon have more money than they know what to do with, a dream that has yet to be realized.