Is Your Net Worth Enough To Be Considered 'Successful'? Gen X Thinks You Need $5.3 Million - But Here's The Average Answer

How do you define success? A meaningful career? Quality time with loved ones? Or is it just about the dollar signs? If you ask most Americans, success comes with a steep price tag. According to a 2024 survey from Empower, the average American says you'd need a net worth of $5.3 million to feel "successful."

Here's where it gets absurd: That number is incredibly close to the $5.8 million net worth required to land in the top 1% of U.S. households, according to the Wealth Report by Knight Frank and Douglas Elliman. In other words, the bar for success isn't just high – it's exclusive. Most people define success as something only the wealthiest can achieve. 

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The Generational Breakdown

When it comes to what success looks like, age matters. Here's what different generations said when asked about the net worth and salary they'd need to feel like they've "made it":

• Baby Boomers (60-78): A net worth of $1 million and a $99,874 annual salary feels like success to this group. Modest compared to younger generations but still higher than the median U.S. household.

• Gen X (44-59): This group aligns closely with the survey average, aiming for a $5.3 million net worth and $212,321 annual income.

• Millennials (28-43): They push the bar slightly higher with a $5.6 million net worth and $180,865 per year.

• Gen Z (18-27): Dreaming big, this generation says $9.5 million and $587,797 per year are their benchmarks for success.

What stands out is that younger generations are achieving success at levels so extreme that they rival – or surpass – those of the ultra-wealthy. Optimism is great, but these expectations don't align with financial reality.

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Reality Check: Where Americans Actually Stand

Interestingly, the study found that 37% of people consider themselves financially successful right now – even though most of them are nowhere close to the astronomical numbers they claim success requires. This surprising contradiction shows how people's perceptions of success can differ wildly from their actual financial reality.

The Federal Reserve reports that the median U.S. family net worth is $192,900. Let that sink in: half of U.S. families have less than $192,900 in total wealth and half have more. Even the average net worth, at $1,063,700, is heavily skewed by the richest households.

Want to crack the top 25%? You'd need a net worth of $659,000. This includes everything – your home, investments, savings – minus debt. Achievable? Yes, but it often takes decades of disciplined saving and investing. Now compare that to the $5.3 million Americans think you need, and the gap becomes almost laughable.

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Why Are Americans Setting the Bar So High?

The $5.3 million figure reflects more than ambition – it highlights the growing disconnect between financial goals and reality. Cultural pressures, social media and skyrocketing living costs fuel these lofty ideals. But tying success to numbers that rival the top 1% makes it feel unattainable for most.

And that's the real issue: if success means joining a club that 99% of people will never enter, how do you define fulfillment in your life?

What Actually Matters

The truth is, financial security isn't about hitting an arbitrary number. For most people, success looks like freedom – freedom from debt, handling unexpected expenses and enjoying the things that matter most.

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Working with a financial advisor can help if your financial goals feel overwhelming. Whether you want to save for retirement, build an emergency fund or just stop stressing about money, success is about progress, not perfection.

So yes, $5.3 million might sound nice, but it's not the only path to a fulfilling life. Success doesn't have to be reserved for the 1%. It's about finding what works for you – and that's something no survey can decide.

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