Survey: Having $2 million or more makes you 'wealthy' in Denver

Posted at 6:16 PM, Aug 10, 2017
and last updated 2017-08-10 20:16:46-04

DENVER – How much money does it take to be considered rich? In Denver, it’s $2 million.

That’s according to a recent poll from Charles Schwab, which polled 500 people in the Denver metro area about personal finance.

Nationally, poll respondents said an average net worth of $2.4 million makes a person “wealthy.”

While the biggest percentage of those polled said money in the bank makes you rich, 23 percent said that being wealthy is more of a state of living in comfort – such as being in a position to enjoy life or buying anything one wants.

Sixty-two percent of metro Denver residents said that kind of lifestyle is totally out of reach, while 38 percent said they’re already there or are confident they can be.

The survey also asked about things like saving money and setting financial goals and found that while Denver residents are in line with national trends in overall financial health, Denverites are doing better than most when it comes to debt management. Just over half of respondents – 52 percent – said they make all their loan payments on time or don’t have any loans at all. That number is just 43 percent nationally.

Fifty-eight percent of Denver residents polled also said that Denver’s economy is stronger than other parts of the country and 74 percent said Denver is one of the country’s best cities in terms of quality of life.