Editor’s Note: This story was published previously, updates to incorrect quotations were made.
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.