Depends On Your Age, Study Says
LABELLE, FLORIDA -- You don't need as much money to be considered
well off as you did a few years ago, at least if you are young.
According to a study by the VIP Forum, a 20-something is in the top
25% wealth category with a net worth of only $30,000. That's down
from $37,800 only three years earlier.
However, the wealth gap between young and older Americans is growing,
according to the VIP Forum, a Washington-based group that researches
wealth and wealth management practices. The older wealthy are pulling
far ahead, and proportionately much more net worth is needed to
arrive at the top wealth categories the older you are. If you are 50
to 59 years old, you'll need a net worth of at least $188,000 to be
in the top half of households that age. You'll need three times that,
$570,000, to be in the top 25%. And you'll need $9.6 million to be in
the top 1%. The basic data come from a Federal Reserve survey done
every three years, the Survey of Consumer Finances.