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New Yorkers need R23 million to feel 'financially comfortable’, survey says

Business Insider US
A person walks past Billionaire's Row in New York City on March 13, 2021.
Alexi Rosenfeld/Getty Images
  • The financial firm Charles Schwab surveyed 500 New York residents about their wealth in May 2022. 
  • Local respondents said you need $1.4 million – about R23 million – to be "financially comfortable" in the New York area.
  • To be considered "wealthy," you need $3.4 million, equivalent to R56 million, and well above the US national average. 
  • For more stories, go to www.BusinessInsider.co.za.

You need a personal net worth of at least $1.4 million – the equivalent of some R23 million – to be "financially comfortable" in the New York area, according to a survey of 500 local residents in the 2022 Charles Schwab's Modern Wealth report. 

To be considered "wealthy" in New York, you need a net worth of $3.4 million (about R56 million) — over $1 million more than America's national average. 

The survey's New York results are the second highest after San Francisco. Bay Area residents say you need $1.7 million (R28 million) in order to be financially comfortable in the California tech hub and $5.1 million (R84 million) to be considered wealthy, Charles Schwab found.

Comparatively, the survey's American national average was $774,000 (R13 million) to be comfortable and $2.2 million (R36 million) to be wealthy. 

From soaring rent to costly grocery bills, the Big Apple is consistently ranked as the No. 1 or No. 2 most expensive city in the US. The median asking rent for a one-bedroom apartment in Manhattan was $3,950 as of May 2022, Bankrate reported.

As US inflation hits a 40-year high, prices in the greater New York area rose 0.5% percent between April and May and 6.3% over the year, per the US Bureau of Labor Statistics. Meanwhile, the median household income in New York City is $67,046, with 17.3% of the population living below the poverty line, according to US census data. 

More than half (54%) of New York workers surveyed said they are interested in switching jobs within the next 12 months, compared to a national average of 43%. With the city's cost of living on the rise, the top factor New Yorkers consider when selecting a new job is salary, followed by work-life balance and hours, according to locals surveyed. 

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