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Are you rich? Here’s what Americans think they need to be considered wealthy.

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The cost of living is much higher than just a few years ago — and so is the amount of money that Americans say is required to be considered wealthy. 

Americans believe it now takes an average net worth of $2.5 million to be counted as rich, a 14% increase from last year’s $2.2 million, according to a new survey from Charles Schwab.

That may seem like a stretch for many, given that the median net worth of U.S. households stood at $193,000 in 2022, according to the Federal Reserve’s Survey of Consumer Finances. But the survey’s results reflect the typical American’s feelings about their wealth goals, and hint as well at the impact inflation has had on their views about money, said Rob Williams, managing director of financial planning at Charles Schwab. 

“Wealth can be very personal and aspirational, and also, they haven’t done extensive calculations; it’s more how they feel — and that’s meaningful,” Williams told CBS MoneyWatch.

He added, “If you look over the last couple of years, it’s a bigger jump than it has been in prior years. The general trend of inflation is in part that when we ask what it means to be wealthy, the numbers go up.”

Americans say it takes much less wealth to live a financially comfortable life: an average of $778,000 in assets, the survey found. 

While inflation has cooled, dipping below 3% in July for the first time since early 2021, prices are still sharply higher than they were prior to the pandemic. Overall, the cost of living has jumped about 21% since January 2020, according to government data.

At the same time, wages are now outpacing inflation, and the stock market has buoyed the fortunes of many investors, including people with 401(k)s and other retirement plans. 

Who wants to be a millionaire?

About 1 in 5 of those surveyed said they believe they are on track to become wealthy, Charles Schwab found in its survey of 1,000 Americans between the ages of 21 to 75. 

Younger Americans are the most optimistic about reaching this goal, with almost one-third of millenials and Gen Z expressing optimism about becoming rich during their lives. 

That could reflect that these generations have more time to sock away money before they retire, which will provide more years of market returns to bolster their portfolios and wealth. These two generations were also more likely to say they’re currently wealthy, with about 12% of millennials saying they’re already rich, versus 8% for baby boomers.

But younger generations also had lower thresholds for what it takes to be rich, with Gen X pegging it at $1.2 million and millennials saying it requires $2.2 million. Boomers, meanwhile, had the highest yardstick for being considered wealthy, at $2.8 million. 

“Wealth tends to rise on average as you get older and closer to retirement, so if you have more wealth now, you are likely to answer with a higher number versus someone just getting started,” Williams noted. 



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JD Vance echoes Trump, blames Democrats for apparent assassination attempt

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JD Vance echoes Trump, blames Democrats for apparent assassination attempt – CBS News


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Former President Donald Trump held a town hall in Michigan while Vice President Kamala Harris spoke to the National Association of Black Journalists in Philadelphia Tuesday. Trump and his running mate, Sen. JD Vance, blamed Democrats’ “rhetoric” for a second apparent assassination attempt in Florida. CBS News senior White House and political correspondent Ed O’Keefe has the latest.

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9/17: The Daily Report with John Dickerson

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9/17: The Daily Report with John Dickerson – CBS News


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John Dickerson reports on the growing investigations into the apparent attempted assassination of former President Trump, new settings on Instagram designed to protect teenage users, and what’s at the center of energy in Pennsylvania beyond fracking.

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Paul Whelan, freed in prisoner swap with Russia, tells other American detainees: “We’re coming for you”

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Washington — Nearly seven weeks after the Russians handed over Paul Whelan on a tarmac in Ankara, Turkey, the Marine veteran stood on the steps of the U.S. Capitol with a message for other Americans who are held abroad. 

“We’re coming for you,” he told reporters Tuesday night after he met with lawmakers. “It might take time, but we’re coming.” 

Whelan said he spoke with lawmakers about how the government can better support detainees after they’re released. 

“We spoke about how the next person’s experience could be better,” he said. “What the government could do for the next person that’s held hostage and comes home — the care and support that other people might need, especially people that are in a worse situation. There are people coming back that lived in the dirt without shoes for three years, people that were locked up in hideous conditions for 20 years. They need support.” 

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Rep. Haley Stevens, a Michigan Democrat, with Paul Whelan at the U.S. Capitol on Sept. 17, 2024. 

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The U.S. secured Whelan’s release in August in one of the largest prisoner swaps since the end of the Cold War. The complex deal came after months of sensitive negotiations between the U.S., Russia, Germany, Slovenia, Poland and Norway. 

As part of the deal, Russia released 16 prisoners while the Western countries released eight Russians. Whelan was released alongside Wall Street Journal reporter Evan Gershkovich, Russian-American radio journalist Alsu Kurmasheva and Vladimir Kara-Murza, a U.S. green card holder and Kremlin critic. 

Whelan, who had been the longest-held American detainee in Russia, was arrested in December 2018 when he traveled to the country to attend a friend’s wedding. He was convicted of espionage in a secret trial and sentenced to 16 years in prison in 2020. 

Whelan, his family and the U.S. government vehemently denied that he was a spy and accused Russia of using him as a political pawn. The U.S. government considered him to be wrongfully detained, a rare designation that put more government resources toward securing his release. 

But a deal to secure his freedom was long elusive. He remained behind bars as Russia freed Marine veteran Trevor Reed and women’s basketball star Brittney Griner — both of whom were detained after Whelan’s arrest — in prisoner swaps with the U.S. 

The U.S. said it pushed for his inclusion in both exchanges, but Russia refused. It led to Whelan advocating for his own release from a remote prison camp, calling government officials and journalists to make sure that he wasn’t forgotten. 

When the plane carrying Whelan, Gershkovish and Kurmasheva landed in Maryland on Aug. 1, Whelan was the first to disembark. He was greeted by President Biden, who gave Whelan his American flag pin, and Vice President Kamala Harris. 

“Whether he likes it or not, he changed the world,” Rep. Haley Stevens, a Michigan Democrat, told reporters Tuesday. 

Whelan’s case and his family’s constant pressure on the U.S. government brought more attention to the cases of Americans who are wrongfully detained by foreign governments. 

Haley said Whelan is a reminder to other Americans considering traveling to Russia that “you have a target on your back.” 

Whelan said it’s been an adjustment acclimating to life back in the U.S., especially learning the latest technology like his iPhone 15. 

“I was in a really remote part of Russia,” he said. “We really didn’t have much. The conditions were poor. The Russians said the poor conditions were part of the punishment. And coming back to see this sort of thing now is a bit of a shock, but it’s a good shock.” 



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