Many Americans feel rich — but don’t necessarily measure it in dollars and cents. Well-being, not money, became the priority measure of wealth for most adults today, according to the new Charles Schwab Modern Wealth Survey.

The survey found that the average net worth is $2.2 million to be considered “wealthy,” but that’s the estimate respondents gave for other people.

what about you Are you rich? How much money is needed to consider yourself rich?

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Of the 1,000 adults surveyed, about 48% said they already felt wealthy. Yet their average net worth is $560,000 — about a quarter of what they think others need to be rich.

Millennials are much more likely to feel wealthy—57% of those 26- to 41-year-olds say they do, compared to only about 40% of Gen Z, Gen X, and baby boomers. For millennials who say they feel wealthy, their average net worth is about $530,000.

Wealth is a “very personal” definition

“The definition of wealth is very personal and should be unique to one’s own experience,” said certified financial planner Preston D. Cherry, founder and president of Concurrent financial planning in Green Bay, Wisconsin. He emphasizes the importance of having a financial plan based on your own wants and needs.

“If you don’t do anything, nothing happens,” said Cherry, who is a contributor to CNBC Board of Financial Advisors.

One of the risks we take is thinking that a certain amount of money will bring us happiness…

Brad Klontz

managing director of Your Mental Wealth Advisors

How Wealth and Prosperity Intertwine

When asked to characterize what being wealthy means to them, respondents overall cited well-being (40%) more often than money (32%) and possessions (26%). In 2017, the top answer for what wealth means was money (27%).

“Whether they know it or not, well-being is much more important,” said CFP and financial psychologist Brad Klontz, director of Your mental wealth advisors in Boulder, Colorado.

“One of the risks we take is that we think a certain amount of money will bring us happiness, bring us peace, improve our lives, improve our relationships,” said Klontz, who is also a member of CNBC’s Council of Financial Advisors.

“Unfortunately, some people sacrifice what matters most to them in their pursuit of arbitrary wealth.”

Still, nearly two-thirds, 62% of adults in the Schwab survey say that enjoying healthy relationships with loved ones better describes what wealth means than having a lot of money (38%). And 7 out of 10 adults say wealth is about not stressing about money, about not having more of it.

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