[Swizec]

Fun fact: The average American perceives “wealthy” as having just over $2.2million in net worth.

https://www.kiplinger.com/personal-finance/605075/are-you-ri...

This is very achievable to most HN types. Maybe not in our 30’s, but easily by retirement. Just maxing out your 401k for an entire tech career will get you there.

[jononor]

Interesting. 2.2 million seems to be around the top 10% in the US, and around 20x the median (Federal Reserve data from 2016). It also places one in the global top 1%.

[manimino]

Sounds right. Around 2.2 million, your money starts to generate more income than your labor can, unless you have an exceptionally high paying job.

[dane-pgp]

So maybe people with a net worth above 2.2 million should be paying a wealth tax instead of an income tax.

[bawolff]

Well they do have to pay taxes on dividends and capital gains, so its not like its totally tax free.

[mancerayder]

Even if they're 70 after working a lifetime?

[Swizec]

At that age there’s the estate tax … plus you’re paying taxes on withdrawals since mist retirement savings are tax deferred. There’s also capital gains taxes that hit you I think.

[renonce]

That's called inflation.

[mejutoco]

Maybe by then (one's retirement) the average American will perceive "wealthy" as having $4million in net worth.

If I understand right, this is the perception right now, not in the future. Probably then it will be higher.

[Swizec]

That sounds likely. Inflation and all that.

Would also be interesting to know if people in general even count 401k as “wealth”. I feel like it occupies a different bracket in many people’s minds.

[someweirdperson]

> his is very achievable to most HN types. Maybe not in our 30’s, but easily by retirement.

Should be pretty easy to reach 2.2m for many people in 40 years, inflation corrected that's something like 500k.