Is a $1 million net worth rich?

It’s well off, and more common than it sounds. About 21.5% of U.S. families had a net worth of $1 million or more in the Federal Reserve’s 2025 survey, so a million puts you around the 78th percentile. Among families headed by someone 55 to 64, a third are millionaires.

Whether it feels rich depends on what it’s made of. A million in a paid-off home and a 401(k) supports a comfortable retirement. A million you can spend is a different life. When Charles Schwab asked 2,000 Americans in 2025 what net worth it takes to be wealthy, the average answer was $2.3 million. "Financially comfortable" came in at $839,000.

Am I a millionaire if my net worth is $1 million?

Yes. A millionaire is anyone whose assets minus debts come to $1 million or more, home equity included. Capgemini’s World Wealth Report counts only investable assets, which excludes the house, and by that stricter measure far fewer people qualify. Both are valid. Say which one you mean.

Check where $1 million lands for your age on the net worth by age page.