By a number of measures, the Dallas area reigns as the wealth capital of Texas. For instance, it’s home to more people with a net worth between $5 million and $30 million than any other metro area in Texas, and it’s also home to the most billionaires among the state’s metro areas.
But what do North Texans believe is the dollar threshold for being wealthy?
In a recent survey by Westlake-based financial services giant Charles Schwab, residents of Dallas-Fort Worth said they think it takes a net worth of $2.6 million to officially be wealthy. As for what it takes to be “financially comfortable,” DFW residents put the figure at $840,000. Those numbers are up from $2.4 million and $642,000, respectively, in the last year’s survey.
DFW derives much of its wealth from the oil and gas industry. However, the financial and aerospace sectors also contribute tremendously to the region’s pool of money.
Furthermore, scores of highly paid executives work at DFW’s 23 Fortune 500 companies. That number soon will rise to 24, as Illinois-based construction equipment giant Caterpillar is shifting its headquarters to Irving.
Dallas-Fort Worth “is a magnet for corporate headquarters and major company operations,” the Dallas Regional Chamber notes.
Among Houston-area residents questioned for the Charles Schwab survey, the average net worth needed to be considered wealthy was cited as $2.6 million, and the average net worth required to be “financially comfortable” was $919,000. Those figures are up from $2.2 million and $713,000, respectively, in last year’s survey.
Nationally, this year’s survey respondents cited $2.2 million as the “wealthy” number and $774,000 as the “financially comfortable” number. That compares with $1.9 million and $624,000, respectively, in the 2021 survey.
Dallas and Houston are among 12 major metros where Charles Schwab did a deep dive into the meaning of “wealthy” and “financially comfortable.” Not surprisingly, San Francisco registered the highest numbers: $5.1 million for “wealthy” and $1.7 million for “financially comfortable.”
The online survey was conducted in early February among 21-year-old to 75-year-old Americans.