LOS ANGELES (CBSLA.com) — Making $2 million? Still not enough to be considered wealthy in Los Angeles.
According to a new report from Charles Schwab, L.A. residents say that it takes an average of $2.6 million to be considered wealthy. That is more than 30 times the actual median net worth of U.S. households according to the U.S. Census Bureau.
The Modern Wealth Index also found that Angelenos are optimistic about the local economy, with nine in 10 saying that the L.A. area economy is in better shape than or comparable to the overall U.S. economy. With the rise of Silicon Beach, it is not surprising that locals gave high marks to L.A.’s tech industry (58 percent). Locals also say that L.A. is one of the hottest places in the country for career opportunities (49 percent).
Angelenos also rate their city as one of the best for food and dining (68 percent) and arts and culture (60 percent).
However, the cost of living is too high for many Angelenos surveyed with 47 percent saying it is one of the most expensive areas to live in the country. In fact, 43 percent say living in Los Angeles hurts their ability to reach their financial goals.