Wealth is a subjective concept. For example, minimum wage earners might feel rich if they suddenly started making $137,000 a year. But that’s also the same amount that the South China Morning Post estimates Jeff Bezos pays every day just to keep his yacht running.

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The Economic Policy Institute says the average annual income of the top 1% is $1,316,985, but most people would probably feel like they were on Easy Street with a whole lot less.

To get the perspective of people who deal with money for a living, GOBankingRates asked financial professionals how much they would need to feel rich. Here’s what they said.

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$5 Million Has a Nice Ring to It

According to a survey from Charles Schwab, Americans think you become rich when your net worth hits $2.2 million — but at least one money pro would need twice that amount to feel like he was in the financial big leagues.

“I believe that having a net worth of $5 million and an annual income of $300,000 would provide the financial foundation for feeling wealthy,” said Bader Chowdry, the principal at Insight Accounting, which provides estate planning, accounting, tax, and financial advisory services.

Chowdry, however, accepts that $5 million — or any number — is arbitrary, and “rich” is more of a feeling than a dollar amount.

“True wealth comes from achieving a harmonious balance between financial security, personal fulfillment and the ability to pursue meaningful experiences,” he said. “With prudent investments, diversified assets, and a well-rounded financial plan, individuals can attain a sense of abundance and contentment that transcends mere monetary figures. It’s the synergy of financial success and a purpose-driven life that truly defines feeling wealthy.”

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$3 Million Isn’t Too Shabby, Either

André Disselkamp, the co-founder of Insurancy, which advises international businesses on corporate pensions, concurs with Chowdry that the feeling of being rich is not really possible to quantify.

“That said, for the sake of giving a concrete figure, a net worth of $3 million, diversified across various asset classes, feels like a secure starting point,” said Disselkamp.

He came up with the figure by using the 4% rule, a common guideline in retirement planning for determining a sustainable annual withdrawal rate.

“With $3 million, that’s $120,000 annually, roughly twice the average household income [was] in the U.S. in 2022,” said Disselkamp. “When it comes to income, I’d say an annual passive income of around $250,000 after-tax is where one might start to feel wealthy.

The emphasis on passive income is key, as it represents financial resources generated without active labor, often through investments or business ventures. The sum allows for a comfortable lifestyle while providing extra for investments, savings, and luxuries.”

If It Comes From Income-Generating Assets, $12,500 per Month Should Do

Like Disselkamp, Lea Bush, a registered investment advisor and broker known as TeacherMoney Lea on social media, prioritizes consistent residual income from wealth-generating assets over a big net worth or high income that could evaporate with a job loss.

“For me, richness is embodied in nurturing cash flow assets generating a steady $12,500 monthly income,” she said. “This concept is called Wealth Equivalency. My definition of personal affluence rests at an annual income of $150,000, surpassing the norm and ensuring a life free from inflation anxieties, excessive taxes and excessive monthly savings targets. This approach resonates with my chosen lifestyle, fostering a sense of true abundance.”

Where and How You Live Has a Lot To Do With It

Like anyone with any occupation, financial advisors attribute different dollar figures to the concept of wealth depending on where they live.

“A person in a big city might consider a six-figure income as just getting by, whereas someone in a smaller town might see it as being quite wealthy,” said Dennis Shirshikov, professor of finance, economics and accounting at the City University of New York and the head of content at Awning, a site that helps people support their retirement through real estate investing.

But lifestyle is just as important as location.

“For me, it’s not necessarily a fixed number,” said Shirshikov. “It’s the ability to comfortably meet my needs and a few wants. And I know I’m not alone in this sentiment. I’ve worked with clients who were earning a substantial income but didn’t feel rich due to their expenses, lifestyle choices or other factors. On the other hand, I’ve seen people with more modest incomes who felt extremely rich because they managed their money wisely and lived within their means.”

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This article originally appeared on GOBankingRates.com: I’m a Financial Advisor: This Is How Much Money I’d Need To Feel Rich

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