South Floridians have a new benchmark for what it means to be wealthy.
According to a study from Charles Schwab, South Florida residents now believe it takes a little over $3 million to be considered wealthy. Last year's study revealed it took $2.1 million to be wealthy.
The company surveyed 500 people from South Florida for the 2018 Modern Wealth Index, an evaluation that scores people on their money management skills and their investments.
South Florida participants also said it takes $1.5 million for someone to be financially comfortable, the study noted.
But when asked how they personally define wealth, residents had varying ideas. Thirty-three percent said wealth meant being able to live stress free, fifteen percent said it was being able to afford anything and fourteen percent said it was the ability to enjoy life's experiences.