Here's How Much Money You Need to Make in Order to Be 'Successful,' According to Each Generation A new survey by Empower outlines how Americans of different ages define success.

By Erin Davis

Key Takeaways

  • Gen Z thinks "success" means making more than half a million a year.
  • According to the U.S. Census Bureau, the median household income in the U.S. is $80,610.

Having $1 million in net worth used to be the ultimate goal, but today, some experts are concerned it may not be enough. Still, when asked in a new generational survey how much net worth would make them feel successful, Baby Boomers (ages 60 to 78) stuck to that coveted $1 million mark.

The other generations? Not even close.

According to a new survey from Empower, a financial services company, Gen X (ages 44 to 59) said they'd need $5.3 million to feel successful, and millennials (ages 28 to 43) reported a slightly higher $5.6 million. Gen Z (ages 18 to 27) went wild and responded they'd need $9.5 million, on average.

The survey, titled "Secret to Success," was formulated from the online survey responses of 2,203 Americans ages 18 and up taken over two consecutive days in September 2024 and fielded by Morning Consult. Numbers were "weighted to be nationally representative of U.S. adults," according to Empower.

Related: Millennials Say They Need $525,000 a Year to Be Happy. A Nobel Prize Winner's Research Shows They're Not Wrong.

The average salary that Americans considered a measure of "success" was $270,000 a year, per the report.

But just like the net worth question, Gen Z doubled every other generation's answer and said a salary of $587,797 would make them "successful." Millennials reported needing a salary of $180,865, Gen X reported $212,321, and Baby Boomers said $99,874.

Despite the high expectations, the report also found that 58% of Americans surveyed still believed they would achieve financial success in their lifetime, with the younger generations being the most optimistic (Gen Z, 71%; Millennials, 70%; Gen X, 53; and Baby Boomers, 45%).

Rebecca Rickert, head of communications at Empower, told CNBC that younger generations are the "most optimistic about achieving financial success in their lifetime, though they estimate it'll take more money to get there."

Read Empower's full research report, "Secret to Success."

Erin Davis

Entrepreneur Staff

Trending News Writer

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

This Couple Started a Side Hustle to Improve a 'Terribly Made' Bathroom Essential. Now the Business Earns More Than $3 Million a Year.

Michael Fine and Lisa Schulner-Fine launched lifestyle brand Quiet Town in 2016 and have been growing it ever since.

Business News

Want to Be the Next CEO of Jack in the Box? You Have to Be Really Good at Fortnite.

The fast food giant and Fortnite have a simple question: Do you have what it takes to be Jack in the Box's next CEO?

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Leadership

Lead From the Top: 5 Core Responsibilities of a CEO

Knowing exactly what the chief executive's role entails is critical for steering a company to success.

Social Media

Learn How to Become a Successful Online Content Creator for Only $35

Discover ways to use AI to make viral videos, a successful blog and more, plus the principles behind freelancer and entrepreneur success.

Leadership

I've Seen 25 Years of Change in My Career — These 3 Lessons Every Business Owner Should Know

The business world moves fast, and you're already behind if you're not keeping up!