A new survey finds that the average amount Americans believe is necessary to be considered wealthy is $2.5 million, up 14 percent from last year.

Conducted by Charles Schwab, the Modern Wealth Survey found baby boomers set the highest bar, deeming $2.8 million as the threshold for wealth, while Generation X and millennials have lower benchmarks, at $2.7 million and $2.2 million. Gen Z thinks $1.2 million makes people wealthy.

The survey also discloses that Americans consider a net worth of $778,000 necessary to feel financially comfortable. This figure has decreased from a peak of $1 million last year but aligns more closely with the 2022 figure of $775,000, continuing an upward trend from 2021’s $624,000.

Geographical disparities are notable, with Californians setting the highest wealth thresholds. Residents of San Francisco believe $4.4 million is required to be wealthy, while residents of cities such as Atlanta, Chicago, Houston, Phoenix, and Dallas report lower thresholds than the national average, around $2.3 million.

The survey also explored Americans’ confidence in achieving wealth within their lifetimes. Twenty-one percent of respondents believe they are on track to become wealthy. Younger generations, including millennials and Gen Z, show greater optimism, with 29 percent confident in their future wealth.

Despite the optimism, fewer than one in five Americans (18 percent) feel they are currently in control of their finances. About one-third believe they are making progress, and another one-third recognize the need for changes to gain better financial control.

“‘Wealth’ means different things to different people, whether it’s financial freedom, enriching experiences with friends and family, or a certain dollar amount,” the managing director of financial planning at Charles Schwab, Rob Williams, said, according to Business Wire.

He added: “Our survey reinforces that people with a written financial plan are more confident about achieving their personal financial goals. Financial planning helps people understand where they are today and create a roadmap to get where they want to be, whether someone is saving for a single goal, like retirement, or needs comprehensive planning and wealth management.”