When you ask people how much they earn to be rich, you will likely get 100 different answers. That’s because “rich” is a subjective term that varies by individual.
New data from Go Banking Rates shows how much a household needs to earn in 50 cities to be considered rich. In Los Angeles, for example, a household must make at least $135,373 to be classified as rich in the top 20%.
What is the minimum salary to be considered rich?
It’s a hard question to answer. There are many subjective aspects that can impact how you’re considered rich.
Among those factors are your age, education level and where you live. In some cities, you may be considered rich if you earn a lot more than other people in your neighborhood.
To be rich in a city like New York, for example, you need to earn just over half a million dollars annually.
However, to be rich in San Francisco, you need to earn at least $1.7 million a year.
When it comes to the minimum salary to be considered rich, it really depends on what you want from your money. It can be as simple as earning enough to pay for your basic living expenses and build a healthy savings account.
What is the maximum salary to be considered rich?
The maximum salary to be considered rich depends on where you live. In some expensive spots like San Francisco, you’d need a six-figure income to qualify.
But, it also depends on how much you want to be rich. Getting a high income does not automatically make you rich, according to a recent study.
Americans believe that you need an average net worth of $2.2 million to be considered wealthy, up from $1.9 million last year.
This is according to a 2022 survey by financial services firm Charles Schwab. The survey analyzed 12 major U.S. metro areas and found that Americans think it takes a $2.2 million net worth to be considered wealthy.
What is the minimum income to be considered rich?
To find out what the minimum income to be considered rich is, financial advice site SmartAsset analyzed income distribution in the 100 largest cities across the United States. The company found that the threshold to be considered rich in a city can vary quite a bit depending on where you live.
Ultimately, what makes someone rich is a matter of opinion. However, it is clear that the top 20% of earners in each city typically earn more than twice as much as their bottom-earning counterparts.
In many of the cities analyzed by SmartAsset, a household needs to make at least $135,373 to be considered rich. That’s almost double the minimum wage in New York City and significantly more than the average income for a resident of Los Angeles.
What is the maximum income to be considered rich?
Rich is an often-used term that has many different meanings. It can refer to a specific amount of income, wealth or even freedom from the need to work.
In a recent survey, respondents said that it takes an average net worth of $1.9 million to qualify as rich. However, the number varies widely by region and life stage.
If you’re looking to be considered rich, the best place to start is by setting a goal and pursuing it. Working with a financial advisor is one method of reaching this goal, but long-term investing and conscious spending are also important.
To be considered rich, you should make enough money to cover your desired lifestyle and allow you the freedom to live your life how you want to without being beholden to an employer. This is known as financial independence and it’s a common goal for many.