Here's how much money it takes to be 'rich' in NY, NJ, CT for 2024 (2024)

FAQs

How much money do you need to be rich in 2024? ›

According to IRS standards, a monthly income of approximately $45,000 qualifies someone as wealthy. However, if you're aiming for the top 1% as measured by the Economic Policy Institute (EPI), you'd need to earn about $68,277 monthly.

According to Financial Samurai, as of 2024, a consistent top 1% income starts at $650,000 annually across all ages.

Below is a list of the income you must generate to be part of the upper, middle or lower class in the United States, according to the Census Bureau: Upper class: $153,001 a year or more. Upper middle class: From $94,000 to $153,000 dollars per year. Middle class: From $58,021 to $94,000 dollars per year.

Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year.

To be considered very high net worth, one might need assets ranging from $5 million to $10 million, while an ultra-high net worth status could require $30 million or more. These figures underscore the subjective nature of financial classifications across different thresholds of wealth.

1 richest state, meanwhile, is Connecticut, where residents have to bring in roughly $656,000 to be among the top earners.

The high-income threshold for FY23-24 is $167,500. This article explores how the high-income threshold can be met by part-time employees for these two different purposes.

Upper middle class: Anyone with earnings in the 60th to 80th percentile would be considered upper middle class. Those in the upper middle class have incomes between $89,745 and $149,131. Upper class: Finally, the upper class is the top 20% of earners and they have incomes of $149,132 or higher.

Here are some of the key findings: In a large U.S. city, a middle-class income averages between $52,000 and $155,000. The median household income across all 345 cities is $77,345, making middle-class income limits fall between $51,558 and $154,590.

What is considered the Upper Middle Class in NJ? ›

New Jersey and Maryland also have the highest median income overall. In New Jersey, the lower end of middle class, or the least you need to be considered middle class is $64,571. You are still middle class if you earn $194,252; that's the upper limit in New Jersey. That's quite a spread from floor to ceiling.

According to Schwab's Modern Wealth Survey, Americans said last year that it takes an average net worth of $2.2 million to qualify a person as being wealthy. (Net worth is the sum of your assets minus your liabilities.)

Net worth is the difference between the values of your assets and liabilities. The average American net worth is $1,063,700, as of 2022. Net worth averages increase with age from $183,500 for those 35 and under to $1,794,600 for those 65 to 74. Net worth, however, tends to drop for those 75 and older.

According to the 2024 USA Wealth Report published by Henley & Partners in partnership with New World Wealth, America accounts for 32% of global liquid investable wealth — a colossal USD 67 trillion.

Let's say you want to become a millionaire in five years. If you're starting from scratch, online millionaire calculators (which return a variety of results given the same inputs) estimate that you'll need to save anywhere from $13,000 to $15,500 a month and invest it wisely enough to earn an average of 10% a year.

The most recent data from the Fed's Survey of Consumer Finances comes from the end of 2022. If you wanted to be in the top 5% of households at that point, you would need a net worth of $3,795,000. As you might expect, though, you don't need as much to reach the top 5% of younger households.