This is the salary it takes to be considered rich in every state (2024)

FAQs

This is the salary it takes to be considered rich in every state? ›

You'll need to earn more than half a million annually to be considered among the highest earning residents in 11 states and Washington, D.C. "This comes down to cost of living," Murray said.

What does it take to be considered rich in America? It depends a lot on where you live. The richest of the rich live in Washington, D.C., where it takes a salary of $719,000 to land in the top 5% of earners.

Being in the top 20% of earners in California means making at least $171,387 a year. The Golden State, known for its pricey real estate and high cost of living, particularly in cities like San Francisco and Los Angeles, demands a substantial income to be considered wealthy.

How rich is rich in California? As of 2022, the top 5% of earners in the state made $613,602 a year on average, according to a recent analysis from personal finance site GoBankingRates. That's roughly a 37% increase from 2017, when top earners raked in an average annual income of $447,207.

The Florida rich

The average income of the top 5% in the state was $476,546 in 2022, the analysis shows. That's a 34% increase from the $355,610 the top 5% earned on average in 2017.

If you are making $170,000 a year, you are significantly more well off than the average American — the national median household income is $74,580 per year, according to U.S. Census data.

As of 2022 (the most recent Census data), the average median household income in the U.S. was $73,914, meaning the national range for the middle class is roughly $49,271 to $147,828. Across the nation's largest cities, the range is between $51,558 and $154,590, according to SmartAsset.

The income of those in the top 1% is many multiples above that of the average American. According to a Congressional Budget Office report, you need at least $652,657 in income per year to make the top 1%, but this varies by where you live.

Overall, SmartAsset found that to live comfortably in any major city, you need to make about $96,500 annually, up immensely from the nearly $68,500 it estimated last year. A family of four would need to make much more at $235,000 to avoid living paycheck to paycheck. You can view SmartAsset's full list here.

What is upper class income in California? ›

Your household would need to earn at least $64,224 to be considered middle class in the Garden State, and earning more than $192,692 would put you in the upper class.

The 1% threshold ranges from $368,000 to $953,000, depending on the state. In California, the median household income is $84,097, according to Census data. People in California's top 1% earn $844,266.

Among Pennsylvania households, 1.9% have annual incomes exceeding $200,000 annually, and 10.3% have incomes of $100,000 or more annually.

How much does a Wealthy make in Oklahoma? As of May 11, 2024, the average annual pay for the Wealthy jobs category in Oklahoma is $61,360 a year. Just in case you need a simple salary calculator, that works out to be approximately $29.50 an hour. This is the equivalent of $1,180/week or $5,113/month.

According to the study, the median income in Michigan is $63,202. The top 10% income is $213,981. So, if you make above $213,981, then congratulations, because you're officially rich.

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.

As of 2022 (the most recent Census data), the average median household income in the U.S. was $73,914, meaning the national range for the middle class is roughly $49,271 to $147,828. Across the nation's largest cities, the range is between $51,558 and $154,590, according to SmartAsset.

It's not a great income (like the top 10% or higher), but it's also better than the median income. It is a good income. If you accept my definition, then a good household income would be $130,000 per year (in 2022) and a good individual income would be $82,000 per year (in 2022).

What income class is $300k? An income of $300,000 a year is generally considered to be upper-middle class or even rich, particularly in regions with a lower cost of living.