This Is How Much Money You Need To Be Rich In These U.S. Cities (2024)

FAQs

How much money do you need to have to be considered rich in the USA? ›

For example, individuals with $1 million in liquid assets are generally classified as having a high net worth. 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.

On average, Americans say they'd need to earn around $520,000 annually to feel rich, according to the survey. Bankrate polled 2,407 adults in the U.S. online from May 16 to May 20. That amount varies slightly by generational cohort.

Top 2% wealth: The top 2% of Americans have a net worth of about $2.472 million, aligning closely with the surveyed perception of wealth. Top 5% wealth: The next tier, the top 5%, has a net worth of around $1.03 million. Top 10% wealth: The top 10% of the population has a net worth of approximately $854,900.

For example, you may be considered rich if you're in the nation's top 1% of earners. In 2022, that group saw an average annual income from wages of $785,968—nearly 19 times higher than the bottom 90%, according to the Economic Policy Institute Open in new tab.

According to a report by CNBC , only about 1.4 % of households in the USA have a net worth of $ 3,000,000 or more in savings . This equates to approximately 1.8 million households out of the total 129 million households in the country .

The Pew Research Center defines the middle class as households that earn between two-thirds and double the median U.S. household income, which was $65,000 in 2021, according to the U.S. Census Bureau. Using Pew's yardstick, middle income is made up of people who make between $43,350 and $130,000.

1. New York City, New York. It comes as no surprise that the wealthiest city in the world, New York City, ranks first in the list with its 349,500 millionaires – a number that grew by 48 per cent between 2013 and 2023.

The cost of living comfortably: On average, Americans feel they'd need to earn over $186,000 to feel financially secure or comfortable, a 20 percent drop from 2023 but still more than two times what the average full-time, year-round worker earned in 2022 (about $79,000), according to Census Bureau data.

How much money do you need to be financially stable? ›

The median household income in the U.S. is just under $75,000, so it makes sense that the largest proportion of those surveyed (45%) said that it's possible to be financially stable by earning between $50,000 and $100,000 a year.

$2.6 million

That lofty sum represents the net worth of the median American family in the upper 10% of income, a range that most of us would deem wealthy. The figure comes from the federal Survey of Consumer Finances, released Oct. 17.

Additionally, statistics show that the top 2% of the United States population has a net worth of about $2.4 million. On the other hand, the top 5% wealthiest Americans have a net worth of just over $1 million. Therefore, about 2% of the population possesses enough wealth to meet the current definition of being rich.

Here's the income it takes to be a top earner in your 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.

For 2022, the average wage for working Americans was $61,136. The average wages of those in the top 1 percent of wage earners were $785,968 that year. In the rarefied top 0.1 percent, the average earnings were more than $2.8 million in 2022.

On the other hand, the top 5% wealthiest Americans have a net worth of just over $1 million. Therefore, about 2% of the population possesses enough wealth to meet the current definition of being rich.

According to the Pew Research Center report, the median 2022 household income for a three-person household is as follows for each income tier: Upper-class household: $256,920, a 78% increase from 1970. Middle-class household: $106,092, a 60% increase from 1970. Lower-class household: $35,318, a 55% increase from 1970.

Middle class: Those in the 40th to 60th percentile of household income, ranging from $55,001 to $89,744. Upper middle class: Households in the 60th to 80th percentile, with incomes between $89,745 and $149,131. Upper class: The top 20% of earners, with household incomes of $149,132 or more.

91% of millionaires don't consider themselves 'upper-class rich' — what it actually takes to be wealthy in the US. Millionaire status used to be synonymous with being uber-wealthy but that's no longer the case — at least according to today's millionaires.