How much you need to earn to be rich in America

Wealth


In a similar survey from Charles Schwab, respondents were asked how much money is required to be considered “financially comfortable” and “wealthy” in their cities, and the answers varied wildly. To be wealthy in San Francisco, you need a net worth of $4.2 million and in New York you need $3.2 million, the survey found. But in Charlotte, North Carolina, that drops to a net worth of $1.8 million.

How much does it actually take to be one of the wealthiest Americans? The answer is less than you might think.

To be a part of the top 1 percent of earners in the country, a household must bring in at least $389,436 annually, though the average income among 1 percenters is closer to $1.15 million, according to a 2013 Economic Policy Institute report.

The threshold varies by location and age as well. At the high end, in Connecticut, a $659,979 annual income is required to be in the top 1 percent, while in New York, you need to make $517,557. While that’s significant, it’s still a lot less than $1 million. And in some states, the number drops dramatically. In Arkansas, for example, all you need is a salary of $237,428.

Check out how much your household would have to pull in to join the one percent club in every U.S. state and at every age.

Don’t miss: 65% of Americans save little or nothing—and half could end up struggling in retirement

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