How much money you need to earn to be considered "rich" by the government's standards depends on the city you live in.
For some Americans, the answer is having an average of $2.4 million to your name — that's almost 30 times the actual median net worth of US households, according to the U.S. Census Bureau.
Ask the government, and they'll define wealthy as individuals earning at least $500,001 and couples earning at least $600,000 — the new income thresholds that now pay the top federal marginal income tax rate of 37% in accordance with President Donald Trump's new tax plan.
But in reality, the answer varies depending on the city you live in. What's considered rich in Detroit is almost $100,000 less than what's considered rich in Seattle.
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| image credit: internet |
According to the U.S. Census Bureau's American Community survey, combining results on median household income from 2012-2016 to determine just how much you need to earn in the most populated city in every state, including Washington DC, to be considered rich.
Below, check out the income needed to be considered rich in some of America's biggest cities, listed top 5.
1. Anchorage, Alaska: at least $161,724
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| Raymona Pooler/Shutterstock |
Median household income: $80,862
Population: 299,321
2. Seattle, Washington: at least $148,916
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| David Lewallen/Flickr |
Median household income: $74,458
Population: 668,849
3. Washington, D.C.: at least $145,870
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| Orhan Cam/Shutterstock |
Median household income: $72,935
Population: 659,009
4. Virginia Beach, Virginia: at least $135,438
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| Ritu Manoj Jethani/Shutterstock |
Median household income: $67,719
Population: 449,733
5. Urban Honolulu CDP, Hawaii: at least $126,722
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| Yoshinori Kumagai/Shutterstock |
Median household income: $63,361
Population: 349,597
So, are you living in these top 5 rich cities and have enough money to fall into the upper class?
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