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

FAQs

How much money is considered wealthy in 2024? ›

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.

Meanwhile, joining the 5% of earners requires considerably more in many Eastern states, with Connecticut's threshold at $656,438 and New York at $621,301, the study found.

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.

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.

The highs and lows of wealth in America

New Jersey stands out with the highest threshold for the top 20% of earners. An individual in New Jersey must make at least $180,558 annually to be considered in this upper tier.

To be considered rich in Connecticut, you need to make $656,438 or more each year. Our neighbors in New York, need to make $621,301. In 2017, only Connecticut and the District of Columbia (D.C.) had median incomes of the top 5% of $500,000-plus. Just five years later in 2022, this number rose to 12 U.S. states.

Three cities require $300,000+ to bring home the “new” $100k. Residents of Honolulu, New York City and San Francisco who earn this amount are taxed roughly 40.5% or higher and have a cost of living more than 82% above the national average. It's easiest to “make it” in Texas.

As of May 30, 2024, the average annual pay for the Highest jobs category in New York City is $90,168 a year. Just in case you need a simple salary calculator, that works out to be approximately $43.35 an hour. This is the equivalent of $1,734/week or $7,514/month.

Upper-middle class: $94,001 – $153,000. Upper class: greater than $153,000.

Someone who has $1 million in liquid assets, for instance, is usually considered to be a high net worth (HNW) individual. You might need $5 million to $10 million to qualify as having a very high net worth while it may take $30 million or more to be considered ultra-high net worth.

What is considered rich in Florida? ›

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.

Data comes from the U.S. Census Bureau for 2022. To learn more about this study, tap or click here. A separate study by Consumer Affairs published last month tabulated the minimum annual income required for a family of four to be considered middle class in each state, and in California, that income is $69,064.

Wealthy (95th percentile): $3.2 million. Well off (90th percentile): $1.9 million. Middle class (50th percentile): $281,000.

For 2024, the upper middle class in the U.S. generally includes households with incomes ranging from $150,000 to $250,000. However, this range can vary based on location, family size and economic conditions.

Choose the right career

And one crucial detail to note: Millionaire status doesn't equal a sky-high salary. “Only 31% averaged $100,000 a year over the course of their career,” the study found, “and one-third never made six figures in any single working year of their career.”

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.