Posted on 04/27/2024 2:27:20 PM PDT by Libloather
The salary to be considered 'rich' has risen in every state in the last five years - as rampaging inflation means everyday spending eats up a bigger chunk of wages.
In fact, new data has revealed how the earnings needed to be among the wealthiest has soared by over 40 percent in some states.
The definition of rich has changed the most in Washington state, according to data from GOBankingRates, where Americans must now earn $544,518 to be among the wealthiest, up from $378,374.
The personal finance site defined 'rich' as those within the top 5 percent of earners in each state.
In order to be within this category in 12 US states, workers must earn a salary of over $500,000, it found, as household spending power has eroded.
GOBankingRates compared US Census Bureau salary data from 2017 and the latest available data from 2022 to see how the earnings threshold to be among the top 5 percent had changed over a five-year period.
In Washington, residents had to earn $378,374 in 2017 to be among the top 5 percent of earners. But in 2022, the median income of the top 5 percent had soared to $544,518.
Washington is home to big paying firms like Microsoft and Amazon as well as Starbucks and T Mobile - all based in and around Seattle. It is a far cry from its days as the birthplace of grunge and bands like Nirvana.
Nevada saw the second biggest jump over the time period - up 40.41 percent from $320,403 in 2017 to $449,872 in 2022.
Residents in Las Vegas say they have been priced out of the once-affordable city as wealthy Californians have flocked to Nevada - pushing up housing costs.
Rent in Sin City...
(Excerpt) Read more at dailymail.co.uk ...
...compared to the rest of the world, definitely!
Income statement vs. Balance Sheet. Earnings do not equate to wealth.
“Never had big money”
Neither have I’m thankful to have always had just enough.
The Brits obsession with us is bizarre.
It is HOW you spend your “riches” that matters.
Was thinking the same. Income is a very poor metric of “wealth.” There’s a huge difference between someone making a $300,000/year who spends it all and has no savings/investments and someone making a $300,000/year who has $10 million in assets.
Congress has figured that out. :)
I am Elmer J. Fudd, millionaire. I own a mansion and a yacht.
-PJ
Bingo! Paycheck vs Savings.
There is a difference between being “rich” and being “wealthy”. Being rich is having a lot of money (usually from one source, think lottery winners, actors and athletics). Being wealthy is having a lot of money from a lot of different sources, usually investments, owning a business, savings).
Many people can become “rich” but few have the knowledge and skill to become “wealthy”
A lot of rich people do not remain rich once that flow of money stops.
Anyone even if they are not talented or a lottery winner can become “rich” and it is not the amount of money you make either. The secret is don’t spend more then you make, and put away a little for the future and be wise in your investments.
Credit cards are the one way to guarantee you will never be rich (unless you pay them off each month). The interest paid on the monthly balance is the money you could be saving and eventually investing.
- things I have learned over the 70 years on this earth.
😂😂😂👍
Being wealthy has little or nothing to do with income.
Most wealthy people’s net worth is related to assets and capital gains, many of them file 1040s with little or no income.
All sound advice. I view dollars as honey bees. If you take good care for them they can go out and work for you and bring back more honey every day or you can spend them and they never bring back anything.
Wealthy people don't need jobs, they have passive incomes that produce honey every month.
I agree. Wealthy people often work because they enjoy it but the wealthy don’t work to “pay the bills” and can just live off the income stream produced by their wealth. I always equated being wealthy with the ability to increase one’s net worth over time while also living well on passive income.
I am rich in spirit.
“Wealthy people don’t need jobs, they have passive incomes that produce honey every month.”
Good way to say that. Never heard it better.
Rich = Having “F.U.” Money
If that's what it takes to be considered wealthy today, then at 76, almost 77, I'm poverty level.
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