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? ›

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. These figures underscore the subjective nature of financial classifications across different thresholds of wealth.

According to Financial Samurai, as of 2024, a consistent top 1% income starts at $650,000 annually across all ages.

The median household income across all 345 cities is $77,345, making middle-class income limits fall between $51,558 and $154,590. On a state level, it takes the most money to be middle class in New Jersey. A household making between $64,224 and $192,692 would be considered middle class on a state level.

Test 2: Comparing your income

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.

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. This reflects the state's high cost of living and affluent communities, particularly those near New York City.

The high-income threshold for FY23-24 is $167,500. This article explores how the high-income threshold can be met by part-time employees for these two different purposes.

Upper middle class: Anyone with earnings in the 60th to 80th percentile would be considered upper middle class. Those in the upper middle class have incomes between $89,745 and $149,131. Upper class: Finally, the upper class is the top 20% of earners and they have incomes of $149,132 or higher.

“A salary range of $80,001 to $95,000 is more reasonable for living comfortably, this aligns more closely with the reality in high-cost living areas.”

New Jersey median state income in 2022 was $96,346 which was one of the highest. Households in the Garden State could earn between $60k to $190k and still be considered middle class.

Based on that number, if you earn between $50,000 and $150,000 a year, you qualify as middle class. Around half of Americans fall into the middle-class category as of 2021, according to the Pew Research Center, but the numbers have been shrinking over time, down from 61% in 1971.

What is middle class in NY? ›

To be considered middle class, you must have “an annual household income that is two-thirds to double the median income,” according to GOBankingRates. More Local News. In New York, the income range to be considered middle class is $54,257 to $162,772, according to the study.

From 1987 to 2019, Connecticut was the richest state in the US as measured by per capita personal income. In 2020, it lost out — by $10 — to neighboring Massachusetts.

However, the amount to be considered “wealthy” in New Yorkers is an average net worth of $3.3 million. It's clear that non- financial assets like health and family resonate far more when defining wealth than having large sums of money, as a significant portion (45%) also reported living paycheck to paycheck.

The most commonly quoted figure for qualification as a high-net-worth individual is at least $1 million in liquid financial assets, excluding personal assets such as a primary residence. Investors with less than $1 million but more than $100,000 in liquid assets are considered sub-HNWIs.

The most recent data from the Fed's Survey of Consumer Finances took a snapshot of the American public at the end of 2022. At that point, a net worth of $3,795,000 was enough to put you in the top 5% of all American households. If that number has your head spinning, there are some important details you should consider.

A Business Insider analysis of 2022 US Census Bureau data, the latest year for which data is available, has found that 21.1% of people in Washington, DC, are considered upper class, with household incomes above $202,000.

How much money is considered generational wealth? For any amount of wealth to be considered generational wealth, it simply has to be passed down by at least one generation; however, there is no definitive number that constitutes generational wealth because wealth is relative.