Summary
The article discusses how income levels required to be considered "rich" vary across different U.S. states. To be in the top 10% of earners, residents in states like West Virginia need less income compared to states like Massachusetts and Washington, D.C. where the threshold is higher. The cost of living and local economic factors greatly influence these differences.
Key Facts
- In West Virginia, earning under $200,000 annually places someone in the top 10% of earners.
- In Washington, D.C., it takes over $630,000 to be in the top 10% of earners.
- Nationally, a household needs around $210,000 annually or $1.8 million in net worth to be among the wealthiest 10%.
- The income threshold for the top 10% in some states can be between $198,000 and $387,000.
- Factors such as housing and living costs impact how income translates into wealth across states.
- The top 10% income in states with a high cost of living like Massachusetts may be three times the middle-class income.
- Lower living costs in states like Arkansas and Mississippi mean the rich earn less compared to other states, but their money goes further.
