Here's how much money it takes to be in the upper class in each state (2024)

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Here's how much money it takes to be in the upper class in each state? ›

Here's the list of all 50 U.S. states along with the annual income needed to be in the 1%. California ($844,266), New Jersey ($817,346), and Washington ($804,853) round out the top five states with the highest minimum thresholds to make it to their exclusive rich club.

Here's the list of all 50 U.S. states along with the annual income needed to be in the 1%. California ($844,266), New Jersey ($817,346), and Washington ($804,853) round out the top five states with the highest minimum thresholds to make it to their exclusive rich club.

The American upper class is distinguished from the rest of the population due to the fact that its primary source of income consists of assets, investments, and capital gains rather than wages and salaries. The American upper class is estimated to be the top 1% of the population.

The main distinguishing feature of the upper class is its ability to derive enormous incomes from wealth through techniques such as money management and investing, rather than engaging in wage-labor salaried employment, although most upper-class individuals today will still hold some sort of employment, which differs ...

Today, celebrities, politicians, investors, and other wealthy individuals fall into this group. In the United States, those who lived—and continue to live—in leadership roles in society are often considered part of the upper class. These are people whose status has been passed down through generations.

The income of those in the top 1% is many multiples above that of the average American. According to a Congressional Budget Office report, you need at least $652,657 in income per year to make the top 1%, but this varies by where you live.

The middle class is shrinking as a result of several factors including surging inflation, an aging population, and the rise of remote work, according to a new report from ConsumerAffairs. The federal poverty level for a family of four is $30,000 this year, according to the Department of Health and Human Services.

Many have graduate degrees with educational attainment serving as the main distinguishing feature of this class. Household incomes commonly exceed $100,000, with some smaller one-income earners household having incomes in the high 5-figure range. "The upper middle class has grown...and its composition has changed.

In 2020, according to Pew Research Center analysis, the median for upper income households was around $220,000 and the median for middle income households was slightly above $90,000.

Are millionaires upper class? ›

With that in mind, a net worth of $604,900 would put you in the upper 25% of American households and having $1 million or more should make you firmly a member of the upper class. Of course, it's important to remember that net worth is calculated by adding up your assets and then subtracting your liabilities.

Middle class: Those in the 40th to 60th percentile of household income, ranging from $55,001 to $89,744. Upper middle class: Households in the 60th to 80th percentile, with incomes between $89,745 and $149,131. Upper class: The top 20% of earners, with household incomes of $149,132 or more.

Millionaires prioritize avoiding consumer debt, making wise financial decisions, and aligning spending with long-term goals.

The terms “rich” and “wealthy” are often used interchangeably. Rich (or wealthy) people tend to have lots of free cash—and/or borrowing power—which they can spend on more goods and services. They can pay their bills easily, afford health care without worry, and often depend on a financially secure future.

The upper class is the social class composed of those who are rich, well-born, powerful, or a combination of those. They usually wield the greatest political power. In some countries, wealth alone is sufficient to allow entry into the upper class.

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.

As of the second quarter 2023, the average American household had wealth of $1.09 million. The average wealth of households in the top 1 percent was about $33.4 million. In the top 0.1 percent, the average household had wealth of more than $1.52 billion.

The average income needed to be in the 1% is $696,358 in these states. That's a higher income than is needed to be in the 1% of households nationwide, which is $652,657, according to SmartAsset.

You need more money than ever to enter the ranks of the top 1% of the richest Americans. To join the club of the wealthiest citizens in the U.S., you'll need at least $5.8 million, up about 15% up from $5.1 million one year ago, according to global real estate company Knight Frank's 2024 Wealth Report.

The entry point to the top 1% is very slightly higher than $1 million, but the average wealth of the top 1% is closer to $4m.