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

FAQs

What salary is considered rich in CT? ›

The No. 1 richest state, meanwhile, is Connecticut, where residents have to bring in roughly $656,000 to be among the top earners. Washington state has seen the most dramatic growth in what it takes to be rich in recent years, according to the report. In 2017, a salary of about $378,000 would land you in the 5% club.

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.

Upper class: greater than $153,000.

The average net worth of someone younger than 35 years old is $183,500, as of 2022. From there, average net worth steadily rises within each age bracket. Between 35 to 44, the average net worth is $549,600, while between 45 and 54, that number increases to $975,800.

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.

Your household would need to earn at least $64,224 to be considered middle class in the Garden State, and earning more than $192,692 would put you in the upper class.

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. Their affluence can have different origins, of course.

While ZipRecruiter is seeing salaries as high as $222,793 and as low as $56,187, the majority of 200K salaries currently range between $164,651 (25th percentile) to $194,454 (75th percentile) with top earners (90th percentile) making $207,646 annually in New Jersey.

How much does an Upper Class make? As of May 23, 2024, the average annual pay for the Upper Class jobs category in the United States is $59,699 a year. Just in case you need a simple salary calculator, that works out to be approximately $28.70 an hour.

What is the middle class in 2024? ›

What is the average middle class income? In 2024, a large U.S. city's middle-class income averages between $52,000 and $155,000, with the median household income across all 345 cities at $77,345, making middle-class income limits fall between $51,558 and $154,590, SmartAsset noted.

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.

In 2022, the average savings account balance in the United States was $62,410, while the median balance was only $8,000. The average and median balances vary depending on age, with older generations having more savings.

A general rule of thumb is that your net worth in your 50s should be around four to five times your annual salary, said Jeff Rose, CFP and founder of Good Financial Cents. For instance, he said that if someone's earning $60,000 annually, their net worth might ideally be in the ballpark of $240,000 to $300,000.

How Many Americans Are Living Paycheck to Paycheck? A 2023 survey conducted by Payroll.org highlighted that 78% of Americans live paycheck to paycheck, a 6% increase from the previous year.

In Connecticut, households need to earn an annual income of $952,902 or more to be part of the top 1% of earners.

You'll need to earn more than half a million annually to be considered among the highest earning residents in 11 states and Washington, D.C. "This comes down to cost of living," Murray said.

If you make $100,000 a year living in the region of Connecticut, USA, you will be taxed $29,908. That means that your net pay will be $70,092 per year, or $5,841 per month.