How much money it takes to be ‘rich’ in America for 2024 [Video]

The definition of “rich” can vary dramatically depending on where you live in the United States. Cost of living, local economies, and tax structures all play a role in how much income is needed to be considered wealthy. 

A recent study by GOBankingRates, a platform focused on personal finance, examined the income thresholds required to be considered wealthy across the United States. 

Utilizing IRS data, the analysis detailed the earnings needed to rank within the top 20% and top 5% of earners in each state. This research offers valuable insights into the varying definitions of wealth in different regions, highlighting the income disparities that define financial success across America.

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The highs and lows of wealth in America

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 …