How Much You Need To Be ‘Rich’ in 50 Major US Cities in 2024
What it means to be rich varies by a lot of factors including income, lifestyle and, more specifically, region. Your money goes a lot farther in some areas of the country, but one thing is certain: In the most populated cities in the United States, to be considered “rich,” you’ve got to earn at least six figures per year.
What used to seem like a rich salary may not buy what it used to, due to inflation. While inflation has come down from its peak of 9.1% in June 2022, it’s still hovering at 3.5%, which is more than the Fed’s preferred rate of 2%.
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To dig deeper into the numbers, GOBankingRates found the the income a household would have to earn to be considered rich, as sourced from the U.S. Census American Community Survey. The total population, total households and mean household income were also found. The states were sorted by mean income for the top 20% and the top 5%. Any income upper limits over $250,000 are marked as $250,000+. States like California, Colorado, Texas and Florida had the most cities on this list.
Also see how much you need to earn to live comfortably in 50 cities.
Key Findings
The top 5% are earning an average income of $500,000+ in 22 cities.
The top 5% in San Francisco are earning more than $683,000 than the top 5% in Detroit.
In five California cities, the top 5% earn over $570,000 per year.
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1. San Francisco
Population: 851,036
Mean household income: $197,408
Lowest income to be considered “rich” (top 20%): $250,000+
Average income of the top 20%: $532,010
Average income of the top 5%: $937,518
Explore More: 7 Things the Middle Class Won’t Be Able To Afford in the Next 5 Years
2. Atlanta, Georgia
Population: 494,838
Mean household income: $128,965
Lowest income to be considered “rich” (top 20%): $175,779
Average income of the top 20%: $384,230
Average income of the top 5%: $763,851
3. San Jose
Population: 1,001,176
Mean household income: $179,853
Lowest income to be considered “rich” (top 20%): $250,000+
Average income of the top 20%: $441,439
Average income of the top 5%: $722,013
4. Seattle
Population: 734,603
Mean household income: $161,694
Lowest income to be considered “rich” (top 20%): $239,417
Average income of the top 20%: $417,847
Average income of the top 5%: $719,713
5. Washington, DC
Population: 670,587
Mean household income: $150,292
Lowest income to be considered “rich” (top 20%): $226,254
Average income of the top 20%: $405,867
Average income of the top 5%: $719,253
6. New York
Population: 8,622,467
Mean household income: $122,667
Lowest income to be considered “rich” (top 20%): $172,300
Average income of the top 20%: $351,944
Average income of the top 5%: $694,605
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7. Boston
Population: 665,945
Mean household income: $132,509
Lowest income to be considered “rich” (top 20%): $196,892
Average income of the top 20%: $366,452
Average income of the top 5%: $677,288
8. Oakland
Population: 437,825
Mean household income: $139,468
Lowest income to be considered “rich” (top 20%): $210,026
Average income of the top 20%: $372,428
Average income of the top 5%: $643,643
9. Los Angeles
Population: 3,881,041
Mean household income: $116,961
Lowest income to be considered “rich” (top 20%): $164,925
Average income of the top 20%: $324,962
Average income of the top 5%: $621,555
10. Tampa
Population: 388,768
Mean household income: $109,168
Lowest income to be considered “rich” (top 20%): $150,615
Average income of the top 20%: $314,166
Average income of the top 5%: $605,027
11. Charlotte, North Carolina
Population: 875,045
Mean household income: $113,613
Lowest income to be “rich” (top 20%): $153,226
Average income of the top 20%: $308,225
Average income of the top 5%: $599,407
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12. Denver
Population: 710,800
Mean household income: $122,771
Lowest income to be “rich” (top 20%): $173,814
Average income of the top 20%: $319,835
Average income of the top 5%: $581,756
13. San Diego
Population: 1,383,987
Mean household income: $132,533
Lowest income to be “rich” (top 20%): $191,790
Average income of the top 20%: $330,968
Average income of the top 5%: $572,131
14. Dallas
Population: 1,300,642
Mean household income: $102,023
Lowest income to be considered “rich” (top 20%): $136,833
Average income of the top 20%: $290,200
Average income of the top 5%: $571,512
15. Austin, Texas
Population: 958,202
Mean household income: $122,474
Lowest income to be considered “rich” (top 20%): $173,800
Average income of the top 20%: $315,243
Average income of the top 5%: $565,822
16. Chicago
Population: 2,721,914
Mean household income: $108,346
Lowest income to be considered “rich” (top 20%): $155,644
Average income of the top 20%: $299,962
Average income of the top 5%: $564,032
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17. Houston, Texas
Population: 2,296,253
Mean household income: $97,458
Lowest income to be considered “rich” (top 20%): $132,911
Average income of the top 20%: $276,765
Average income of the top 5%: $537,750
18. Raleigh, North Carolina
Population: 465,517
Mean household income: $112,110
Lowest income to be considered “rich” (top 20%): $159,624
Average income of the top 20%: $289,058
Average income of the top 5%: $526,438
19. Miami
Population: 443,665
Mean household income: $90,171
Lowest income to be considered “rich” (top 20%): $124,103
Average income of the top 20%: $263,749
Average income of the top 5%: $524,714
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20. Minneapolis
Population: 426,877
Mean household income: $108,980
Lowest income to be considered “rich” (top 20%): $156,962
Average income of the top 20%: $285,378
Average income of the top 5%: $514,078
21. Portland, Oregon
Population: 646,101
Mean household income: $117,687
Lowest income to be considered “rich” (top 20%): $171,554
Average income of the top 20%: $297,608
Average income of the top 5%: $512,319
22. Virginia Beach
Population: 457,900
Mean household income: $113,388
Lowest income to be considered “rich” (top 20%): $158,712
Average income of the top 20%: $268,826
Average income of the top 5%: $467,562
23. Omaha
Population: 489,201
Mean household income: $97,761
Lowest income to be considered “rich” (top 20%): $135,647
Average income of the top 20%: $250,745
Average income of the top 5%: $466,848
24. Tulsa
Population: 411,938
Mean household income: $86,593
Lowest income to be considered “rich” (top 20%): $119,444
Average income of the top 20%: $236,249
Average income of the top 5%: $453,832
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25. Phoenix
Population: 1,609,456
Mean household income: $99,862
Lowest income to be considered “rich” (top 20%): $140,280
Average income of the top 20%: $252,462
Average income of the top 5%: $452,615
26. Las Vegas
Population: 644,835
Mean household income: $93,515
Lowest income to be considered “rich” (top 20%): $131,105
Average income of the top 20%: $242,057
Average income of the top 5%: $448,404
27. Long Beach
Population: 462,293
Mean household income: $104,313
Lowest income to be considered “rich” (top 20%): $154,067
Average income of the top 20%: $256,517
Average income of the top 5%: $425,993
28. Bakersfield, California
Population: 404,321
Mean household income: $99,270
Lowest income to be considered “rich” (top 20%): $144,102
Average income of the top 20%: $244,729
Average income of the top 5%: $421,975
29. Philadelphia
Population: 1,593,208
Mean household income: $84,435
Lowest income to be considered “rich” (top 20%): $122,031
Average income of the top 20%: $229,214
Average income of the top 5%: $418,544
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30. Baltimore
Population: 584,548
Mean household income: $85,857
Lowest income to be considered “rich” (top 20%): $124,931
Average income of the top 20%: $232,360
Average income of the top 5%: $418,213
31. Colorado Springs
Population: 479,612
Mean household income: $102,139
Lowest income to be considered “rich” (top 20%): $146,151
Average income of the top 20%: $243,601
Average income of the top 5%: $411,478
32. Sacramento
Population: 523,600
Mean household income: $102,258
Lowest income to be considered “rich” (top 20%): $149,820
Average income of the top 20%: $248,291
Average income of the top 5%: $409,032
33. Forth Worth, Texas
Population: 924,663
Mean household income: $97,226
Lowest income to be considered “rich” (top 20%): $141,354
Average income of the top 20%: $236,753
Average income of the top 5%: $406,613
34. Memphis
Population: 630,027
Mean household income: $74,176
Lowest income to be considered “rich” (top 20%): $103,177
Average income of the top 20%: $205,876
Average income of the top 5%: $401,590
Read More: What Income Level Is Considered Middle Class in Your State?
35. Wichita, Kansas
Population: 395,951
Mean household income: $84,475
Lowest income to be considered “rich” (top 20%): $119,155
Average income of the top 20%: $215,255
Average income of the top 5%: $397,367
36. Jacksonville, Florida
Population: 950,203
Mean household income: $87,378
Lowest income to be considered “rich” (top 20%): $123,582
Average income of the top 20%: $219,026
Average income of the top 5%: $395,555
37. Aurora, Colorado
Population: 387,349
Mean household income: $101,182
Lowest income to be considered “rich” (top 20%): $145,377
Average income of the top 20%: $236,075
Average income of the top 5%: $395,111
38. Oklahoma City
Population: 681,088
Mean household income: $88,664
Lowest income to be considered “rich” (top 20%): $126,695
Average income of the top 20%: $223,674
Average income of the top 5%: $394,991
39. Indianapolis, Indiana
Population: 882,006
Mean household income: $82,697
Lowest income to be considered “rich” (top 20%): $117,890
Average income of the top 20%: $211,280
Average income of the top 5%: $382,816
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40. Fresno, California
Population: 541,528
Mean household income: $85,872
Lowest income to be considered “rich” (top 20%): $126,949
Average income of the top 20%: $218,549
Average income of the top 5%: $379,858
41. Mesa, Arizona
Population: 503,390
Mean household income: $95,399
Lowest income to be considered “rich” (top 20%): $135,842
Average income of the top 20%: $224,556
Average income of the top 5%: $379,775
42. Kansas City, Missouri
Population: 505,958
Mean household income: $87,670
Lowest income to be considered “rich” (top 20%): $129,274
Average income of the top 20%: $217,757
Average income of the top 5%: $378,734
43. Arlington, Texas
Population: 393,469
Mean household income: $92,583
Lowest income to be considered “rich” (top 20%): $136,970
Average income of the top 20%: $218,633
Average income of the top 5%: $358,865
44. Albuquerque
Population: 562,551
Mean household income: $83,679
Lowest income to be considered “rich” (top 20%): $124,852
Average income of the top 20%: $209,122
Average income of the top 5%: $355,455
Check Out: 7 Ways the Upper Middle Class Can Become Rich in 2024
45. San Antonio, Texas
Population: 1,445,662
Mean household income: $80,313
Lowest income to be considered “rich” (top 20%): $117,080
Average income of the top 20%: $199,993
Average income of the top 5%: $344,150
46. Columbus, Ohio
Population: 902,449
Mean household income: $82,282
Lowest income to be considered “rich” (top 20%): $120,516
Average income of the top 20%: $197,025
Average income of the top 5%: $330,321
47. El Paso
Population: 677,181
Mean household income: $75,349
Lowest income to be considered “rich” (top 20%): $113,003
Average income of the top 20%: $189,986
Average income of the top 5%: $326,252
48. Milwaukee
Population: 573,299
Mean household income: $67,046
Lowest income to be considered “rich” (top 20%): $99,086
Average income of the top 20%: $167,912
Average income of the top 5%: $289,451
49. Tuscon, Arizona
Population: 541,033
Mean household income: $69,553
Lowest income to be considered “rich” (top 20%): $102,207
Average income of the top 20%: $169,876
Average income of the top 5%: $283,577
50. Detroit
Population: 636,787
Mean household income: $54,054
Lowest income to be considered “rich” (top 20%): $80,958
Average income of the top 20%: $143,982
Average income of the top 5%: $253,775
Bob Haegele contributed to the reporting for this article.
Methodology: For this study, GOBankingRates found the the income a household would have to earn to be considered rich. First GOBankingRates found the household income by quintile and the quintile upper limits both sourced from the US Census American Community Survey. The total population, total households, and mean household income were also found from the US Census American Community Survey. The states were sorted by mean income for top 20%. Any income upper limits over $250,000 are marked as $250,000+. All data was collected on and is up to date as of April 9, 2024.
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This article originally appeared on GOBankingRates.com: How Much You Need To Be ‘Rich’ in 50 Major US Cities in 2024
