Payam Javan: Being ‘rich’ could be subjective; there may not be a specific amount of money required to be deemed wealthy.
Go Banking Rates has conducted a statistical research to determine how much money one needs to be deemed ‘wealthy’ in 50 U.S. cities.
The Bay Area has three of the top five cities, with Oakland at number five, San Jose at number two, and San Francisco at number one.
According to the analysis, one must have the greatest average income to be called wealthy, which entails being among the city’s top 20% earners.
In wealthy Oakland, the lowest average income to consider is $161,345.
In comparison, the number for 50th-placed Detroit is $66,139, a difference of approximately $100,000.
To be considered wealthy in San Jose, one must earn a minimum of $214,975.
San Francisco has a figure of $239,840.
Below is the list of the top 10 cities with the highest average income needed to be considered among the walthy.
Rank City Lowest Average Income to be Considered ‘Rich”
- San Francisco, Calif. $239,840
- San Jose, Calif. $214,975
- Washington, District of Columbia $189,293
- Seattle, WA $186,063
- Oakland, Calif. $161,345
- Boston, MA $159,024
- San Diego, Calif. $157,252
- Austin, TX $145,166
- New York, NY $144,541
- Denver, CO $141,801
Los Angeles ($135,373) is ranked 13th, Long Beach ($127,021) is ranked 19th, and Sacramento ($121, 986) is placed 21st on the list.