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

FAQs

How much money do you have to have to be considered Upper Class? ›

In some states, Americans need to earn more than $1 million annually to be a part of the top 1%. In other states, they can earn less than $500,000 to earn that distinction, the study suggests.

Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year. The top 5% of income earners make $335,891 per year.

In fact, 60% of people with $1 million or more in investable assets classified themselves as upper-middle class and another 31% actually placed themselves squarely in the middle class according to a study by Ameriprise Financial.

An income of $300,000 a year is generally considered to be upper-middle class or even rich, particularly in regions with a lower cost of living. This classification can vary based on geographic location, family size and the local cost of living.

Nationwide, it takes $787,712 to be in the top 1% of earners. 1.49 million tax returns in the U.S. met this criteria in 2021. To be in the top 5% of American earners, you'll need to earn at least $290,185 annually.

There are estimated to be a little over 8 million households in the US with a net worth of $3 million or more.

If you're in the upper class, you're sitting pretty. The top 10% of earners have an average net worth of $2.65 million. Even if you're squeaking into the upper class (the 80-90% range), you're looking at about $793,000.

Where you rank by income. According to the Census Bureau's Income in the United States: 2022 report, the median household income is $74,580 (a 2.3% decline from 2021), while household income levels for each class level are as follows: Lower class: less than or equal to $30,000. Lower-middle class: $30,001 – $58,020.

Am I middle or upper class? ›

In the 2023 CPS ASEC data, which reports income for 2022, middle-income households with three people have incomes ranging from about $61,000 to $183,000 annually. “Lower-income” households have incomes less than $61,000, and “upper-income” households have incomes greater than $183,000.

The American upper class is a social group within the United States consisting of people who have the highest social rank, due to economic wealth, lineage, and typically educational attainment. The American upper class is estimated to be the richest 1% of the population.

In California, the difference is $122,000, from a salary of $61,028 on the lower end to $183,102 on the upper end. A person considered middle class in California and many other states could easily rank among the wealthiest in Mississippi, which had the lowest middle class range on SmartAsset's list.

While ZipRecruiter is seeing annual salaries as high as $108,000 and as low as $20,000, the majority of salaries within the Upper Class jobs category currently range between $39,000 (25th percentile) to $68,000 (75th percentile) with top earners (90th percentile) making $86,000 annually across the United States.

Some sources define the upper middle class as anyone making a lot of money but haven't crossed the threshold to become truly wealthy. These individuals often have a net worth of at least $500,000 to $2 million.

Is Earning $350,000 A Year Considered Rich? At $350,000 a year, you're living a upper middle class lifestyle in an expensive coastal city. In a heartland or southern city, earning $350,000 a year is considered rich.