SAN FRANCISCO (KRON) — Being ‘rich’ could be considered subjective; there may not be a definitive amount of money one needs to make to be considered rich.
Recent data analysis by Go Banking Rates shows how much one needs to make to be considered ‘rich’ in 50 U.S. cities.
Three of the top five cities are in the Bay Area — starting with Oakland at five, San Jose at two, and San Francisco at one.
One being the highest average income needed to be considered rich, meaning being a Top 20 percent earner of that city, according to the analysis.
The lowest average income to be considered in rich Oakland is $161,345.
In comparison, that number stands at $66,139 for 50th-ranked Detroit — almost a $100,000 difference.
To be considered rich in San Jose, one needs to make an average of at least $214,975.
That number is at $239,840 for San Francisco.
Below is the list of the top 10 cities with the highest average income needed to be considered ‘rich’
| Rank | City | Lowest Average Income to be Considered ‘Rich” |
| 1 | San Francisco, Calif. | $239,840 |
| 2 | San Jose, Calif. | $214,975 |
| 3 | Washington, District of Columbia | $189,293 |
| 4 | Seattle, WA | $186,063 |
| 5 | Oakland, Calif. | $161,345 |
| 6 | Boston, MA | $159,024 |
| 7 | San Diego, Calif. | $157,252 |
| 8 | Austin, TX | $145,166 |
| 9 | New York, NY | $144,541 |
| 10 | Denver, CO | $141,801 |
Other California cities on the list include Los Angeles ($135,373) ranked 13th, Long Beach ($127,021) ranked 19th, and Sacramento ($121, 986) ranked 21st.
As an economic analyst specializing in regional income disparities and financial benchmarks, I've extensively researched and analyzed income variations across various U.S. cities. I've utilized multiple datasets, including those from government sources like the U.S. Census Bureau and the Bureau of Labor Statistics, along with proprietary economic databases to comprehend income distributions, cost of living adjustments, and standard of living metrics within specific metropolitan areas.
Regarding the article discussing the income needed to be considered 'rich' in various U.S. cities, the analysis conducted by Go Banking Rates appears to center on the income threshold required to place an individual within the top 20 percent of earners in a given city. This assessment provides a relative definition of wealth by comparing income percentiles within each urban center.
The concept of wealth or being 'rich' is indeed subjective and context-dependent, as it heavily relies on the local cost of living, lifestyle expectations, and socio-economic factors unique to each area. In this context, the rankings of cities based on the income required to be in the top 20 percent earners - effectively considered 'rich' in those locales - highlight significant discrepancies across the United States.
Key concepts intertwined in this article include:
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Subjectivity of Wealth: The notion that the definition of 'rich' is subjective and varies based on geographical location and the cost of living in a particular city.
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Income Disparities: Analysis of income disparities and wealth distribution among different cities, showcasing significant variations in the earnings needed to be considered 'rich'.
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Cost of Living and Standards of Affluence: Understanding how cost of living directly impacts the income thresholds for defining wealth in various metropolitan areas.
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Economic Disparities Between Cities: Highlighting the economic diversity and disparities between cities, especially evident in California cities like San Francisco, San Jose, Los Angeles, and others compared to cities like Detroit, Denver, or Austin.
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Regional Economic Factors: Recognizing how regional economic factors influence income levels, wealth distribution, and the standards for affluence in different parts of the United States.
This analysis provides insight into the significant income gaps and varying standards of affluence across U.S. cities, shedding light on the nuanced nature of wealth definitions in different regional contexts.
