The site used U.S. Census Bureau income data to determine the salary a household needs to earn to be in the city’s top 5% of earners – what they define as “rich.”
In Utah, you’ll need to earn $198,875 or more to be considered a “rich” person in the top 5% of the states nearly 3.4 million residents.
The ultra-rich, or the top 5% of earners in Utah, make way more: $517,405 on average, according to the analysis.
In nearly every state Go Banking Rates studied, you’d need a six-figure salary to qualify as “rich.” In some of the priciest spots, you need to be bringing home much more. In San Francisco, for example, you’ll need to earn about $239,000 to be in that top tier.
Of the 50 states included, Mississippi was the one with the lowest threshold to enter the top 5%. Earning $154,076 or more would land you in the top fifth of the state’s earners.
Nationwide, the Census found the median household income was $67,521 in 2020. That’s a nearly 3% decline from the year before, the first statistically significant drop and perhaps not a big surprise given the pandemic and ensuing economic fallout.
The poverty rate also climbed in 2020 to 11.4%.
See the full list from Go Banking Rates here.