Here’s what it takes to be considered ‘rich’ in Utah

National

UTAH (ABC 4) – Have you ever wondered how your income stacks up against your neighbors? New data analysis by Go Banking Rates shows how much you need to make to be considered rich in all 50 states.

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.

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