Thursday, November 30, 2023

How much money does it take to be top class?

According to a study by SmartAsset, in the United States, a family is considered to belong to the upper class considering the state in which it lives, because the research established that there are cities with high and low standards, depending on the purchasing power of those who live in it. .

The data analyzed for this study were obtained from the Internal Revenue Service and the Bureau of Labor Statistics.

For the Pew Research Center, households earning more than $100,000 per year are considered upper class. However, the Credit Suisse Global Wealth Report assures that they actually have a net worth of more than US$1,000,000.

Likewise, the study established that other aspects to determine if a family belongs to the upper class are education, occupation and lifestyle. In general, the upper class in the United States is a heterogeneous group, which includes people of different origins and experiences, who have one thing in common and that is that they have a high level of wealth and status. in society.

These are the five cities with the highest income standards

  • San Francisco, California: in this state you must have an annual income of at least US$1,383,101 to be considered part of the 1% of the city’s rich. This is an area where the demand for housing is high with a high cost of living.
  • San José, California: Located near San Francisco, those who live there must earn at least US$1,315,920 per year to join the upper class. Many technology companies are based in this city, which influences the high classification threshold.
  • Bridgeport, Connecticut – known for its prosperity. Here, the threshold to be part of the richest 1% is US$1,218,646 per year. The proximity to New York and the high concentration of financial companies contribute to high profits.
  • Hartford, Connecticut: Another Connecticut city on the list, Hartford, has a minimum limit of $1,146,280. The influence of financial institutions and corporations in the region pushes this figure.
  • New York City: The Big Apple is known for its high cost of living. There you need to earn US $1,144,931 a year to be part of the upper class. The diversity of career opportunities and population density contribute to this base.

The five cities with the lowest income thresholds to be upper-class

  • Macon, Georgia: At the other end of the scale, in Macon, Georgia, the threshold for being in the top 1% in the country is much lower. Here, an annual income of $198,756 would put a person among the richest.
  • Brownsville, Texas: In Brownsville, Texas, the number is even lower, with a threshold of $197,718. The low cost of living in South Texas explains this huge difference.
  • McAllen, Texas: Another city in Texas, McAllen, is following the same trend. Here, you need to earn $195,920 a year at 1%.
  • Gadsden, Alabama: In Gadsden, Alabama, the threshold is $194,321. The low cost of living in rural areas of the southern US contributes to this number.
  • Jackson, Mississippi: In the city of Jackson, earning $193,940 a year equates to being one of the city’s richest.
World Nation News Desk
World Nation News Desk
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