According to a 2019 Modern Wealth Survey from Charles Schwab, Americans reported needing an average of $2.3 million in personal net worth to be identified as wealthy.
@manch $5M would be very wealthy.
5M is also my target - per person.
The top 1% of income earners is also often used to categorize the rich. Those people made at least $719,000 in 2017, according to the most recent wage data reported by the Economic Policy Institute, a nonprofit think tank.
Please tell us if you earn more than $719k.
When it comes to taxes, the standard for wealth is set lower. Single taxpayers only need to have an annual income of $204,100 in 2019 before they fall within the 35% tax bracket. For married couples filing jointly, incomes greater than $408,200 are subject to the 35% tax bracket.
Trump needs to do another tax reform.
Rich depends on age. The younger you are the more you need. The rule of thumb is you need 100/4 times the income you need to live. So if need $100k income to live comfortably, you need $2.5m to feel rich. Which is what the average person believes. But if you are 85 $2.5m is hardly necessary. However at 25, $2.5m could disappear due to life circumstances or bad investments
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