Arizonans need to make $107K to be considered ‘rich,’ study finds
Sep 19, 2017, 6:03 AM | Updated: 11:33 am
(Flickr/MoneyBlogNewz)
(Flickr/MoneyBlogNewz)
PHOENIX — Arizona is a state of many riches: From the abundance of mountainous scenery to the award-winning local restaurants, it seems like the state has it all. But what does it take to truly be considered “rich” in Arizona?
According to Business Insider, Arizona residents need to make at least $107,120 each year to be considered “upper income” or “rich” — a far cry from the state’s median annual household income, which was $35,880 in 2016.
About 20 percent of Americans are upper-income, according to Pew Research Center, which means they make at least two times the national median household income, which was $59,039 in 2016. The national upper-income threshold was $118,080 per year.
The amount of annual income that it takes to be considered “rich” varies state-by-state. For example, a Mississippi resident would need to earn $83,510 to be considered upper-income, while someone in Massachusetts would need to earn $150,590 each year.
But being considered “upper-income” or “rich” is not always the same as being in the top 1 percent of earners in the country. In 2016, the top 1 percent of American earners made $389,436 per year — pre-taxes, according to the report.
