How Much Do You Need to Earn to Be Rich In New Jersey?
We all know there are a a lot of rich people in New Jersey. But what does it take to be considered rich in the Garden State?
The definition of rich in New Jersey is an interesting one, and according to Go Banking Rates, it takes more money to be rich here in the Garden State than it does in just about any other state in the nation.
As you can imagine, the numbers are staggering, according to the report. They might even be higher numbers than you would guess. The only state in the United States where it takes more money to be considered rich is Connecticut .
So here are some of the numbers. First, to be rich you would have to have earnings in the top 5% in your state. So what does that mean in the Garden State? Here's a hint. The average household income to be in the top 1% in New Jersey is $1,581,829.
The absolute minimum you need to make to be in the top 1% is $588,575. Wow! So what does the top 5% look like. It looks something like this. An annual household income of $495,447 will make you rich in our fine state.
And by the way, the minimum you need to make to be in that top 5% is about $250,000. This is the part where we remind you that money is not the only thing that makes you rich, despite the definition of rich in this article.
We live in a beautiful place, which most people in the nation consider a vacation destination, and we live here. We also live among the nicest, most generous, most neighborly people around, and no amount of money can buy that.
So, in our own way, we are rich. That's not to say we wouldn't want a piece of that money that's floating around the top 5% in the state. It certainly wouldn't hurt, right?