BOSTON (WHDH) - There is a major disconnect between how much the average person believes they need to earn to be “rich” and the reality of what they actually need to earn, according to new findings released by GOBankingRates.
The financial institution asked more than 5,000 Americans what level of annual income they believe makes you rich. Those who participated in the survey chose from six options: $100,000 or more; $200,000 or more; $500,000 or more; $1 million or more; $5 million or more; $10 million or more.
Most Americans, 26.22 percent of them, believe $1 million is what one needs to be considered rich. The survey found 21.15 percent of people feel $500,000 was the benchmark.
Researchers say Americans don’t understand what they actually need to make to be in the top 5 percent of income earners in their respective state.
An income of $250,000 puts one in the top 5 percent of earners in the Bay State even though the survey found that most believe it takes nearly four times that amount to be wealthy.
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