A recent GOBankingRates study utilizing IRS data reveals that the income required to be considered 'rich' varies widely across the U.S., reflecting regional differences in cost of living, local economies, and tax structures.
The definition of "rich" can vary dramatically depending on where you live in the United States. Cost of living, local economies, and tax structures all play a role in how much income is needed to be considered wealthy. A recent study by GOBankingRates, a platform focused on personal finance , examined the income thresholds required to be considered wealthy across the United States.
These numbers reflect the growing economies and increasing attractiveness of southern states for businesses and retirees, pushing incomes upward.Turning to the Midwest, Illinois requires $144,311 to be in its top 20%, indicative of the economic hub around Chicago. Meanwhile, in the Great Plains, Nebraska sets its 20% mark at $124,069, illustrating the moderate cost of living and steady economic conditions.
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