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Your Take: How Much Income to Feel “Rich”?

Posted By Jim On 01/13/2012 @ 7:16 am In Your Take | 35 Comments

A recent Gallup poll [3] asked, among other things, respondents how much income they would need to earn a year in order to feel rich. 70% of the respondents that gave a number (10% didn’t give a number) said they would need to earn $100,000 or more with the median number being $150,000. 4% said over a million dollars and 11% said a million dollars. Compare this to 2004, the last time Gallup did a similar poll, and back then $120,000 was the median number, which happens to be $147,665.87 if you adjust for inflation (BLS CPI calculator [4]). The median annual household income, according to the US Census, is around $50,000.

What’s interesting about this poll and the answers is that the median result didn’t change much despite everything that has happened since 2003. In 2003, we were still working out aftermath of the dot com bubble and 9/11 but the stock market was improving after hitting its lows in late 2002. Hopefully we’re going through the same today having seen the lows already.

Here comes the obvious question… how much income do you think you’d need to earn to feel rich?

(Photo: nowhere77 [5])

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[3] Gallup poll: http://www.gallup.com/poll/151427/Americans-Set-Rich-Threshold-150-000-Annual-Income.aspx

[4] BLS CPI calculator: http://data.bls.gov/cgi-bin/cpicalc.pl?cost1=120000&year1=2003&year2=2011

[5] nowhere77: http://www.flickr.com/photos/nowhere77/4676704728/sizes/s/in/photostream/

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