How much money do you have to earn to be considered rich in Charlotte?
Everything in life is relative — and it turns out that here in Charlotte, you’ve got to have a sizable income for most people to view you as rich.
We surveyed the Agenda audience and 40% of respondents don’t consider a local rich unless they’re bringing in at least $500,000.
According to the most recent Census numbers, the median household income in Charlotte is $55,599. If you make double that amount, or around $111,000, only 6.23% of Agenda readers surveyed think you’re rich.
In a recent Agenda survey to our 36,000+ daily newsletter subscribers, we asked the question: At what annual household income level do you consider “rich” in Charlotte? Here are the results:
- .23% said over $50,000
- 6% said over $100,000
- 9% said over $150,000
- 15% said over $200,000
- 16% said over $250,000
- 13% said over $300,000
- 25% said over $500,000
- 15% said over $1M
That income level is firmly in the top 1 percent.
According to a report from the Economic Policy Institute, the annual income required to be in the top 1 percent in North Carolina is $343,066.
It’s also double the median income of any area of Charlotte. The wealthiest neighborhood in town is Foxcroft, near the intersection of Colony and Morrison. The median household income there is $226,250, according to the city of Charlotte’s Quality of Life Explorer.
[Agenda related story: 10 best country clubs in Charlotte, ranked — including pricing data]
Researchers set the “rich” bar much lower.
The Pew Research Center considers roughly the top 20 percent of households to be “upper income,” or rich.
That would make Charlotteans making $120,000 rich.
For comparison, Atlantans who make more than $125,226 are considered rich, according to Business Insider. In San Jose, it’s $220,000. In New York City, it’s just under $144,000.