How Would You Rate YOUR Standard of Living? An interesting question, right? And one we tackle here.
As of Today: How Would You Rate YOUR Standard of Living?
In the United States, earnings can be classified in many ways. According to the chart below, one way is poor, neither rich nor poor, or rich?
Income/wealth is distributed quite unevenly in the United States and around the world. And high poverty rates exist globally. But today, we look at the upper end of the income spectrum. How affluent Americans live. Their demographics and behavior impact many firms. In the United States, 28 percent of households earn at least $100,000 per year. However, the cost of living also affects affluence. It differs dramatically by a person’s location.
Yet, a recent study by YouGov, summarized by Niall McCarthy for Statista, found that:
How much you must earn in a year in the U.S. before someone considered you rich varies. According to a YouGov poll, that depends heavily on whom you ask. The research found that the American public considers an annual income between $90,000 and $100,000 necessary to be deemed rich. The fieldwork, a survey carried out in September 2018, found that 76 percent of respondents think an annual income of $10,000 constitutes ‘poor.’ That label gets shaken off once yearly earnings hit $30,000 with half of the population saying someone in this income category is neither rich nor poor. “
“There is a sense of division as to whether a $90,000 paycheck makes someone rich or poor. But, a majority of 56 percent of respondents agree that a person earning $100,000 a year qualifies as ‘rich.’ The survey also asked people how rich or poor they consider themselves. With 64 percent saying they are neither. According to the Department of Health and Human Services, the 2019 poverty line for a family of four in the U.S. is an income of $25,470 a year. 12.3 percent of the population, 39.7 million people, lived in poverty in 2017.”