People have settled on the exact salary you need to be earning to be considered 'rich'
Niamh Shackleton
Featured Image Credit: Getty Stock Image
Whether you're particularly money driven or not, there's no denying a large majority of us would like to be rich.
It might be frequent holidays or flash cars that you would want to splash the cash on (see you later, Toyota Prius) - but for many of us this is just a pipe dream.
And now it's been revealed how much you actually need to earn to be considered 'rich'.
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It's not in the millions though like you'd expect, but arguably a slightly more attainable figure.
While more attainable, the average US citizen will still need to earn almost three times as much as they are doing now...
According to Forbes, as of 2023, the average yearly salary across the US comes in at $59,428 and some of the best money is being made in the likes of Washington, California, New York and Massachusetts.
On the other hand, the states with the lowest incomes are Arkansas, Mississippi and West Virginia, with salaries ranging from $45,000 to $49,000; but if it makes you feel any better, the average UK salary comes in at just £33,402 ($40,824).
Now, in a new survey conducted in Australia, news.com.au asked 50,000 people what salary a person needs to be considered as 'rich'.
The results found that 55.3 percent of participants class a yearly income of $250,000 AUD or more as making you wealthy, while just 19.6 percent said $200,000 - $250,000 AUD.
This translates to around $160,707 USD for Americans - 2.7 times more that was the average person is making. Ouch.
Adding further salt to the wound, Sarah Megginson, money expert at Finder, said being rich in the tough economic settings that the globe is facing at the moment is near enough impossible.
“The amount of money you need to earn in order to pay your bills and live comfortably is really different to the amount you need to feel rich,” she explained to the news outlet.
"The baseline test is different for everyone, but basically if you add up all of your everyday expenses and bills, then add a buffer of 10-20 percent - then that’s the wage you need to earn to be comfortable and not suffer in the current economy."
With this in mind, a lost of US citizens have redefined what the 'American Dream' means to them and now simply want to live comfortably.
According to a survey by e-commerce platform GoDaddy which quizzed 1,000 business owners in June 2023, 56 percent said they'll have achieved the 'American Dream' if they're living a 'comfortable lifestyle' - which requires a certain level of financial stability.
BRB, off to put all my clothes on Vinted.