New figures from Charles Schwab show in the famously expensive Bay Area you must have $4.2 million in total holdings to be considered wealthy.
The figure is nearly double the national average of $2.4 million.
While earning $115,000 annually puts you in the “well off” category across the nation, Charles Schwab notes you’ll need to make more than $300,000 a year to earn that status in the Bay Area.
NBC Bay Area’s Scott Budman has more in the video report above.
Nationwide, if you make more than $115,300, you’re considered “upper class.”
In the Bay Area, you have to make at least $300,000.
If your net worth here is $4.2 million, then you get to be considered “wealthy.”
Source: Charles Schwab
— scott budman (@scottbudman) April 14, 2019
This post was originally posted at http://www.nbcbayarea.com/news/local/You-Need-to-Have-42-Million-to-Be-Considered-Wealthy-in-the-Bay-Area-Report-508612661.html.