Here’s the Minimum Net Worth Considered To Be Upper Class in New York
Written by
Brooke Barley
Edited by
Brendan McGinley
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New York City is one of the most expensive cities in not only the country but the world. That means the threshold to be considered part of the upper class in the Big Apple is going to be vastly higher than most places.
On average in the United States, households would have to earn $323,000 or more a year to be in the upper class, according to Forbes. How much does that figure differ from an upper-class New Yorker’s net worth?
What Is the Median Salary in New York City?
First, let’s get a baseline on earnings for New York City. According to Gusto, the median salary is $73,950 in New York City. Additionally, the small-business platform reported that 80% of people in the city’s salaries fall between the 10th percentile of $34,451 and the 90th of $169,650. To contrast that with the rest of the country, the average salary in the United States is $66,622, so people in New York City, on average, make more than most Americans.
How Much Did New Yorkers Say They Need To Feel Wealthy?
Sometimes, the dream number in our heads is higher than what would actually suffice on paper. According to a 2023 survey from Charles Schwab, those in New York City said they’d need a net worth of $3.3 million to feel wealthy. “It’s important to remember, though, that people tend to compare themselves to the perceived wealth and status of their neighbors and peers, as opposed to a broader cross-section of the country, state or city,” said Chris Motola, a financial analyst at NationalBusinessCapital.com.
To simply feel comfortable, that number was lower, at $1.2 million. Surveyed New Yorkers defined wealth as being able to enjoy experiences, not having to stress over money and having a healthy work-life balance.
What’s the Lowest Net Worth To Be in Upper Class in New York?
Experts were quite split on this. Motola said he’d looked at figures from the Federal Reserve that put U.S. net worth for the 80th percentile around $747,000, then adjusted that for New York City.
“So the disappointing answer is ‘somewhere around $800,000-$850,000’ will put you into the upper echelon of NYC residents,” he said. “But you may not feel like it, given the astronomical wealth of the city’s elite.” Still, that’s right about on par to place you in the top 1% in most other cities in America, particularly beyond Southern California.
Baris Zeren, the CEO of BookYourData, disagreed. He said the figure would be in the millions based on his calculations: that’s 10 times Motola’s calculation, in fact.
“Upper class in New York requires a net worth of around $8 million,” He said. “I got this figure from reverse engineering the costs where a premier Manhattan residence costs $4 million minimum, private education costs $60,000 per year per child and maintaining necessary social infrastructure costs another $150,000 per year. The calculation shows that to sustain $400,000 in annual expenses without employment income, you need assets that will provide returns of 5%, which equates to $8 million in investable wealth in excess of your primary residence.”
Either way, to be upper class in New York City, you’d need to have a net worth of at least 12 times more than the average income in the United States. It’s not an accessible class for many Americans, even among boomers, the wealthiest generation. Being in the upper class in New York City is truly elite.
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