How Much Money It Takes to Be Rich in Denver

Transplants continue to move to Denver in big numbers from communities across the country, as well as other parts of Colorado, despite housing, transportation, food and entertainment costs that have been rising for years.

Of course, such increases don’t matter nearly as much to folks who are wealthy. But just how much money does it take to be considered rich in Denver?

A new study from the GoBankingRates website sets out to provide answers for Denver and 24 other major U.S cities. By its calculations, Denver requires the eighth largest bag of money for a resident to qualify as rich – more than Los Angeles, Dallas, Houston, Phoenix, Chicago and plenty of other communities that many Coloradans might perceive as more expensive.

The report, based on data from the U.S. Census Bureau‘s American Community Survey, defines rich people as individuals whose income lands in the top 20 percent bracket for the place where they live – a debatable standard, but one that allows for easy community-to-community comparisons. So, too, do the three major statistical breakdowns presented for the 25 cities analyzed: the lowest income to be considered rich, the average income of those in that city’s top 20 percent, and the average income for the top 5 percent.

In Denver, that breaks down to a minimum income of $150,375 to qualify as rich, $277,734 to hit the average for those in the top 20 percent of income earners, and a top 5 percent average of $512,101. All of these figures have risen since GoBankingRate’s 2014 survey on the subject, when Denver finished tenth on the list. Back then, the lowest income needed to be considered rich was $141,801, the average income of the top 20 percent was $260,157 and the average income of the top 5 percent was $475,273.

But as the 2022 survey documents, qualifying as rich just keeps getting more challenging. Here’s its list of 25 major American cities, ranked from the lowest to the highest income required to hit the top 20 percent:

25. Detroit, Michigan
Population: 672,351
Lowest Income to be Considered “Rich” (Top 20%): $70,445
Average Income of the Top 20%: $122,571
Average Income of the Top 5%: $212,891

24. Memphis, Tennessee
Population: 650,910
Lowest Income to be Considered “Rich” (Top 20%): $88,188
Average Income of the Top 20%: $179,830
Average Income of the Top 5%: $357,964

23. El Paso, Texas
Population: 679,879
Lowest Income to be Considered “Rich” (Top 20%): $98,356
Average Income of the Top 20%: $166,336
Average Income of the Top 5%: $289,479

22. Indianapolis, Indiana
Population: 869,387
Lowest Income to be Considered “Rich” (Top 20%): $102,307
Average Income of the Top 20%: $185,488
Average Income of the Top 5%: $339,007

21. Columbus, Ohio
Population: 889,079
Lowest Income to be Considered “Rich” (Top 20%): $104,414
Average Income of the Top 20%: $167,428
Average Income of the Top 5%: $277,362

20. San Antonio, Texas
Population: 1,529,133
Lowest Income to be Considered “Rich” (Top 20%): $105,187
Average Income of the Top 20%: $179,594
Average Income of the Top 5%: $309,579

19. Philadelphia, Pennsylvania
Population: 1,581,531
Lowest Income to be Considered “Rich” (Top 20%): $105,619
Average Income of the Top 20%: $196,218
Average Income of the Top 5%: $357,577

18. Jacksonville, Florida
Population: 902,488
Lowest Income to be Considered “Rich” (Top 20%): $107,413
Average Income of the Top 20%: $190,971
Average Income of the Top 5%: $348,332

17. Dallas, Texas
Population: 1,338,846
Lowest Income to be Considered “Rich” (Top 20%): $117,373
Average Income of the Top 20%: $249,690
Average Income of the Top 5%: $493,848

16. Houston, Texas
Population: 2,313,238
Lowest Income to be Considered “Rich” (Top 20%): $118,212
Average Income of the Top 20%: $243,777
Average Income of the Top 5%: $470,182

15. Nashville, Tennessee
Population: 667,070
Lowest Income to be Considered “Rich” (Top 20%): $119,283
Average Income of the Top 20%: $219,061
Average Income of the Top 5%: $406,865
.
14. Phoenix, Arizona
Population: 1,658,422
Lowest Income to be Considered “Rich” (Top 20%): $119,571
Average Income of the Top 20%: $218,693
Average Income of the Top 5%: $396,723

13. Fort Worth, Texas
Population: 892,221
Lowest Income to be Considered “Rich” (Top 20%): $123,686
Average Income of the Top 20%: $204,381
Average Income of the Top 5%: $350,555

12. Charlotte, North Carolina
Population: 873,570
Lowest Income to be Considered “Rich” (Top 20%): $132,471
Average Income of the Top 20%: $264,995
Average Income of the Top 5%: $513,371

11. Chicago, Illinois
Population: 2,699,347
Lowest Income to be Considered “Rich” (Top 20%): $135,973
Average Income of the Top 20%: $262,070
Average Income of the Top 5%: $497,192

10. Los Angeles, California
Population: 3,973,278
Lowest Income to be Considered “Rich” (Top 20%): $141,990
Average Income of the Top 20%: $280,645
Average Income of the Top 5%: $538,703

9. Austin, Texas
Population: 965,872
Lowest Income to be Considered “Rich” (Top 20%): $149,503
Average Income of the Top 20%: $269,753
Average Income of the Top 5%: $487,862

8. Denver Colorado
Population: 715,878
Lowest Income to be Considered “Rich” (Top 20%): $150,375
Average Income of the Top 20%: $277,734
Average Income of the Top 5%: $512,101

7. New York
Population: 8,379,552
Lowest Income to be Considered “Rich” (Top 20%): $150,422
Average Income of the Top 20%: $306,068
Average Income of the Top 5%: $605,410

6. San Diego, California
Population: 1,414,545
Lowest Income to be Considered “Rich” (Top 20%): $163,046
Average Income of the Top 20%: $285,383
Average Income of the Top 5%: $497,741

5. Boston, Massachusetts
Population: 689,326
Lowest Income to be Considered “Rich” (Top 20%): $167,096
Average Income of the Top 20%: $312,343
Average Income of the Top 5%: $581,901

4. Seattle, Washington
Population: 741,251
Lowest Income to be Considered “Rich” (Top 20%): $197,129
Average Income of the Top 20%: $345,093
Average Income of the Top 5%: $604,519

3. Washington, D.C.
Population: 701,974
Lowest Income to be Considered “Rich” (Top 20%): $198,674
Average Income of the Top 20%: $363,219
Average Income of the Top 5%: $651,989

2. San Jose, California
Population: 1,029,409
Lowest Income to be Considered “Rich” (Top 20%): $226,099
Average Income of the Top 20%: $361,269
Average Income of the Top 5%: $582,798

1. San Francisco, California
Population: 874,784
Lowest Income to be Considered “Rich” (Top 20%): $250,001
Average Income of the Top 20%: $443,810
Average Income of the Top 5%: $770,722