Here’s how much money you need to be considered ‘rich’ in Austin

AUSTIN (KXAN) – You want to be rich? In the city of Austin, you’ll need to earn more than $145,000 a year to fall into that category, compared to others in this city.

Bank rate, an online financial publication, looked at how you will need a lot of money to become “rich” in 50 major US cities.

The company has defined the rich, in this publication, as those in the top 20 percent when it comes to their income. The $145k figure would be the lowest income in that 20% category.

They also looked at the median income of those in the top 20% and the median income of those in the top 5%.

Austin ranks eighth in terms of how much you need to earn to be considered wealthy, out of the cities considered.

8. Austin, Texas

• Population: 950,807
• Lowest Earning is considered “Rich” (top 20%): $145,166
• Average earnings of the top 20%: $267,777
• Average earnings of the top 5%: $485,554

Austin is right behind San Diego. San Francisco tops the list, with the highest threshold to make it into the top 20 percent.

Austin is the highest city on the list from Texas. Here are others who have made the cut.

45. El Paso, Texas

• Population: 679,813
• Lowest Earning is considered “Rich” (top 20%): $94,422
• Average earnings of the top 20%: 159,753 USD
• Average earnings of the top 5%: $274,474

28. Dallas

• Population: 1.330,612
• Lowest Earning is considered “Rich” (top 20%): $112,570
• Average earnings of the top 20%: $249,354
• Average earnings of the top 5%: $503,284

25. Houston

• Population: 2.310,432
• Lowest Earning is considered “Rich” (top 20%): $115,794
• Average earnings of the top 20%: $238,529
• Average earnings of the top 5%: $458,999

23. Arlington, Texas

• Population: 395,477
• Lowest Earning is considered “Rich” (top 20%): 116,807 USD
• Average earnings of the top 20%: $188,180
• Average earnings of the top 5%: $308,114

22. Fort Worth, Texas

• Population: 874.401
• Lowest Earning is considered “Rich” (top 20%): $120,362
• Average earnings of the top 20%: $204,008
• Average earnings of the top 5%: $355,816