How Much You Need To Rank in the Top 10% of Manhattan’s Wealthiest Elite

How Much You Need To Rank in the Top 10% of Manhattan’s Wealthiest Elite

Bob Haegele   Mon, November 15, 2021,

Lavish apartments, fancy cars and dressed to the nines: Manhattan’s wealthiest elite seem to have it all. And yet, while the city’s mega-rich or ultra-high net worth individuals are worth billions, you don’t need all that to be in the city’s top 10%.  New York has $3 trillion in total wealth. But in a city of nearly 9 million people that is home to almost one million millionaires, having $1 million already puts you close to the top 10%.

To add to that, dollars and cents aren’t everything. Yes, in purely monetary terms, hitting certain income or net worth thresholds is the only requirement to be in the top 10%. But without your health and a network of support, you won’t be able to enjoy your swimming pool of gold coins.

Let’s take a look at what exactly you need to be among Manhattan’s wealthiest elite, both in terms of money and otherwise.

Income

Of course, most Americans immediately think about money when contemplating wealth. Whether or not you agree that is the only determinant of wealth, it is certainly a big component. And given that New York is where some of the world’s wealthiest call home, it’s no surprise that you need a lot of money to be one of the city’s wealthiest.

After all, New York is home to a number of billionaires, including Michael Bloomberg, Julia Koch and Stephen Schwarzman. While you don’t have to be among the billionaires to be in the top 10%, you still have to be quite well off.

The income in the top 10% in the state of New York is $291,906. However, New York City is considerably wealthier, with the top 20% earning an average of $295,662. Meanwhile, the top 5% earn $585,902. Thus, the top 10% earn somewhere in between the two, with the average being around $440,000.

Health

Having a lot of wealth is nice, but you can’t enjoy it without your health. Of course, there is a correlation between health and wealth; studies have shown that wealthier people tend to live longer and with lower rates of chronic disease.

Still, being wealthy doesn’t guarantee good health. But one survey of New York City residents asked them what makes a person wealthy, and the response was in many cases that being in good health makes a person wealthy more than anything.

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https://finance.yahoo.com/news/much-rank-top-10-manhattan-190114396.html