How much money would you need to make to consider yourself rich?

Gallup asked that question and, as you might expect, came up with a splintered response. Of the folks polled, 23 percent said between $100,000 and $150,000; 18 percent said between $150,001 and $299,999, 14 percent said between $300,000 and $999,999, 11 percent said $1 million, and 4 percent more than $1 million. The median response was $150,000, which is certainly not considered "rich" in many parts of L.A. Then again, responses to this sort of survey really depend on who you are and where you live. From Economix:

According to the Tax Policy Center's calculations on income distribution, a household earning cash income of $150,000 would fall somewhere between the 89th and 90th percentiles. In other words, the typical American believes anyone in about the top tenth of the income distribution counts as "rich." President Obama and others, on the other hand, have set the cutoff around $250,000 when discussing "raising taxes on the rich." Households earning cash income of $250,000 are somewhere between the 96th and 97th percentiles.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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