Article from the Wall Street Journal regarding who is rich and what that entails in terms of household income and net worth:
Congress and President Barack Obama are struggling with that question as they wrangle over how to avoid the "fiscal cliff." If they can't reach a decision, tax rates will increase sharply for most Americans—both rich and not—and draconian spending cuts of $110 billion will kick in.
It isn't as easy as you might think to determine who is rich. There are many different yardsticks devised by Uncle Sam, banks, brokerage firms and other institutions. The thresholds—as low as $44,000 for people receiving Social Security benefits—matter because they determine the taxes you owe, the college aid you receive, the investments you have access to and the fees you pay.
Overall, the top 1% of U.S. households have a net worth above $6.8 million or at least $521,000 in income, according to data from the Federal Reserve and the Tax Policy Center in Washington. The cutoffs for the top 5% are $1.9 million in net worth, or $209,000 in income.
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