What Do Americans Think Is Rich?

Americans have a somewhat lower expectation about what being rich means. Gallup conducted a poll of over 1,000 adults in all 50 states and Washington D.C. Americans generally would consider themselves rich if they made $150,000 per year or had $1 million net worth. Americans are now evenly divided on whether the rich should be more heavily taxed. But by wide margins they support higher taxes on upper-income Americans to pay for specific programs such as those designed to create jobs, reduce the deficit and pay for healthcare legislation.

I was surprised by the $150,000 number but a poll in 2003 had Americans believing earning $120,000 would make them rich. But this makes sense if you consider that the average household income in the United States is $50,000 per year--that's $25,000 per adult. Rather frightening is the notion held by 18% of Americans that earning less than $60,000 would make them rich and 30% say just earning $100,000 would make them so. 15% of Americans said that earning $1 million or more would mean they were rich.

The poll found that men had a higher number for rich--the median $150,000--while women believed that earning $100,000 would be enough. If you were over 50 years of age, $100,000 meant you were rich, while for 18-49 years it was $160,000.

Both big city or small city or suburban residents considered $200,000 being rich, while people living in small towns or in rural areas considered $100,000 as being the goal. College graduates consider $200,000 per year as rich, while nongraduates $100,000.

The policy implications for these perceptions are immense. Americans still seem to be at the stage of the television show "the Millionaire", where the wealthy donor would give out surprise checks to worthy recipients. The whole notion that the Walmart family should have the wealth of the lower third of the country combined is just too staggering a concept. It is also why Republicans constantly want to steer the discussion away from the 1% and toward the idea of job creation. The current disparities in the country have not yet been assimilated by the average American and ,if they do, this will be political dynamite. You could add to the poll how much people feel they will need for old age and their attitudes toward Social Security and Medicare.