The exact amount of money you need to earn to be among New York's ultra-wealthy club has been revealed-and it's 7x the average wage | Fortune

"In New York, the divisive nature of those two economies couldn't be more evident. A new analysis by GoBankingRates has just revealed that to make it to the city's top five percent, households need to bring in $619,178 annually, In comparison, average household earners in the Big Apple are racking in just $84,578; They will need to earn over seven times that amount to make it into the top-earning households."

"Making over $80,000 may sound like a promising salary for some, but the paycheck would struggle to keep up with New Yorkers' cost of living. For example, an average studio is estimated to be $3,795 a month, according to data from Zumper. That is $45,540 a year, meaning rent alone would take up roughly 54% of gross income-well above the standard 30% affordability threshold."

"In Connecticut, households are expected to bring in $637,673 to make it to the top five percent. In comparison, the average median household income is around $93,760, 580% higher (or nearly seven times more) than what it takes to make it to the top five percent. Following that were California ($619,938), Massachusetts ($691,385), New York ($619,178) and New Jersey ($616,334)."

"West Virginia was the state with the easiest path to make it to the ultra-wealthy club, with an income requirement of $330,270. On average, the median household income is $57,917. Unlike New York, housing costs are about 27% lower than the national average, according to data from RentCafe, though wages trail behind the national average. The growing wealth gap: 20% of households control over 70% of U.S. wealth"

Households in New York must earn $619,178 annually to be in the top five percent, while the average household income in the city is $84,578. An average studio rent is $3,795 per month ($45,540 per year), which would consume roughly 54% of gross income for an $84,578 earner, far above the 30% affordability threshold. Connecticut requires $637,673 to reach the top five percent, with a median income around $93,760; other high thresholds include Massachusetts ($691,385), California ($619,938), and New Jersey ($616,334). West Virginia has the lowest top-five-percent threshold at $330,270 and a median household income of $57,917, with housing costs about 27% below the national average. The data reflect a widening wealth gap, with 20% of households controlling over 70% of U.S. wealth.

Read at Fortune