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Here's How Much It Takes to Be 'Wealthy' in Bay Area

Hint: It's a lot
By Michael Harthorne,  Newser Staff
Posted Apr 14, 2016 3:44 PM CDT
Here's How Much It Takes to Be 'Wealthy' in Bay Area
Rachel Espinoza and her cousin Vica Ponce stand under umbrellas while looking toward the San Francisco skyline.   (AP Photo/Jeff Chiu)

(Newser) – Residents of the Bay Area in California think it takes more than twice as much money to be considered wealthy there than in the rest of the country, the San Francisco Chronicle reports. A survey of 1,000 residents by Charles Schwab found you need to be worth more than $6 million in the Bay Area to be considered wealthy, but only $2.5 million in the rest of the country. They say it also takes $1 million to even be "comfortable" in the Bay Area. The survey found 86% of residents believe the Bay Area's cost of living to be unreasonable.

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The whole thing is bad news for both actual poor residents and "Bay Area poor" residents. "Imagine how embarrassing it must be for anyone worth $3 million to find out that they only rate as middle class in the Bay Area," Curbed San Francisco notes. "What will the neighbors think?" (Read more Bay Area stories.)

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