MEMPHIS, Tenn.– Memphis ranked at No. 47 out of 50 U.S. cities that has the lowest income to be considered “rich” this year, according to a study by GOBankingRates.com using data from the U.S. Census.
The lowest income to be considered “rich” — defined in the study as in the top 20 percent — in Memphis is $86,964. The average Memphis income of the top 20 percent is $172,622, with the top five percent income being $335,653.
San Francisco sat at No. 1 with $239,840 being the lowest income to be considered “rich.” The average income of the top five percent in the city is $743,811.
Nashville was near the middle of the list at No. 26, with $115,609 defined as “rich.”
New York ranked No. 9 with the top 20 percent of its population having an income of $144,541. Atlanta placed 11th in the list leaving the top 20 percent population with $141,360. Los Angeles fell behind Atlanta at No. 13 with its lowest “rich” income of $135,373.
Detroit sat at last place with the lowest income needed to be considered “rich” being $66,139.
According to the GoBankingRates website, the 50 cities were chosen in terms of the largest city populations.