We all know the Denver rich, and we all want to be part of it, but what does it take to be truly one of them? There may be some misconceptions about what it takes to be rich — such as wearing designer clothes, driving a luxury car, and dining at expensive restaurants. We can take all these things at face value, but there are only two words that succinctly define what being rich in Denver means: net worth.
Net worth means the total value of everything a person owns, minus what they owe. Simply put, it’s all in how much an individual is worth that we can answer the question of who belongs to the richest few in Denver. To learn more about what it takes to be considered “valuable” in Denver, read on.
The Definition of “Rich” in Denver
For a person to be considered rich in Denver, they must fall within the top 20%. The top 20% has an average income of $260,157 per year, while the top 5% earns more or less $475,273 annually. Yes, there’s average-rich, and there’s rich-rich.
You may be wondering what the minimum yearly income is to be considered rich. The lowest salary required to be part of the Denver rich is a whopping $141,801. That’s a 93% difference from the median household income of the rest of the city’s population.
Just How Comfortable Are the Rich in Denver?
Denver has a population of 735,538, so that means 20% of these people are enjoying an incredibly comfortable life. Even with the relatively high cost of living, that’s 28.7% higher than the rest of the country, the Denver rich can certainly take living the good life to a whole new level.
Expect to see some opulent homes in the city’s top neighborhoods for the richest of the rich. High-earners living in Stapleton enjoy their easy commute to and from the business district, with homes valued at $665,000 on the average. Other choices are Cherry Creek and Washington Park, which both have great schools and recreational opportunities.
Being Rich Redefined by New Poverty Rate
After the poverty rate in 2020 climbed to 11.4%, the Denver definition of being rich started to change. Residents who participated in a survey last year estimated that it takes a $2.4 million net worth to be considered wealthy. A survey conducted this year shows that this average has dropped to $2.3 million.
The survey results also show how the definitions of being “financially happy” and “financially comfortable” are less stringent compared to last year’s data. This possibly takes into account losses incurred from the impacts of the pandemic.
Lucky You if You Are Among the Select Few
Life in Denver is already comfortable as it is. Just imagine what it’s like to be in the select few, living in the lap of luxury and not worrying about paying the monthly mortgage or utility bills.
The definition of “rich” may vary among individuals, with most of our views of wealth being entirely subjective. However, gauging financial success through a Denver resident’s net worth is a good way to establish who belongs in the top 20% — or even 5%.
For more interesting topics about the Denver lifestyle, visit our website for more articles!
