By Kamaron McNair -
CNBC
There are many tips to make your life seem more luxurious on a limited budget.
But when it comes to feeling really rich, Americans say the key is a high annual income.
When asked how much money they would need to make each year to feel wealthy, most Americans said at least $200,000, according to CNBC's recent Make It: Your Money poll, conducted in partnership with Momentive.
Many aim even higher.
An annual income of $1 million or more was the most popular response, with 22% of respondents saying they need to earn seven figures to feel wealthy.
High-income Americans say they would need to earn even more to feel rich
Consumers broadly agree across age groups and racial demographics on the salary needed to feel wealthy.
Men want to earn more before they consider themselves rich, with 60% saying they need at least $200,000 in income, compared to 53% of women.
Perception of wealth varies by income and place of residence.Getty Images
However, it seems more likely that the amount of money coming in will change the perception of how much it will take to feel rich.
Of those currently making at least $100,000 a year, 82% say they need to take home at least $200,000 to feel rich, compared with 57% of those currently earning between $50,000 and $99,999 who cite the same threshold.
This figure drops to 39% of people who earn less than $50,000.
Similarly, 34% of those who earn less than $100,000 say that earning between $100,000 and $149,000 would make them feel rich.
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The experience can give top earners a better idea of how much it has made them feel rich in the past.
Lifestyle inflation could also be raising your definition of "rich."
For example, someone who currently makes $200,000 but doesn't manage her money well might not feel rich.
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Factors such as family situation, personal wealth and goals can also play a role.
Although everyone defines “rich” differently, being part of the 1% has become synonymous with being rich in the United States.
The top 1% earners earned a median annual salary of $823,763 in 2020, according to the Economic Policy Institute.
And because the cost of living varies greatly by location, someone who feels wealthy in Des Moines, for example, may not feel the same way in San Francisco.
