The title practically says it all. I'm just asking about the economy of the United States. If a person were to be labelled as "rich" in the 1920s, what would their bank account amount to?
I'm trying to get a feel for how rich a character needs to be for a project of sorts. He's a fairly wealthy man.
Thoughts?
According to the Bureau of Labor, average household income remained fairly flat in the fifteen years following World War I, at an average of $1,524, with almost the entirety of that being eaten up by average household expenditure of $1,512. Compare this to 2013 figures from the same source, which show an average household income of $51,939 and average expenditure of $51,100. Now, obviously there are a number of factors that prevent a direct comparison. The economy is much larger today, the standard of living is higher, etc.
I don't have access to sources breaking up income by population percentage, but I believe it would be safe to say that anyone making $5,000 or more in the 1920s would be reasonably well off, and anyone making $10,000 or more per year would be doing quite well. Then, of course, there's non-income wealth; someone who inherited $50,000 worth of real estate is obviously going to be in a pretty nice situation!