In a place as expensive to live as Silicon Valley, it's harder than ever to tell who's truly wealthy
Helen Dietz, a certified financial planner and the director of wealth management for Aspiriant, toldthat a family may need an annual income of up to $1 million — so, a much larger net worth — if their financial priorities include sending their kids to a top school, living in a larger home, buying a new car, and
. That number only increases when goals such as travel or funding a future inheritance are accounted for.that it takes closer to a $10 million net worth to be financially comfortable. That's"a reasonable, but certainly not a lavish lifestyle" in the Bay Area, he later told Business Insider. "Many people assume they will be able to keep working indefinitely until they are 90 or 100 years old but in real life that rarely happens," Kaplan told Business Insider."Eventually people have to stop working and live off their accumulated investments, so unless they are getting a generous government or other pension this means that they have to generate enough income from savings.
By the Pew Research Center's definition, Americans earning twice the median household income or more in their city are considered upper income. In San Francisco, that'sIn that vein, there's good news ahead for Silicon Valley folk. The area is on the brink of
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