Over half of Americans think you must earn $1 million a year to be rich—here’s what it really takes

Americans have varying ideas of how much money you need to earn each year to be considered "rich," but most people say you need to bring in at least $1 million per year.

That comes from a new GOBankingRates survey, which asked participants, "What level of annual income do you think makes you rich?"

While answers ranged from $100,000 to more than $10 million, the most popular response, chosen by 26 percent of respondents, was at least $1 million. An additional 13 percent of respondents said $5 million or more while 12 percent said $10 million or more.

"Across both genders and all ages, the most common response to the survey question is '$1 million or more,'" reports GOBanking Rates, adding that, in actuality, "less than one-quarter of 1 percent of Americans earn at least $1 million a year." By contrast, a salary of $100,000 a year "means that you're making more annually than 87.9 percent of Americans."