In the United States, it’s common to hear people talking about “figures” when discussing finances and salaries. In this article, we’ll explain how much 8 figures is and discuss the usage of the term “figures” in the context of finances.
How much is 8 figures?
An 8 figure salary is an annual income between $10,000,000 and $99,999,999. The reason why it’s called an 8 figure salary is because all of the numbers in this range consist of 8 digits.
Since the term 8 figures refers to a very large amount of money, you’ll not hear it used in the context of salaries very often. More commonly, you might hear 8 figures used to describe investment deals, expensive artworks, real estate transactions and similar contexts where very large amounts of money change hands regularly.
Here’s a quick explanation of the numbers people have in mind when talking about figures and money:
| 5 figures | $10,000 – $99,999 |
|---|---|
| 6 figures | $100,000 – $999,999 |
| 7 figures | $1,000,000 – $9,999,999 |
| 8 figures | $10,000,000 – $99,999,999 |
| 9 figures | $100,000,000 – $999,999,999 |
Using figures when talking about salaries is a common practice as it provides a broad understanding of income without getting into specific details. Talking about salary in very precise terms is typically perceived as impolite and uncomfortable.
When asking about someone’s earnings, especially if you’re not close friends with the person, it’s more common for them to share a general range like “high 5 figures” or “low 6 figures” instead of disclosing the specific amount of money they earn.
8 figure salary jobs
As you might imagine, there are only a handful of jobs where it’s possible to earn an 8 figure annual salary. These jobs are typically reserved for the very elite performers in their respective fields. Here are some examples of jobs and careers where it’s possible to earn 8 figures per year:
- Entrepreneur
- Investment banker
- C-level executive in a major corporation (CEO, COO, CIO, CFO, etc.)
- Top-level professional athlete in a highly popular sport (basketball, football, etc.)
- Actor or musician
- Influencer
Reaching an 8 figure salary typically requires a combination of relentless hard work and exceptional natural talent. Even with dedicated effort and/or talent, luck is still likely to play a major factor in whether you’ll ever achieve an 8 figure salary or not.
FAQs
Now, let’s quickly tackle some of the most common questions we hear about the usage of the term “8 figures”.
How much is 8 figures in money?
When we use the term “8 figures” to refer to money, we’re talking about the range between $10,000,000 and $99,999,999. You’ll notice that all the numbers in this range have 8 digits, hence the term “8 figures”.
How much is 8 figures a month?
Someone who earns an 8 figure salary on an annual basis can earn between $833,333 and $8,333,333 per month.
How much is 8 figures per hour?
If we assume that a year has 260 work days and each work day consists of 8 hours, someone with a $10,000,000 salary (the lower end of the 8 figure range) would be earning about $4,800 per hour. Meanwhile, at the top of the 8 figure range, someone making $99,999,999 per year would be earning roughly $48,000 per hour.
The bottom line
8 figures refers to the range between $10 million and $99.9 million, which is significantly more than the average American earns in their lifetime (between $1.13 million and $3.05 million). While you won’t hear the term used often in reference to salaries, there are some career paths that can result in an 8 figure annual income for the very best performers in their respective fields.
If you’d like to learn more about colloquial terms that are commonly used in reference to money, check out our article exploring the term “grand”.
Source: https://coincodex.com/article/35929/how-much-is-8-figures-salary/