I would agree with you for the most part but also keep in mind 200k may not be the top 5% for particular locations. In San Fran county the top 5% is 808k (https://www.kqed.org/news/11799308/bay-area-has-highest-inco...).

I would be jumping with joy to make 200k a year with where I live now. However if I was in offered the same job in the bay area for 200k a year I would not be nearly as happy.