The salary it takes to be considered rich in each state

What does it take to be considered rich in America? It depends a lot on where you live.

The richest of the rich live in Washington, DC, where it takes a salary of $719,000 to be among the top 5 percent of earners. That’s according to a recent analysis from GoBankingRates, which examines the average household income of the top 5% of earners in each state, based on the latest available data from the 2022 American Community Survey.

The richest state, meanwhile, is Connecticut, where residents need to bring in about $656,000 to be among the top earners.

Washington state has seen the most dramatic growth in what it takes to be rich in recent years, according to the report. In 2017, a salary of around $378,000 would put you in the 5% club. By 2022, the salary needed to stay at this level will be more than $544,000.

The roughly 44% increase can be attributed to the growing wealth of Seattle, which has become a tech hub with fast-growing companies like Amazon headquartered in the area, says Andrew Murray, senior data content researcher at GoBankingRates.

Overall, wealthy Americans have become much wealthier since 2017. At the time, only Connecticut and Washington, D.C., had a maximum income threshold of 5%, or $500,000.

Five years later, that represents 11 US states and DC: Washington, California, Massachusetts, Hawaii, Virginia, Colorado, New York, New Jersey, Illinois, Maryland and Connecticut.

This mainly has to do with the fiscal response to the pandemic, Murray says: “Robust Covid-related relief measures have supported the economy, leading to higher stock prices, real estate and savings. income increases significantly.

Even as employers raised wages for some of the lowest-paid workers during the pandemic recovery, “their overall share of wealth in the country has actually declined, as the rich have become much richer,” explains Murray.

Here is the salary needed to be considered among the top 5% of earners in each state, listed alphabetically, plus Washington, DC:

• 2022 average income of the richest 5%: $370,977

• 2022 average income of the richest 5%: $424,278

• 2022 average income of the richest 5%: $435,414

• 2022 average income of the richest 5%: $377,043

• 2022 average income of the richest 5%: $613,602

• 2022 average income of the richest 5%: $507,181

• 2022 average income of the richest 5%: $656,438

• 2022 average income of the richest 5%: $442,860

• 2022 average income of the richest 5%: $476,546

• 2022 average income of the richest 5%: $455,439

• 2022 average income of the richest 5%: $500,183

• 2022 average income of the richest 5%: $402,743

• 2022 average income of the richest 5%: $503,970

• 2022 average income of the richest 5%: $381,422

• 2022 average income of the richest 5%: $386,152

• 2022 average income of the richest 5%: $415,875

• 2022 average income of the richest 5%: $380,726

• 2022 average income of the richest 5%: $384,432

• 2022 average income of the richest 5%: $396,205

• 2022 average income of the richest 5%: $540,934

• 2022 average income of the richest 5%: $617,199

• 2022 average income of the richest 5%: $406,657

• 2022 average income of the richest 5%: $476,290

• 2022 average income of the richest 5%: $333,597

• 2022 average income of the richest 5%: $404,080

• 2022 average income of the richest 5%: $411,205

• 2022 average income of the richest 5%: $420,169

• 2022 average income of the richest 5%: $449,872

• 2022 average income of the richest 5%: $485,660

• 2022 average income of the richest 5%: $613,494

• 2022 average income of the richest 5%: $353,104

• 2022 average income of the richest 5%: $621,301

• 2022 average income of the richest 5%: $429,071

• 2022 average income of the richest 5%: $418,541

• 2022 average income of the richest 5%: $403,750

• 2022 average income of the richest 5%: $377,724

• 2022 average income of the richest 5%: $448,649

• 2022 average income of the richest 5%: $454,639

• 2022 average income of the richest 5%: $453,192

• 2022 average income of the richest 5%: $408,138

• 2022 average income of the richest 5%: $392,724

• 2022 average income of the richest 5%: $418,421

• 2022 average income of the richest 5%: $464,859

• 2022 average income of the richest 5%: $463,437

• 2022 average income of the richest 5%: $405,333

• 2022 average income of the richest 5%: $531,035

• 2022 average income of the richest 5%: $544,518

• 2022 average income of the richest 5%: $719,253

• 2022 average income of the richest 5%: $329,620

• 2022 average income of the richest 5%: $403,055

• 2022 average income of the richest 5%: $407,646

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