Here’s How Much the Definition of Rich Has Changed in Every State
Over the five-year period of 2017 through 2022, wealth has changed significantly across most U.S. states. The median income may be $500,000 or more for those in the top 5% depending on where you live.
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To determine how the definition of being rich has changed in each state over a five-year timeline, GOBankingRates studied the 2017 and 2022 American Community Surveys. Each state’s median income, average income of the top 20% earners and average income of the top 5% earners was found along with the five-year change in average income of the top 20% of earners.
Key Findings
The state with the largest five-year percentage increase in average income of the top 5% is Washington at 43.9%.
North Dakota ranks as the state with the lowest five-year percentage increase in average income of the top 5% at 14.68%.
In 2017, only Connecticut and the District of Columbia (D.C.) had median incomes of the top 5% of $500,000-plus. Just five years later in 2022, this number rose to 12 U.S. states. The median income of the top 5% in Washington, California, Massachusetts, Hawaii, Virginia, Colorado, New York, New Jersey, Illinois, Maryland, Connecticut and the District of Columbia is more than $500,000-plus annually.
Read on for the ranking of states with the largest to smallest five-year change in average income.
Washington
5-Year Change (%) in Average Income of Top 5%: 43.9%
2022 Average Income of Top 5%: $544,518
2017 Average Income of Top 5%: $378,374
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Nevada
5-Year Change (%) in Average Income of Top 5%: 40.41%
2022 Average Income of Top 5%: $449,872
2017 Average Income of Top 5%: $320,403
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Idaho
5-Year Change (%) in Average Income of Top 5%: 40.34%
2022 Average Income of Top 5%: $402,743
2017 Average Income of Top 5%: $286,974
South Carolina
5-Year Change (%) in Average Income of Top 5%: 37.65%
2022 Average Income of Top 5%: $408,138
2017 Average Income of Top 5%: $296,503
California
5-Year Change (%) in Average Income of Top 5%: 37.21%
2022 Average Income of Top 5%: $613,602
2017 Average Income of Top 5%: $447,207
Utah
5-Year Change (%) in Average Income of Top 5%: 36.96%
2022 Average Income of Top 5%: $463,437
2017 Average Income of Top 5%: $338,384
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Oregon
5-Year Change (%) in Average Income of Top 5%: 36.15%
2022 Average Income of Top 5%: $448,649
2017 Average Income of Top 5%: $329,517
Arkansas
5-Year Change (%) in Average Income of Top 5%: 36.02%
2022 Average Income of Top 5%: $377,043
2017 Average Income of Top 5%: $277,187
Montana
5-Year Change (%) in Average Income of Top 5%: 35.89%
2022 Average Income of Top 5%: $411,205
2017 Average Income of Top 5%: $302,605
Nebraska
5-Year Change (%) in Average Income of Top 5%: 35.77%
2022 Average Income of Top 5%: $420,169
2017 Average Income of Top 5%: $309,480
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Wyoming
5-Year Change (%) in Average Income of Top 5%: 34.89%
2022 Average Income of Top 5%: $407,646
2017 Average Income of Top 5%: $302,217
Massachusetts
5-Year Change (%) in Average Income of Top 5%: 34.10%
2022 Average Income of Top 5%: $617,199
2017 Average Income of Top 5%: $460,251
Florida
5-Year Change (%) in Average Income of Top 5%: 34.01%
2022 Average Income of Top 5%: $476,546
2017 Average Income of Top 5%: $355,610
New Hampshire
5-Year Change (%) in Average Income of Top 5%: 33.26%
2022 Average Income of Top 5%: $485,660
2017 Average Income of Top 5%: $364,454
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Maine
5-Year Change (%) in Average Income of Top 5%: 32.56%
2022 Average Income of Top 5%: $396,205
2017 Average Income of Top 5%: $298,886
Arizona
5-Year Change (%) in Average Income of Top 5%: 32.43%
2022 Average Income of Top 5%: $435,414
2017 Average Income of Top 5%: $328,778
North Carolina
5-Year Change (%) in Average Income of Top 5%: 32.37%
2022 Average Income of Top 5%: $429,071
2017 Average Income of Top 5%: $324,148
West Virginia
5-Year Change (%) in Average Income of Top 5%: 32.27%
2022 Average Income of Top 5%: $329,620
2017 Average Income of Top 5%: $249,200
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Hawaii
5-Year Change (%) in Average Income of Top 5%: 32.03%
2022 Average Income of Top 5%: $500,183
2017 Average Income of Top 5%: $378,854
Georgia
5-Year Change (%) in Average Income of Top 5%: 31.81%
2022 Average Income of Top 5%: $455,439
2017 Average Income of Top 5%: $345,535
Virginia
5-Year Change (%) in Average Income of Top 5%: 31.71%
2022 Average Income of Top 5%: $531,035
2017 Average Income of Top 5%: $403,190
Colorado
5-Year Change (%) in Average Income of Top 5%: 31.49%
2022 Average Income of Top 5%: $507,181
2017 Average Income of Top 5%: $385,707
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Kentucky
5-Year Change (%) in Average Income of Top 5%: 31.47%
2022 Average Income of Top 5%: $380,726
2017 Average Income of Top 5%: $289,587
Missouri
5-Year Change (%) in Average Income of Top 5%: 30.65%
2022 Average Income of Top 5%: $404,080
2017 Average Income of Top 5%: $309,278
Mississippi
5-Year Change (%) in Average Income of Top 5%: 30.59%
2022 Average Income of Top 5%: $333,597
2017 Average Income of Top 5%: $255,454
Alabama
5-Year Change (%) in Average Income of Top 5%: 30.46%
2022 Average Income of Top 5%: $370,977
2017 Average Income of Top 5%: $284,361
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Pennsylvania
5-Year Change (%) in Average Income of Top 5%: 30.37%
2022 Average Income of Top 5%: $454,639
2017 Average Income of Top 5%: $348,739
Ohio
5-Year Change (%) in Average Income of Top 5%: 30.23%
2022 Average Income of Top 5%: $403,750
2017 Average Income of Top 5%: $310,017
Indiana
5-Year Change (%) in Average Income of Top 5%: 29.66%
2022 Average Income of Top 5%: $381,422
2017 Average Income of Top 5%: $294,162
Tennessee
5-Year Change (%) in Average Income of Top 5%: 29.24%
2022 Average Income of Top 5%: $418,421
2017 Average Income of Top 5%: $323,763
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New York
5-Year Change (%) in Average Income of Top 5%: 29.23%
2022 Average Income of Top 5%: $621,301
2017 Average Income of Top 5%: $480,780
New Jersey
5-Year Change (%) in Average Income of Top 5%: 28.93%
2022 Average Income of Top 5%: $613,494
2017 Average Income of Top 5%: $475,827
Wisconsin
5-Year Change (%) in Average Income of Top 5%: 28.73%
2022 Average Income of Top 5%: $403,055
2017 Average Income of Top 5%: $313,091
Michigan
5-Year Change (%) in Average Income of Top 5%: 28.59%
2022 Average Income of Top 5%: $406,657
2017 Average Income of Top 5%: $316,232
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Vermont
5-Year Change (%) in Average Income of Top 5%: 28.28%
2022 Average Income of Top 5%: $405,333
2017 Average Income of Top 5%: $315,972
Minnesota
5-Year Change (%) in Average Income of Top 5%: 27.91%
2022 Average Income of Top 5%: $476,290
2017 Average Income of Top 5%: $372,364
Illinois
5-Year Change (%) in Average Income of Top 5%: 27.88%
2022 Average Income of Top 5%: $503,970
2017 Average Income of Top 5%: $394,103
South Dakota
5-Year Change (%) in Average Income of Top 5%: 27.84%
2022 Average Income of Top 5%: $392,724
2017 Average Income of Top 5%: $307,194
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Louisiana
5-Year Change (%) in Average Income of Top 5%: 27.58%
2022 Average Income of Top 5%: $384,432
2017 Average Income of Top 5%: $301,317
Kansas
5-Year Change (%) in Average Income of Top 5%: 27.31%
2022 Average Income of Top 5%: $415,875
2017 Average Income of Top 5%: $326,661
New Mexico
5-Year Change (%) in Average Income of Top 5%: 26.07%
2022 Average Income of Top 5%: $353,104
2017 Average Income of Top 5%: $280,094
Oklahoma
5-Year Change (%) in Average Income of Top 5%: 25.75%
2022 Average Income of Top 5%: $377,724
2017 Average Income of Top 5%: $300,382
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Iowa
5-Year Change (%) in Average Income of Top 5%: 25.38%
2022 Average Income of Top 5%: $386,152
2017 Average Income of Top 5%: $307,993
Maryland
5-Year Change (%) in Average Income of Top 5%: 25.36%
2022 Average Income of Top 5%: $540,934
2017 Average Income of Top 5%: $431,491
Rhode Island
5-Year Change (%) in Average Income of Top 5%: 25.22%
2022 Average Income of Top 5%: $453,192
2017 Average Income of Top 5%: $361,920
Texas
5-Year Change (%) in Average Income of Top 5%: 24.60%
2022 Average Income of Top 5%: $464,859
2017 Average Income of Top 5%: $373,094
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Connecticut
5-Year Change (%) in Average Income of Top 5%: 24.00%
2022 Average Income of Top 5%: $656,438
2017 Average Income of Top 5%: $529,367
District of Columbia
5-Year Change (%) in Average Income of Top 5%: 23.57%
2022 Average Income of Top 5%: $719,253
2017 Average Income of Top 5%: $582,044
Delaware
5-Year Change (%) in Average Income of Top 5%: 22.36%
2022 Average Income of Top 5%: $442,860
2017 Average Income of Top 5%: $361,946
Alaska
5-Year Change (%) in Average Income of Top 5%: 20.17%
2022 Average Income of Top 5%: $424,278
2017 Average Income of Top 5%: $284,361
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North Dakota
5-Year Change (%) in Average Income of Top 5%: 14.68%
2022 Average Income of Top 5%: $418,541
2017 Average Income of Top 5%: $364,954
Methodology: For this piece, GOBankingRates used the 2022, 2017, and 2012 American Community Surveys as conducted by the US Census Bureau to find every state’s: (1) 2022, 2017, and 2012 median incomes; (2) 2022, 2017, and 2012 average income of the top 20% earners; and (3) 2022, 2017, and 2012 average income of the top 5% earners. GOBankingRates then found the (4) 5-year ($) change in average income of the top 20% of earners; (5) 5-year (%) change in average income of the top 20% of earners; (6) 10-year ($) change in average income of the top 5% of earners; and (7) 10-year (%) change in average income of the top 5% of earners. All data was collected and is up to date as of April 15, 2024.
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This article originally appeared on GOBankingRates.com: Here’s How Much the Definition of Rich Has Changed in Every State
