How much money does it take to be considered rich in Kansas, Missouri? What data says

A recent $1.3 million lottery ticket bought at a Blue Springs QuikTrip would classify a Missouri man as rich, according to a new study.

Analysis from GoBankingRates, a personal finance site, examined the average household income of the top 5% of earners in each state. The analysis is based on the latest data available from the 2022 American Community Survey from the U.S. Census Bureau.

To determine the increase, GoBankingRates looked at each state’s median income, average income of the top 20% earners and average income of the top 5%. The analysis also examined the five-year change in average income of the top 20% of earners from 2017 to 2022.

Neither Kansas nor Missouri ranked in the top five, but they both saw significant jumps in the average income of the top 5% from 2017 to 2022. Here’s what the data says.

How much do you need to make to be considered rich?

The Missouri man who won the lottery would be considered rich because in Missouri, the average income of the top 5% is $404,080. This is a 30.65% increase from 2017, when the top 5% made $309,278.

The average income of the top 5% in Kansas is $415,875. While it’s more than Missouri, the state saw a smaller increase when compared to 2017. The top 5% made $326,661 five years ago, which shows a 27.31% increase in annual income.

The top richest state is Connecticut, where residents would have to earn about $656,000 annually to be one of the top earners. Twelve states had people in the top 5% earning median incomes of $500,000 or more.

The top five states that saw the largest five-year percentage increase in average income were Washington, Nevada, Idaho, South Carolina and California.