The income needed to join your state's top earners can vary considerably, from a low of $329,620 annually in West Virginia to $719,253 in Washington D.C.
Many Americans aspire to join the ranks of the wealthy, but the income threshold for being considered rich depends a lot on where you live. It also takes considerably more income to join the top 5% of earners than just a few years ago, according to new research from GoBankingRates.com, which examined state income data for the five-year period from 2017 to 2022. The latter year represents the most recent household income data from the U.S. Census Bureau.
The outsized income growth of the nation's top-earning families before and after the pandemic may be one of the U.S. economy's most important storylines, Murray said. 'Even though the bottom 20% of earners saw drastic increases in pay, their overall wealth share in the country actually decreased, as the rich became much richer,' he said.
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This is the salary it takes to be considered rich in every stateIn 11 U.S. states and Washington DC, it takes a salary of $500,000 a year or more to be part of the top 5% of earners.
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