20 Cities Where You Need To Make Half a Million Dollars To Rank in the Top 5%

RoschetzkyIstockPhoto / iStock.com

Working your way to the top is rarely easy. However, this can be even more challenging when making it into the top 5% of earners in your city requires making at least $500,000 per year.

Results of a recent GOBankingRates survey revealed 20 U.S. cities where the average income of the top 5% is at least half a million dollars — on the low end. In around half of these cities, you actually need to earn notably more than that to have an annual salary that aligns with the average for members of this elite club.

Read More: Dave Ramsey’s Best Passive Income Ideas for 2024 — 15 ‘Steady, Profitable’ Ways To Build Wealth Fast

Check Out: 5 Subtly Genius Things All Wealthy People Do With Their Money

As of May 2023, the annual average wage of U.S. workers was $65,470, according to the Bureau of Labor Statistics.

Worth noting, while the average income of the top 5% in all 20 cities on the list is at least half a million dollars, entry to this group can be granted with less. Still ambitious, the lowest earners in this well-paid club may earn closer to the $250,000 mark.

Also interesting, the top 5% is a small portion of each city’s population, but their earnings make a dent. Specifically, they command 20% to 30% of their cities’ total household income.

Some of the cities on this list are probably obvious, but others might come as more of a surprise. Here’s a look at 20 cities where you need to earn half a million dollars to join the ranks of the top 5% high-earning elite.

DaveAlan / Getty Images

Portland, Oregon

• Population: 646,101

• Top 5% income average: $512,319

• Percent of household income by the top 5%: 21.77%

• Median household income: $85,876

• Average household income: $117,687

Find Out: Tony Robbins’ 10 Passive Income Ideas To Build Your Fortune

Learn More: Barbara Corcoran’s 5 Best Passive Income Ideas

Wealthy people know the best money secrets. Learn how to copy them.

jimkruger / Getty Images

Minneapolis

• Population: 426,877

• Top 5% income average: $514,078

• Percent of household income by the top 5%: 23.58%

• Median household income: $76,332

• Average household income: $108,980

Try This: I’m a Self-Made Millionaire — I Followed These 7 Grant Cardone Tips To Get Rich

Ultima_Gaina / Getty Images

Miami

• Population: 443,665

• Top 5% income average: $524,714

• Percent of household income by the top 5%: 29.10%

• Median household income: $54,858

• Average household income: $90,171

Kruck20 / iStock.com

Raleigh, North Carolina

• Population: 465,517

• Top 5% income average: $526,438

• Percent of household income by the top 5%: 23.48%

• Median household income: $78,631

• Average household income: $112,110

Trong Nguyen / Shutterstock.com

Houston

• Population: 2.3 million

• Top 5% income average: $537,750

• Percent of household income by the top 5%: 27.59%

• Median household income: $60,440

• Average household income: $97,458

EJ_Rodriquez / Getty Images/iStockphoto

Chicago

• Population: 2.7 million

• Top 5% income average: $564,032

• Percent of household income by the top 5%: 26.03%

• Median household income: $71,673

• Average household income: $108,346

Discover More: I Followed Mark Cuban’s Genius Advice and Am on Track To Become a Millionaire

Charles Brown / iStock.com

Austin, Texas

• Top 5% income lowest limit: $250,000-plus

• Top 5% income average: $565,822

• Percent of household income by the top 5%: 23.10%

• Median household income: $86,556

• Average household income: $122,474

Ron and Patty Thomas / Getty Images/iStockphoto

Dallas

• Population: 1.3 million

• Top 5% income average: $571,512

• Percent of household income by the top 5%: 28.01%

• Median household income: $63,985

• Average household income: $102,023

Sean Pavone- / Shutterstock.com

San Diego

• Population: 1.4 million

• Top 5% income average: $572,131

• Percent of household income by the top 5%: 21.58%

• Median household income: $98,657

• Average household income: $132,533

©Shutterstock.com

Denver

• Population: 710,800

• Top 5% income average: $581,756

• Percent of household income by the top 5%: 23.69%

• Median household income: $85,853

• Average household income: $122,771

Kruck20 / Getty Images/iStockphoto

Charlotte, North Carolina

• Population: 875,045

• Top 5% income average: $599,407

• Percent of household income by the top 5%: 26.38%

• Median household income: $74,070

• Average household income: $113,613

See More: Mark Cuban’s Best Advice on How To Become Rich

ESB Professional / Shutterstock.com

Los Angeles

• Population: 3.9 million

• Top 5% income average: $621,555

• Percent of household income by the top 5%: 26.57%

• Median household income: $76,244

• Average household income: $116,961

Sheila Fitzgerald / Shutterstock.com

Oakland, California

• Population: 437,825

• Top 5% income average: $643,643

• Percent of household income by the top 5%: 23.07%

• Median household income: $94,389

• Average household income: $139,468

Sean Pavone / Shutterstock.com

Boston

• Population: 665,945

• Top 5% income average: $677,288

• Percent of household income by the top 5%: 25.56%

• Median household income: $89,212

• Average household income: $132,509

bloodua / iStock.com

New York City

• Population: 8.6 million

• Top 5% income average: $694,605

• Percent of household income by the top 5%: 28.31%

• Median household income: $76,607

• Average household income: $122,667

Read More: I’m a Self-Made Millionaire — Here’s the Lightbulb Moment That Helped Me Make My First Million

©Shutterstock.com

Washington, D.C.

• Population: 670,587

• Top 5% income average: $719,253

• Percent of household income by the top 5%: 23.93%

• Median household income: $101,722

• Average household income: $150,292

f11photo / Shutterstock.com

Seattle

• Population: 734,603

• Top 5% income average: $719,713

• Percent of household income by the top 5%: 22.26%

• Median household income: $116,068

• Average household income: $161,694

DenisTangneyJr / Getty Images

San Jose, California

• Population: 1 million

• Top 5% income average: $722,013

• Percent of household income by the top 5%: 20.07%

• Median household income: $136,010

• Average household income: $179,853

Nate Hovee / Getty Images/iStockphoto

Atlanta

• Population: 494,838

• Top 5% income average: $763,851

• Percent of household income by the top 5%: 29.61%

• Median household income: $77,655

• Average household income: $128,965

Sean Pavone / Getty Images/iStockphoto

San Francisco

• Population: 851,036

• Top 5% income average: $937,518

• Percent of household income by the top 5%: 23.75%

• Median household income: $136,689

• Average household income: $197,408

Methodology: GOBankingRates used the 2022 American Community Survey as conducted by the U.S. Census Bureau to find the following for the 50 biggest cities: (1) population; (2) top 5% income lower limit; (3) top 5% income average; (4) share of household income by the top 5%; (5) median household income; and (6) average household income. All data was collected on and is up to date as of July 2, 2024.

More From GOBankingRates

• 3 Reasons You Should Not Buy a House When You Retire

• How To Borrow Money from Cash App: Your Step-by-Step Guide

• 3 Things to Do This Week If You Have Debt

• 3 Things You Must Do When Your Savings Reach $50,000

This article originally appeared on GOBankingRates.com: 20 Cities Where You Need To Make Half a Million Dollars To Rank in the Top 5%