Here’s How Much the Definition of Rich Has Changed in Every State

Heather Taylor

July 2, 2024 at 8:00 a.m.·11 min read

IPGGutenbergUKLtd / Getty Images/iStockphoto

Over the five years 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.

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, the average income of the top 20% of earners and the average income of the top 5% of earners were found along with the five-year change in the average income of the top 20%.

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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. 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

DenisTangneyJr / Getty Images/iStockphoto

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

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

Michael Warren / Getty Images/iStockphoto

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

MidwestWilderness / Getty Images/iStockphoto

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

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

Muhammad Zulkifal / Getty Images/iStockphoto

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

SeanPavonePhoto / Getty Images/iStockphoto

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 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

Jon Mattrisch / Getty Images/iStockphoto

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

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

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

Jacob Boomsma / Getty Images/iStockphoto

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 June 13, 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

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