How Much Income You Need To Be Considered Rich In Every State In America

Advertiser Disclosure

Advertiser Disclosure

The Wealth Gang team writes about financial information, passive income ideas, apps, programs, cash management tools and other wealth gadgets that we think you might want to use or learn more about. Sometimes, we write about products, services or items that might be associated with affiliate partnerships. In these instances, we will earn a small percentage of the revenue from sales. There is, of course, no cost to you.

Thank you for all your support! Without you, we could not keep this site running. Gang Gang!

It’s not how much you make, it’s how much you keep. Unless, of course, you’re talking about this list of how much income you need to make to be considered rich in every state in America. The list below, broken out alphabetically by state, shows how much money you need to make to be considered in the top 5% in each state. Some states, like West Virginia and Mississippi, required much lower income to be considered a top earner, while states like California and New Jersey require incomes of $250K+ just to crack the upper echelon. There are even a few shockers on this list (like North Dakota!).

Alabama

minimum-wage-in-every-state

The minimum annual income to be in the top 5% of Alabamans is $189,695, while the median household income is $51,734.

Alaska

Alaska

To join the top 5% of Alaskans you’ll need a minimum annual income of $242,208. The median household income is $75,463.

Arizona

Minimum annual income to be in the top 5% of Arizonans is $220,936, whereas the median household income is $62,055.

Arkansas

arkansas minimum wage

To join the top 5% in Arkansas you’ll need an annual income of $176,997. The median household income is $48,952.

California

income-to-be-considered-rich

Minimum annual income to be in the top 5% of Californians? $250,000+. Meanwhile the median household income is $80,440. California is 15.4% more expensive than most other states in America. You better earn a ton if you want to live a nice life in Cali.

Colorado

The minimum annual income to be in the top 5% of Coloradans is $250,000+. The median household income: $77,127.

Connecticut

Connecticut minimum wage

To join the top 5% in Connecticut you’ll need to make more than $250,000+. Meanwhile, the median household income is $78,833.

Delaware

Delaware minimum wage

The minimum annual income to be in Delaware’s top 5% is $235,059, meanwhile the median household income is $70,176.

Florida

Minimum annual income to be in the top 5% of Florida? $226,319. Median household income? $59,227.

Georgia

Georgia minimum wage

 

Georgia’s minimum annual income to be in the top 5% is $233,979, while the median household income is $61,980.

Hawaii

 

The minimum annual income to be in the top 5% of Hawaiian’s is $250,000+. The median household income: $83,102.

Idaho

e 10 cities that have seen their home prices rise the most over the last two years, measured in terms of both absolute dollar amounts and percentage growth.

 

Idaho’s minimum annual income to be in the top 5%: $199,218. Median household income? $60,999.

Illinois

Illinois

 

The minimum annual income to be in the top 5% of Illinois households is $199,218, while the median household income is $69,187.

Indiana

indiana minimum wage

 

The minimum annual income to be in the top 5% of Hoosiers is $194,407, while the median household income in Indiana is $57,603.

Iowa

Iowa minimum wage

 

The minimum annual income to be in the top 5% if Iowans is $199,328. The median household income is $61,691.

Kansas

minimum-wage-in-every-state

 

The minimum annual income to be in the top 5% of Kansans is $211,256. Median household income: $62,087.

Kentucky

kentucky

 

Kentucky’s minimum annual income to be in the top 5% is $185,241, while its median household income is $52,295.

Louisiana

louisiana

 

Minimum annual income to be in the top 5%: $199,417. Median household income: $51,073.

Maine

income-to-be-considered-rich

 

The minimum annual income to be in the top 5% of Maine households is $202,639. The median household income: $58,924.

Maryland

 

Minimum annual income to be in the top 5% of Maryland households: $250,000+. Meanwhile, the median household income is $86,738.

Massachusetts

massachusetts minimum wage 2022

 

Massachusetts’ minimum annual income to be in the top 5%: $250,000+. The median household income is $85,843.

Michigan

michigan minimum wage 2022

 

Michigan’s minimum annual income to be in the top 5% is $209,099, while its median household income is $59,588.

Minnesota

Minneapolis, Minnesota

 

The minimum annual income to be in the top 5% of Minnesotans is $244,552. The median household income? $74,593.

Mississippi

Mississippi minimum wage

 

The minimum annual income to be in the top 5% of Mississippians is $172,337, while the state’s median household income is $45,792. Mississippi requires the second-lowest amount of income to be in the top 5%. They also have a very low cost of living, which is 14% less than the U.S. average.

Missouri

missouri

 

Missouri’s minimum annual income to be in the top 5%: $201,541. Meanwhile the state’s median household income is $57,409.

Montana

 

The minimum annual income to be in the top 5% of Montanans is $187,867. Meanwhile the median household income is $57,153.

Nebraska

income of top 1 percent

 

The minimum annual income to be in the top 5% of Nebraskans is $203,793. The state’s median household income is $63,229.

Nevada

las vegas

 

The minimum annual income to be in the top 5% of Nevadans is $221,626, while the state’s median household income is $63,276.

New Hampshire

new hampshire

 

New Hampshire’s minimum annual income to be in the top 5% is more than $250,000, while the state’s median household income is $77,933.

New Jersey

New Jersey minimum wage

 

The minimum annual income to be in the top 5% of New Jerseyans is $250,000+. The median household income: $85,751.

New Mexico

new mexico

 

New Mexico’s minimum annual income to be in the top 5%: $192,480. The state’s median household income is $51,945.

New York

Lower Manhattan, New York

 

The minimum annual income to be in the top 5% of New Yorkers is more than $250,000, while the state’s median household income is $72,108.

North Carolina

Minimum Wage By State North Carolina

 

The minimum annual income to be in the top 5% of North Carolinians is $213,009, while the Tar Heel State’s median household income is $57,341.

North Dakota

income of top 1 percent

 

North Dakota’s minimum annual income to be in the top 5% is $220,611. The state’s median household income: $64,577.

Ohio

Ohio minimum wage

 

The minimum annual income to be in the top 5% of Ohioans is $204,940, while the Buckeye State’s median household income is $58,642.

Oklahoma

oklahoma minimum wage

 

The minimum annual income to be in the top 5% of Oklahomans is $194,523, while the state’s median household income is $54,449.

Oregon

minimum wage by state oregon

 

The minimum annual income to be in the top 5% of Oregonians is $229,747, while the state’s median household income is $67,058.

Pennsylvania

 

The minimum annual income to be in the top 5% of Pennsylvanians is $233,467. The state’s median household income is $63,463.

Rhode Island

rhode island minimum wage

 

Rhode Island’s minimum annual income to be in the top 5%: $235,524. The state’s median household income is $71,169.

South Carolina

SmartAsset analysis reveals the fastest-growing cities in the U.S. to find the top boomtowns in America in 2021.

 

Minimum annual income to be in the top 5% of South Carolinians: $204,826. Median household income: $56,227.

South Dakota

Badlands National Park, South Dakota, USA

 

The minimum annual income to be in the top 5% of South Dakotans is $190,156. Median household income: $59,533.

Tennessee

Tennessee

 

The minimum annual income to be in the top 5% of Tennesseans is $205,063, while the state’s median household income is $56,071.

Texas

income of top 1 percent

 

The minimum annual income to be in the top 5% of Texans is $241,212. The Lonestar State’s median household income is $64,034.

Utah

highest-retirement-savings-by-state

 

Utah’s minimum annual income to be in the top 5%: $235,835. The state’s median household income is $75,780.

Vermont

Vermont

 

Vermont’s minimum annual income to be in the top 5%: $212,823. Meanwhile the state’s median household income is $63,001.

Virginia

minimum-wage-in-every-state

 

The minimum annual income to be in the top 5% of Virginians is more than $250,000. The state’s median household income: $76,456.

Washington

how-much-money-you-need-to-retire-by-state

 

The minimum annual income to be in the top 5% of Washingtonians: $250,000+. The evergreen state’s median household income is $78,687.

West Virginia

west virginia

 

The minimum annual income to be in the top 5% of West Virginians is $171,816. The state’s median household income is $48,850. West Virginia requires the lowest amount of income to be in the top 5%.

Wisconsin

Wisconsin minimum wage

 

The minimum annual income to be in the top 5% of Wisconsin households is $202,582. The state’s median household income: $64,168.

Wyoming

wyoming minimum wage

 

Wyoming’s minimum annual income to be in the top 5%: $199,944. The state’s median household income: $65,003.

[H/T USA Today]

Author
C. James

C. James is the managing editor at Wealth Gang. He has a degree in finance and a passion for creating passive income streams and wealth management.