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How the Definition of Rich Has Changed in the South

January 18, 2025

3 min Read

Written by T. Woods

Edited by Chris Cluff

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Wealth is a fluid concept. What was considered wealthy a decade ago may no longer seem as rich, thanks to inflation, increased cost of living and a myriad of other factors.

Those very factors are what GOBankingRates took into account when compiling a study regarding the growth of wealth in America from 2013 to 2023, charting how the definition of what “rich” has changed and evolved over the course of 10 years.

Moreover, the ways our definitions of wealth have changed are also dependent on location and region. For instance, the growth in wealth was far different for someone living in Washington compared to someone living in West Virginia. As an example, in the South, the largest 10-year change in average income of the top 5% was the 66% leap taken by those in South Carolina, where the average income for a person in the top 5% went from $257,674 to $428,094. While steep, that’s nothing compared to some coastal states, in which average incomes have increased by over 80%.

Curious to see how the rest of the South did? Keep reading.

South Carolina

10-Year Change (%) in Average Income of Top 5%: 66.1%
2023 Average Income of Top 5%: $428,094
2013 Average Income of Top 5%: $257,674

Arkansas

10-Year Change (%) in Average Income of Top 5%: 61.8%
2023 Average Income of Top 5%: $385,873
2013 Average Income of Top 5%: $238,439

Florida

10-Year Change (%) in Average Income of Top 5%: 59.7%
2023 Average Income of Top 5%: $499,610
2013 Average Income of Top 5%: $312,755

North Carolina

10-Year Change (%) in Average Income of Top 5%: 58.8%
2023 Average Income of Top 5%: $446,248
2013 Average Income of Top 5%: $281,017

Georgia

10-Year Change (%) in Average Income of Top 5%: 58.7%
2023 Average Income of Top 5%: $472,175
2013 Average Income of Top 5%: $297,585

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Tennessee

10-Year Change (%) in Average Income of Top 5%: 57.6%
2023 Average Income of Top 5%: $435,202
2013 Average Income of Top 5%: $276,171

Kentucky

10-Year Change (%) in Average Income of Top 5%: 57.1%
2023 Average Income of Top 5%: $395,106
2013 Average Income of Top 5%: $251,456

Texas

10-Year Change (%) in Average Income of Top 5%: 49.9%
2023 Average Income of Top 5%: $487,366
2013 Average Income of Top 5%: $325,090

Find Out: Are You Rich or Middle Class? 8 Ways To Tell That Go Beyond Your Paycheck

Virginia

10-Year Change (%) in Average Income of Top 5%: 49.8%
2023 Average Income of Top 5%: $547,015
2013 Average Income of Top 5%: $365,009

Alabama

10-Year Change (%) in Average Income of Top 5%: 49.3%
2023 Average Income of Top 5%: $384,038
2013 Average Income of Top 5%: $257,178

Mississippi

10-Year Change (%) in Average Income of Top 5%: 48.6%
2023 Average Income of Top 5%: $346,882
2013 Average Income of Top 5%: $233,514

Find More: How Much Money Is in the World Right Now?

West Virginia

10-Year Change (%) in Average Income of Top 5%: 46.6%
2023 Average Income of Top 5%: $340,667
2013 Average Income of Top 5%: $232,352

Oklahoma

10-Year Change (%) in Average Income of Top 5%: 46.1%
2023 Average Income of Top 5%: $389,979
2013 Average Income of Top 5%: $266,962

Louisiana

10-Year Change (%) in Average Income of Top 5%: 44.2%
2023 Average Income of Top 5%: $394,301
2013 Average Income of Top 5%: $273,407

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