Here’s How Much You Need To Earn To Be ‘Rich’ in Every State

Money is a funny thing. Society as a whole often downplays the pursuit of wealth, and yet most people spend their lives in a quest to accumulate it. If you really want to be in a position to “buy things,” you’ll need to earn a lot more than the average income in America — you’ll want to be rich. But, what exactly does “rich” mean?

To get a snapshot in time of how income is distributed across America, GOBankingRates conducted a study of incomes as they break down by state. It lays out what income level is needed to place you in the top 5% — or even top 1% — of incomes within your state. So continue and find out whether or not you’re in the “1%.”

Last updated: Sept. 22, 2020

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Mississippi

• Average annual household income of the top 5%: $266,248
• The minimum you need to make to be in the top 5%: $159,419
• Average annual household income of the top 1%: $580,461
• The minimum you need to make to be in the top 1%: $254,362

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Arkansas

• Average annual household income of the top 5%: $295,817
• The minimum you need to make to be in the top 5%: $168,132
• Average annual household income of the top 1%: $864,772
• The minimum you need to make to be in the top 1%: $255,050

New Mexico

• Average annual household income of the top 5%: $292,483
• The minimum you need to make to be in the top 5%: $178,600
• Average annual household income of the top 1%: $615,082
• The minimum you need to make to be in the top 1%: $255,429

West Virginia

• Average annual household income of the top 5%: $259,056
• The minimum you need to make to be in the top 5%: $159,695
• Average annual household income of the top 1%: $535,648
• The minimum you need to make to be in the top 1%: $258,078

Kentucky

• Average annual household income of the top 5%: $304,261
• The minimum you need to make to be in the top 5%: $174,490
• Average annual household income of the top 1%: $719,012
• The minimum you need to make to be in the top 1%: $274,818

Alabama

• Average annual household income of the top 5%: $299,563
• The minimum you need to make to be in the top 5%: $178,690
• Average annual household income of the top 1%: $743,644
• The minimum you need to make to be in the top 1%: $297,564

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Maine

• Average annual household income of the top 5%: $310,899
• The minimum you need to make to be in the top 5%: $185,543
• Average annual household income of the top 1%: $655,870
• The minimum you need to make to be in the top 1%: $303,897

Hawaii

• Average annual household income of the top 5%: $397,794
• The minimum you need to make to be in the top 5%: $249,798
• Average annual household income of the top 1%: $797,001
• The minimum you need to make to be in the top 1%: $310,566

Idaho

• Average annual household income of the top 5%: $305,153
• The minimum you need to make to be in the top 5%: $174,431
• Average annual household income of the top 1%: $829,268
• The minimum you need to make to be in the top 1%: $314,532

Indiana

• Average annual household income of the top 5%: $305,058
• The minimum you need to make to be in the top 5%: $180,474
• Average annual household income of the top 1%: $804,275
• The minimum you need to make to be in the top 1%: $316,756

Louisiana

• Average annual household income of the top 5%: $311,973
• The minimum you need to make to be in the top 5%: $188,350
• Average annual household income of the top 1%: $814,386
• The minimum you need to make to be in the top 1%: $318,393

South Carolina

• Average annual household income of the top 5%: $316,888
• The minimum you need to make to be in the top 5%: $182,745
• Average annual household income of the top 1%: $761,185
• The minimum you need to make to be in the top 1%: $318,463

Montana

• Average annual household income of the top 5%: $310,920
• The minimum you need to make to be in the top 5%: $181,987
• Average annual household income of the top 1%: $855,976
• The minimum you need to make to be in the top 1%: $321,849

Vermont

• Average annual household income of the top 5%: $329,095
• The minimum you need to make to be in the top 5%: $199,305
• Average annual household income of the top 1%: $816,579
• The minimum you need to make to be in the top 1%: $321,969

Missouri

• Average annual household income of the top 5%: $324,853
• The minimum you need to make to be in the top 5%: $189,397
• Average annual household income of the top 1%: $944,804
• The minimum you need to make to be in the top 1%: $326,839

Michigan

• Average annual household income of the top 5%: $332,642
• The minimum you need to make to be in the top 5%: $196,212
• Average annual household income of the top 1%: $917,701
• The minimum you need to make to be in the top 1%: $328,649

Arizona

• Average annual household income of the top 5%: $344,768
• The minimum you need to make to be in the top 5%: $204,323
• Average annual household income of the top 1%: $882,657
• The minimum you need to make to be in the top 1%: $331,074

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Iowa

• Average annual household income of the top 5%: $316,770
• The minimum you need to make to be in the top 5%: $186,783
• Average annual household income of the top 1%: $788,419
• The minimum you need to make to be in the top 1%: $331,572

Tennessee

• Average annual household income of the top 5%: $339,023
• The minimum you need to make to be in the top 5%: $187,561
• Average annual household income of the top 1%: $947,021
• The minimum you need to make to be in the top 1%: $332,913

Oklahoma

• Average annual household income of the top 5%: $314,584
• The minimum you need to make to be in the top 5%: $183,094
• Average annual household income of the top 1%: $932,520
• The minimum you need to make to be in the top 1%: $333,139

Ohio

• Average annual household income of the top 5%: $325,825
• The minimum you need to make to be in the top 5%: $191,332
• Average annual household income of the top 1%: $858,965
• The minimum you need to make to be in the top 1%: $334,979

Delaware

• Average annual household income of the top 5%: $371,767
• The minimum you need to make to be in the top 5%: $218,650
• Average annual household income of the top 1%: $869,461
• The minimum you need to make to be in the top 1%: $340,770

Nevada

• Average annual household income of the top 5%: $341,392
• The minimum you need to make to be in the top 5%: $194,811
• Average annual household income of the top 1%: $1,354,780
• The minimum you need to make to be in the top 1%: $341,335

North Carolina

• Average annual household income of the top 5%: $340,710
• The minimum you need to make to be in the top 5%: $198,033
• Average annual household income of the top 1%: $902,972
• The minimum you need to make to be in the top 1%: $343,066

Rhode Island

• Average annual household income of the top 5%: $375,825
• The minimum you need to make to be in the top 5%: $223,477
• Average annual household income of the top 1%: $928,204
• The minimum you need to make to be in the top 1%: $346,657

Wisconsin

• Average annual household income of the top 5%: $331,189
• The minimum you need to make to be in the top 5%: $191,091
• Average annual household income of the top 1%: $964,358
• The minimum you need to make to be in the top 1%: $349,905

Related: How Much You Really Take Home From a $100K Salary in Every State

Oregon

• Average annual household income of the top 5%: $346,699
• The minimum you need to make to be in the top 5%: $210,272
• Average annual household income of the top 1%: $908,898
• The minimum you need to make to be in the top 1%: $358,937

Nebraska

• Average annual household income of the top 5%: $323,852
• The minimum you need to make to be in the top 5%: $191,514
• Average annual household income of the top 1%: $945,869
• The minimum you need to make to be in the top 1%: $363,310

Georgia

• Average annual household income of the top 5%: $364,318
• The minimum you need to make to be in the top 5%: $211,854
• Average annual household income of the top 1%: $995,576
• The minimum you need to make to be in the top 1%: $371,811

Utah

• Average annual household income of the top 5%: $357,037
• The minimum you need to make to be in the top 5%: $210,204
• Average annual household income of the top 1%: $1,057,066
• The minimum you need to make to be in the top 1%: $374,467

Kansas

• Average annual household income of the top 5%: $343,132
• The minimum you need to make to be in the top 5%: $197,180
• Average annual household income of the top 1%: $1,034,676
• The minimum you need to make to be in the top 1%: $375,344

Pennsylvania

• Average annual household income of the top 5%: $365,336
• The minimum you need to make to be in the top 5%: $214,807
• Average annual household income of the top 1%: $1,100,962
• The minimum you need to make to be in the top 1%: $388,593

Alaska

• Average annual household income of the top 5%: $367,820
• The minimum you need to make to be in the top 5%: $232,313
• Average annual household income of the top 1%: $910,059
• The minimum you need to make to be in the top 1%: $400,017

New Hampshire

• Average annual household income of the top 5%: $384,297
• The minimum you need to make to be in the top 5%: $243,075
• Average annual household income of the top 1%: $1,134,101
• The minimum you need to make to be in the top 1%: $405,286

Wyoming

• Average annual household income of the top 5%: $321,324
• The minimum you need to make to be in the top 5%: $188,048
• Average annual household income of the top 1%: $1,900,659
• The minimum you need to make to be in the top 1%: $405,596

South Dakota

• Average annual household income of the top 5%: $320,616
• The minimum you need to make to be in the top 5%: $179,579
• Average annual household income of the top 1%: $1,130,048
• The minimum you need to make to be in the top 1%: $407,406

Florida

• Average annual household income of the top 5%: $376,014
• The minimum you need to make to be in the top 5%: $205,967
• Average annual household income of the top 1%: $1,543,124
• The minimum you need to make to be in the top 1%: $417,587

Also See: What You Actually Take Home From a $200,000 Salary in Every State

Virginia

• Average annual household income of the top 5%: $423,736
• The minimum you need to make to be in the top 5%: $250,000+
• Average annual household income of the top 1%: $1,109,984
• The minimum you need to make to be in the top 1%: $425,144

Texas

• Average annual household income of the top 5%: $389,861
• The minimum you need to make to be in the top 5%: $226,914
• Average annual household income of the top 1%: $1,343,897
• The minimum you need to make to be in the top 1%: $440,758

Minnesota

• Average annual household income of the top 5%: $391,667
• The minimum you need to make to be in the top 5%: $228,969
• Average annual household income of the top 1%: $1,185,581
• The minimum you need to make to be in the top 1%: $443,118

North Dakota

• Average annual household income of the top 5%: $376,227
• The minimum you need to make to be in the top 5%: $209,093
• Average annual household income of the top 1%: $1,080,845
• The minimum you need to make to be in the top 1%: $445,415

Maryland

• Average annual household income of the top 5%: $445,412
• The minimum you need to make to be in the top 5%: $250,000+
• Average annual household income of the top 1%: $1,135,718
• The minimum you need to make to be in the top 1%: $445,783

Check Out: Here Is the Tax Burden on the Richest 1% in Every State

Washington

• Average annual household income of the top 5%: $403,364
• The minimum you need to make to be in the top 5%: $243,781
• Average annual household income of the top 1%: $1,383,223
• The minimum you need to make to be in the top 1%: $451,395

Illinois

• Average annual household income of the top 5%: $411,973
• The minimum you need to make to be in the top 5%: $237,486
• Average annual household income of the top 1%: $1,412,024
• The minimum you need to make to be in the top 1%: $456,377

Colorado

• Average annual household income of the top 5%: $402,872
• The minimum you need to make to be in the top 5%: $239,011
• Average annual household income of the top 1%: $1,261,053
• The minimum you need to make to be in the top 1%: $458,576

California

• Average annual household income of the top 5%: $473,720
• The minimum you need to make to be in the top 5%: $250,000+
• Average annual household income of the top 1%: $1,693,094
• The minimum you need to make to be in the top 1%: $514,694

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New York

• Average annual household income of the top 5%: $501,802
• The minimum you need to make to be in the top 5%: $250,000+
• Average annual household income of the top 1%: $2,202,480
• The minimum you need to make to be in the top 1%: $550,174

Massachusetts

• Average annual household income of the top 5%: $482,625
• The minimum you need to make to be in the top 5%: $250,000+
• Average annual household income of the top 1%: $1,904,805
• The minimum you need to make to be in the top 1%: $582,774

New Jersey

• Average annual household income of the top 5%: $495,447
• The minimum you need to make to be in the top 5%: $250,000+
• Average annual household income of the top 1%: $1,581,829
• The minimum you need to make to be in the top 1%: $588,575

Connecticut

• Average annual household income of the top 5%: $547,071
• The minimum you need to make to be in the top 5%: $250,000+
• Average annual household income of the top 1%: $2,522,806
• The minimum you need to make to be in the top 1%: $700,800

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Methodology: In order to find out how much you need to earn to be ‘rich’ in each state, GOBankingRates looked at the 2018 American Community Survey conducted by the U.S. Census Bureau to source the (1) average household income of the top 5% in every state and (2) lower limit household income for the top 5% in every state. GOBankingRates then looked at the Economic Policy Institute’s 2018 report “Income Inequality in the United States” to find the (3) average household income for the top 1% in each state and (4) lower limit household income for the top 1% in every state. All data was collected and is up to date as of May 28, 2020.

About the Author

John Csiszar

After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans for hundreds of clients.

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