Advertiser Disclosure

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

March 21, 2025

7 min Read

Written by Heather Taylor

Edited by Chris Cluff

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 YearsHelping You Live Richer

Reviewed by Experts

Trusted by Millions of Readers

Wealth has changed significantly across most the United 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 American Community Surveys from 2018 through 2023.

Key Findings

The state with the largest increase in average income of the top 5% is Washington, which has seen a 43% bump since 2018.
North Dakota ranks as the state with the lowest five-year increase among top 5% earners, at 16%.
In 2018, two states had average incomes among the top 5% of over $500,000. In 2023, this number rose to 12 states: California, Connecticut, Florida, Hawaii, Illinois, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Virginia, Washington.

Read on for the ranking of states with the largest to smallest five-year change in average income among the top 5% earners. Also see cities where the rich are getting richer.

Washington

5-Year Change (%) in Average Income of Top 5%: 42.5%
2023 Average Income of Top 5%: $574,868
2018 Average Income of Top 5%: $403,364

Idaho

5-Year Change (%) in Average Income of Top 5%: 41.5%
2023 Average Income of Top 5%: $431,824
2018 Average Income of Top 5%: $305,153

Montana

5-Year Change (%) in Average Income of Top 5%: 38.3%
2023 Average Income of Top 5%: $430,052
2018 Average Income of Top 5%: $310,920

Nebraska

5-Year Change (%) in Average Income of Top 5%: 38.1%
2023 Average Income of Top 5%: $447,231
2018 Average Income of Top 5%: $323,852

Nevada

5-Year Change (%) in Average Income of Top 5%: 37.8%
2023 Average Income of Top 5%: $470,305
2018 Average Income of Top 5%: $341,392

Today’s Top Offers

Oregon

5-Year Change (%) in Average Income of Top 5%: 35.8%
2023 Average Income of Top 5%: $470,649
2018 Average Income of Top 5%: $346,699

Utah

5-Year Change (%) in Average Income of Top 5%: 35.3%
2023 Average Income of Top 5%: $483,169
2018 Average Income of Top 5%: $357,037

South Carolina

5-Year Change (%) in Average Income of Top 5%: 35.1%
2023 Average Income of Top 5%: $428,094
2018 Average Income of Top 5%: $316,888

California

5-Year Change (%) in Average Income of Top 5%: 34.9%
2023 Average Income of Top 5%: $638,872
2018 Average Income of Top 5%: $473,720

Maine

5-Year Change (%) in Average Income of Top 5%: 34.7%
2023 Average Income of Top 5%: $418,624
2018 Average Income of Top 5%: $310,899

Arizona

5-Year Change (%) in Average Income of Top 5%: 33.8%
2023 Average Income of Top 5%: $461,363
2018 Average Income of Top 5%: $344,768

Colorado

5-Year Change (%) in Average Income of Top 5%: 33.6%
2023 Average Income of Top 5%: $538,026
2018 Average Income of Top 5%: $402,872

Massachusetts

5-Year Change (%) in Average Income of Top 5%: 33.1%
2023 Average Income of Top 5%: $642,510
2018 Average Income of Top 5%: $482,265

Florida

5-Year Change (%) in Average Income of Top 5%: 32.9%
2023 Average Income of Top 5%: $499,610
2018 Average Income of Top 5%: $376,014

Hawaii

5-Year Change (%) in Average Income of Top 5%: 32.3%
2023 Average Income of Top 5%: $526,148
2018 Average Income of Top 5%: $397,794

Vermont

5-Year Change (%) in Average Income of Top 5%: 32.1%
2023 Average Income of Top 5%: $434,633
2018 Average Income of Top 5%: $329,095

New Hampshire

5-Year Change (%) in Average Income of Top 5%: 32.0%
2023 Average Income of Top 5%: $507,282
2018 Average Income of Top 5%: $384,297

Today’s Top Offers

West Virginia

5-Year Change (%) in Average Income of Top 5%: 31.5%
2023 Average Income of Top 5%: $340,667
2018 Average Income of Top 5%: $259,056

North Carolina

5-Year Change (%) in Average Income of Top 5%: 31.0%
2023 Average Income of Top 5%: $446,248
2018 Average Income of Top 5%: $340,710

Arkansas

5-Year Change (%) in Average Income of Top 5%: 30.4%
2023 Average Income of Top 5%: $385,873
2018 Average Income of Top 5%: $295,817

Mississippi

5-Year Change (%) in Average Income of Top 5%: 30.3%
2023 Average Income of Top 5%: $346,882
2018 Average Income of Top 5%: $266,248

Indiana

5-Year Change (%) in Average Income of Top 5%: 30.1%
2023 Average Income of Top 5%: $396,992
2018 Average Income of Top 5%: $305,058

Wyoming

5-Year Change (%) in Average Income of Top 5%: 29.9%
2023 Average Income of Top 5%: $417,388
2018 Average Income of Top 5%: $321,324

Kentucky

5-Year Change (%) in Average Income of Top 5%: 29.9%
2023 Average Income of Top 5%: $395,106
2018 Average Income of Top 5%: $304,261

Pennsylvania

5-Year Change (%) in Average Income of Top 5%: 29.6%
2023 Average Income of Top 5%: $473,542
2018 Average Income of Top 5%: $365,336

Georgia

5-Year Change (%) in Average Income of Top 5%: 29.6%
2023 Average Income of Top 5%: $472,175
2018 Average Income of Top 5%: $364,318

Missouri

5-Year Change (%) in Average Income of Top 5%: 29.5%
2023 Average Income of Top 5%: $420,563
2018 Average Income of Top 5%: $324,853

South Dakota

5-Year Change (%) in Average Income of Top 5%: 29.3%
2023 Average Income of Top 5%: $414,593
2018 Average Income of Top 5%: $320,616

Ohio

5-Year Change (%) in Average Income of Top 5%: 29.2%
2023 Average Income of Top 5%: $420,966
2018 Average Income of Top 5%: $325,825

Virginia

5-Year Change (%) in Average Income of Top 5%: 29.1%
2023 Average Income of Top 5%: $547,015
2018 Average Income of Top 5%: $423,736

Today’s Top Offers

New York

5-Year Change (%) in Average Income of Top 5%: 28.9%
2023 Average Income of Top 5%: $646,648
2018 Average Income of Top 5%: $501,802

Tennessee

5-Year Change (%) in Average Income of Top 5%: 28.4%
2023 Average Income of Top 5%: $435,202
2018 Average Income of Top 5%: $339,023

Alabama

5-Year Change (%) in Average Income of Top 5%: 28.2%
2023 Average Income of Top 5%: $384,038
2018 Average Income of Top 5%: $299,563

Iowa

5-Year Change (%) in Average Income of Top 5%: 28.1%
2023 Average Income of Top 5%: $405,907
2018 Average Income of Top 5%: $316,770

New Jersey

5-Year Change (%) in Average Income of Top 5%: 27.7%
2023 Average Income of Top 5%: $632,685
2018 Average Income of Top 5%: $495,447

New Mexico

5-Year Change (%) in Average Income of Top 5%: 27.5%
2023 Average Income of Top 5%: $373,030
2018 Average Income of Top 5%: $292,483

Rhode Island

5-Year Change (%) in Average Income of Top 5%: 27.1%
2023 Average Income of Top 5%: $477,607
2018 Average Income of Top 5%: $375,825

Minnesota

5-Year Change (%) in Average Income of Top 5%: 27.0%
2023 Average Income of Top 5%: $497,204
2018 Average Income of Top 5%: $391,667

Illinois

5-Year Change (%) in Average Income of Top 5%: 26.5%
2023 Average Income of Top 5%: $521,013
2018 Average Income of Top 5%: $411,973

Wisconsin

5-Year Change (%) in Average Income of Top 5%: 26.4%
2023 Average Income of Top 5%: $418,668
2018 Average Income of Top 5%: $331,189

Louisiana

5-Year Change (%) in Average Income of Top 5%: 26.4%
2023 Average Income of Top 5%: $394,301
2018 Average Income of Top 5%: $311,973

Michigan

5-Year Change (%) in Average Income of Top 5%: 26.1%
2023 Average Income of Top 5%: $419,606
2018 Average Income of Top 5%: $332,642

Texas

5-Year Change (%) in Average Income of Top 5%: 25.0%
2023 Average Income of Top 5%: $487,366
2018 Average Income of Top 5%: $389,861

Delaware

5-Year Change (%) in Average Income of Top 5%: 24.8%
2023 Average Income of Top 5%: $463,843
2018 Average Income of Top 5%: $371,676

Today’s Top Offers

Maryland

5-Year Change (%) in Average Income of Top 5%: 24.6%
2023 Average Income of Top 5%: $554,828
2018 Average Income of Top 5%: $445,412

Oklahoma

5-Year Change (%) in Average Income of Top 5%: 24.0%
2023 Average Income of Top 5%: $389,979
2018 Average Income of Top 5%: $314,584

Kansas

5-Year Change (%) in Average Income of Top 5%: 23.9%
2023 Average Income of Top 5%: $425,080
2018 Average Income of Top 5%: $343,132

Connecticut

5-Year Change (%) in Average Income of Top 5%: 23.6%
2023 Average Income of Top 5%: $676,016
2018 Average Income of Top 5%: $547,071

Alaska

5-Year Change (%) in Average Income of Top 5%: 21.1%
2023 Average Income of Top 5%: $445,464
2018 Average Income of Top 5%: $367,820

North Dakota

5-Year Change (%) in Average Income of Top 5%: 16.4%
2023 Average Income of Top 5%: $437,736
2018 Average Income of Top 5%: $376,227

More From GOBankingRates

Got a Money Question?
Win $500 Just for Asking.

Thanks!

You're now entered for a chance to win $500. Check your inbox for more details.

Advertiser Disclosure

Commitment to Our Readers

Key Findings

Washington

Idaho

Montana

Nebraska

Nevada

Oregon

Utah

South Carolina

California

Maine

Arizona

Colorado

Massachusetts

Florida

Hawaii

Vermont

New Hampshire

West Virginia

North Carolina

Arkansas

Mississippi

Indiana

Wyoming

Kentucky

Pennsylvania

Georgia

Missouri

South Dakota

Ohio

Virginia

New York

Tennessee

Alabama

Iowa

New Jersey

New Mexico

Rhode Island

Minnesota

Illinois

Wisconsin

Louisiana

Michigan

Texas

Delaware

Maryland

Oklahoma

Kansas

Connecticut

Alaska

North Dakota

You May Also Like

Make your money work for you

Thanks!

BEFORE YOU GO

See Today's BestBanking Offers

Sending you timely financial stories that you can bank on.

Looks like you're using an adblocker

See Today's Best
Banking Offers