How the Definition of Rich Has Changed in the Midwest

How do you define “rich”? Is what you thought of as rich a decade ago the same thing now?

Recently, GOBankingRates compiled a study regarding wealth in the United States — specifically, the average incomes of those in the top 5% of income earners in America. Morever, GOBankingRates then tracked those numbers from 2013 to 2023, gauging how much wealth evolved (or devolved) based on region.

The study found that the income growth in the Midwest increased at a rather steady rate, as opposed to skyrocketing like it did in some states on the coasts. For example, the highest increase took place in Nebraska, where the average income of the top 5% hopped 62.3%, from $275,489 to $447,231. Meanwhile, North Dakota saw the lowest increase of the Midwest at 45.6%, where the average income for the top 5% moved from $300,560 to $337,736.

Find out how the definition of “rich” has changed throughout the Midwest.

• 10-Year Change (%) in Average Income of Top 5%: 62.3%
• 2023 Average Income of Top 5%: $447,231
• 2013 Average Income of Top 5%: $275,489

• 10-Year Change (%) in Average Income of Top 5%: 56.2%
• 2023 Average Income of Top 5%: $497,204
• 2013 Average Income of Top 5%: $318,336

• 10-Year Change (%) in Average Income of Top 5%: 55.5%
• 2023 Average Income of Top 5%: $420,966
• 2013 Average Income of Top 5%: $270,694

• 10-Year Change (%) in Average Income of Top 5%: 55%
• 2023 Average Income of Top 5%: $419,606
• 2013 Average Income of Top 5%: $270,710

• 10-Year Change (%) in Average Income of Top 5%: 54.8%
• 2023 Average Income of Top 5%: $420,563
• 2013 Average Income of Top 5%: $271,652

• 10-Year Change (%) in Average Income of Top 5%: 54.2%
• 2023 Average Income of Top 5%: $405,907
• 2013 Average Income of Top 5%: $263,204

• 10-Year Change (%) in Average Income of Top 5%: 54.2%
• 2023 Average Income of Top 5%: $396,992
• 2013 Average Income of Top 5%: $257,461

• 10-Year Change (%) in Average Income of Top 5%: 53.1%
• 2023 Average Income of Top 5%: $414,593
• 2013 Average Income of Top 5%: $270,722

• 10-Year Change (%) in Average Income of Top 5%: 53.1%
• 2023 Average Income of Top 5%: $418,668
• 2013 Average Income of Top 5%: $273,556

• 10-Year Change (%) in Average Income of Top 5%: 49.9%
• 2023 Average Income of Top 5%: $521,013
• 2013 Average Income of Top 5%: $347,623

• 10-Year Change (%) in Average Income of Top 5%: 48.2%
• 2023 Average Income of Top 5%: $425,080
• 2013 Average Income of Top 5%: $286,774

• 10-Year Change (%) in Average Income of Top 5%: 45.6%
• 2023 Average Income of Top 5%: $437,736
• 2013 Average Income of Top 5%: $300,560