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How the Definition of Rich Has Changed on the East Coast

January 11, 2025

3 min Read

Written by Travis Woods

Edited by Chris Cluff

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“Rich” can be a rather variable term in America. What is considered wealthy in Missouri might not be considered wealthy in Washington, just as what is considered wealthy in Washington might not be considered wealthy in an expensive state like New York. Even further, what was considered wealth in a single state a decade ago might not be all that impressive now.

GOBankingRates recently compiled a study concerning all 50 states in America, charting the income levels of every state from 2013 to 2023, and tracing the arc of change from the top 5% of income levels over the course of 10 years.

In terms of the East coast, South Carolina saw the biggest growth in wealth of any state, with the average income of the top 5% of the state making a leaping upward 66%. Meanwhile, Connecticut and Maryland saw the lowest amount of growth on the East coast at just 42%.

Check out how the definition of rich has changed among the East Coast states.

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

Maine

10-Year Change (%) in Average Income of Top 5%: 63.1%
2023 Average Income of Top 5%: $418,624
2013 Average Income of Top 5%: $256,683

Massachusetts

10-Year Change (%) in Average Income of Top 5%: 58.9%
2023 Average Income of Top 5%: $642,510
2013 Average Income of Top 5%: $404,254

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

Vermont

10-Year Change (%) in Average Income of Top 5%: 55.0%
2023 Average Income of Top 5%: $434,633
2013 Average Income of Top 5%: $280,425

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New Hampshire

10-Year Change (%) in Average Income of Top 5%: 55.1%
2023 Average Income of Top 5%: $507,282
2013 Average Income of Top 5%: $327,022

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

Pennsylvania

10-Year Change (%) in Average Income of Top 5%: 53.6%
2023 Average Income of Top 5%: $473,542
2013 Average Income of Top 5%: $308,229

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

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

Virginia

10-Year Change (%) in Average Income of Top 5%: 49.9%
2023 Average Income of Top 5%: $547,015
2013 Average Income of Top 5%: $365,009

New York

10-Year Change (%) in Average Income of Top 5%: 54.7%
2023 Average Income of Top 5%: $646,648
2013 Average Income of Top 5%: $417,943

New Jersey

10-Year Change (%) in Average Income of Top 5%: 48.3%
2023 Average Income of Top 5%: $632,685
2013 Average Income of Top 5%: $426,720

Rhode Island

10-Year Change (%) in Average Income of Top 5%: 48.1%
2023 Average Income of Top 5%: $477,607
2013 Average Income of Top 5%: $322,386

Delaware

10-Year Change (%) in Average Income of Top 5%: 48.0%
2023 Average Income of Top 5%: $463,843
2013 Average Income of Top 5%: $313,317

Maryland

10-Year Change (%) in Average Income of Top 5%: 42.4%
2023 Average Income of Top 5%: $554,828
2013 Average Income of Top 5%: $389,632

Connecticut

10-Year Change (%) in Average Income of Top 5%: 42.4%
2023 Average Income of Top 5%: $676,016
2013 Average Income of Top 5%: $474,689

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