“The rich get richer” is not just a catchphrase in America. It’s a reality, as demonstrated by the American Community Survey data. In Nevada, those in the top 5% of incomes saw their earnings jump a whopping 21.76%, or more than $74,000, in a single year. This placed Nevada at the top of the list in terms of average one-year income jump. Proving this wasn’t a fluke, Nevada also took the five-year percentage change crown, with those in the top 5% seeing their incomes rise by an astronomical 41.58%.
Nevada’s top 5 percent earners were far from alone in amassing those gains, however, as all of the states in the top 15 saw five-year percentage gains of at least 27%. In fact, 11 states saw percentage gains of at least 30%, with Washington nipping at Nevada’s heels with a 40.1% jump in average income. In pure dollar terms, incomes over the past five years for the top 5% grew by as much as $138,480, in the case of California. States are ordered in terms of combined wage growth over the prior one- and five-year periods.
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