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

Over the five years of 2017 through 2022, wealth has changed significantly across most U.S. states. The median income may be $500,000 or more for those in the top 5% depending on where you live.

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To determine how the definition of being rich has changed in each state over a five-year timeline, GOBankingRates studied the 2017 and 2022 American Community Surveys. Each state’s median income, the average income of the top 20% of earners and the average income of the top 5% of earners were found along with the five-year change in the average income of the top 20%.

Key Findings

• The state with the largest five-year percentage increase in average income of the top 5% is Washington at 43.9%.

• North Dakota ranks as the state with the lowest five-year percentage increase in average income of the top 5% at 14.68%.

• In 2017, only Connecticut and the District of Columbia (D.C.) had median incomes of the top 5% of $500,000-plus. Five years later in 2022, this number rose to 12 U.S. states. The median income of the top 5% in Washington, California, Massachusetts, Hawaii, Virginia, Colorado, New York, New Jersey, Illinois, Maryland, Connecticut and the District of Columbia is more than $500,000-plus annually.

Read on for the ranking of states with the largest to smallest five-year change in average income.

Washington

• 5-Year Change (%) in Average Income of Top 5%: 43.9%

• 2022 Average Income of Top 5%: $544,518

• 2017 Average Income of Top 5%: $378,374

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Nevada

• 5-Year Change (%) in Average Income of Top 5%: 40.41%

• 2022 Average Income of Top 5%: $449,872

• 2017 Average Income of Top 5%: $320,403

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Idaho

• 5-Year Change (%) in Average Income of Top 5%: 40.34%

• 2022 Average Income of Top 5%: $402,743

• 2017 Average Income of Top 5%: $286,974

South Carolina

• 5-Year Change (%) in Average Income of Top 5%: 37.65%

• 2022 Average Income of Top 5%: $408,138

• 2017 Average Income of Top 5%: $296,503

California

• 5-Year Change (%) in Average Income of Top 5%: 37.21%

• 2022 Average Income of Top 5%: $613,602

• 2017 Average Income of Top 5%: $447,207

Utah

• 5-Year Change (%) in Average Income of Top 5%: 36.96%

• 2022 Average Income of Top 5%: $463,437

• 2017 Average Income of Top 5%: $338,384

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Oregon

• 5-Year Change (%) in Average Income of Top 5%: 36.15%

• 2022 Average Income of Top 5%: $448,649

• 2017 Average Income of Top 5%: $329,517

Arkansas

• 5-Year Change (%) in Average Income of Top 5%: 36.02%

• 2022 Average Income of Top 5%: $377,043

• 2017 Average Income of Top 5%: $277,187

Montana

• 5-Year Change (%) in Average Income of Top 5%: 35.89%

• 2022 Average Income of Top 5%: $411,205

• 2017 Average Income of Top 5%: $302,605

Nebraska

• 5-Year Change (%) in Average Income of Top 5%: 35.77%

• 2022 Average Income of Top 5%: $420,169

• 2017 Average Income of Top 5%: $309,480

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Wyoming

• 5-Year Change (%) in Average Income of Top 5%: 34.89%

• 2022 Average Income of Top 5%: $407,646

• 2017 Average Income of Top 5%: $302,217

Massachusetts

• 5-Year Change (%) in Average Income of Top 5%: 34.10%

• 2022 Average Income of Top 5%: $617,199

• 2017 Average Income of Top 5%: $460,251

Florida

• 5-Year Change (%) in Average Income of Top 5%: 34.01%

• 2022 Average Income of Top 5%: $476,546

• 2017 Average Income of Top 5%: $355,610

New Hampshire

• 5-Year Change (%) in Average Income of Top 5%: 33.26%

• 2022 Average Income of Top 5%: $485,660

• 2017 Average Income of Top 5%: $364,454

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Maine

• 5-Year Change (%) in Average Income of Top 5%: 32.56%

• 2022 Average Income of Top 5%: $396,205

• 2017 Average Income of Top 5%: $298,886

Arizona

• 5-Year Change (%) in Average Income of Top 5%: 32.43%

• 2022 Average Income of Top 5%: $435,414

• 2017 Average Income of Top 5%: $328,778

North Carolina

• 5-Year Change (%) in Average Income of Top 5%: 32.37%

• 2022 Average Income of Top 5%: $429,071

• 2017 Average Income of Top 5%: $324,148

West Virginia

• 5-Year Change (%) in Average Income of Top 5%: 32.27%

• 2022 Average Income of Top 5%: $329,620

• 2017 Average Income of Top 5%: $249,200

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Hawaii

• 5-Year Change (%) in Average Income of Top 5%: 32.03%

• 2022 Average Income of Top 5%: $500,183

• 2017 Average Income of Top 5%: $378,854

Georgia

• 5-Year Change (%) in Average Income of Top 5%: 31.81%

• 2022 Average Income of Top 5%: $455,439

• 2017 Average Income of Top 5%: $345,535

Virginia

• 5-Year Change (%) in Average Income of Top 5%: 31.71%

• 2022 Average Income of Top 5%: $531,035

• 2017 Average Income of Top 5%: $403,190

Colorado

• 5-Year Change (%) in Average Income of Top 5%: 31.49%

• 2022 Average Income of Top 5%: $507,181

• 2017 Average Income of Top 5%: $385,707

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Kentucky

• 5-Year Change (%) in Average Income of Top 5%: 31.47%

• 2022 Average Income of Top 5%: $380,726

• 2017 Average Income of Top 5%: $289,587

Missouri

• 5-Year Change (%) in Average Income of Top 5%: 30.65%

• 2022 Average Income of Top 5%: $404,080

• 2017 Average Income of Top 5%: $309,278

Mississippi

• 5-Year Change (%) in Average Income of Top 5%: 30.59%

• 2022 Average Income of Top 5%: $333,597

• 2017 Average Income of Top 5%: $255,454

Alabama

• 5-Year Change (%) in Average Income of Top 5%: 30.46%

• 2022 Average Income of Top 5%: $370,977

• 2017 Average Income of Top 5%: $284,361

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Pennsylvania

• 5-Year Change (%) in Average Income of Top 5%: 30.37%

• 2022 Average Income of Top 5%: $454,639

• 2017 Average Income of Top 5%: $348,739

Ohio

• 5-Year Change (%) in Average Income of Top 5%: 30.23%

• 2022 Average Income of Top 5%: $403,750

• 2017 Average Income of Top 5%: $310,017

Indiana

• 5-Year Change (%) in Average Income of Top 5%: 29.66%

• 2022 Average Income of Top 5%: $381,422

• 2017 Average Income of Top 5%: $294,162

Tennessee

• 5-Year Change (%) in Average Income of Top 5%: 29.24%

• 2022 Average Income of Top 5%: $418,421

• 2017 Average Income of Top 5%: $323,763

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New York

• 5-Year Change (%) in Average Income of Top 5%: 29.23%

• 2022 Average Income of Top 5%: $621,301

• 2017 Average Income of Top 5%: $480,780

New Jersey

• 5-Year Change (%) in Average Income of Top 5%: 28.93%

• 2022 Average Income of Top 5%: $613,494

• 2017 Average Income of Top 5%: $475,827

Wisconsin

• 5-Year Change (%) in Average Income of Top 5%: 28.73%

• 2022 Average Income of Top 5%: $403,055

• 2017 Average Income of Top 5%: $313,091

Michigan

• 5-Year Change (%) in Average Income of Top 5%: 28.59%

• 2022 Average Income of Top 5%: $406,657

• 2017 Average Income of Top 5%: $316,232

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Vermont

• 5-Year Change (%) in Average Income of Top 5%: 28.28%

• 2022 Average Income of Top 5%: $405,333

• 2017 Average Income of Top 5%: $315,972

Minnesota

• 5-Year Change (%) in Average Income of Top 5%: 27.91%

• 2022 Average Income of Top 5%: $476,290

• 2017 Average Income of Top 5%: $372,364

Illinois

• 5-Year Change (%) in Average Income of Top 5%: 27.88%

• 2022 Average Income of Top 5%: $503,970

• 2017 Average Income of Top 5%: $394,103

South Dakota

• 5-Year Change (%) in Average Income of Top 5%: 27.84%

• 2022 Average Income of Top 5%: $392,724

• 2017 Average Income of Top 5%: $307,194

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Louisiana

• 5-Year Change (%) in Average Income of Top 5%: 27.58%

• 2022 Average Income of Top 5%: $384,432

• 2017 Average Income of Top 5%: $301,317

Kansas

• 5-Year Change (%) in Average Income of Top 5%: 27.31%

• 2022 Average Income of Top 5%: $415,875

• 2017 Average Income of Top 5%: $326,661

New Mexico

• 5-Year Change (%) in Average Income of Top 5%: 26.07%

• 2022 Average Income of Top 5%: $353,104

• 2017 Average Income of Top 5%: $280,094

Oklahoma

• 5-Year Change (%) in Average Income of Top 5%: 25.75%

• 2022 Average Income of Top 5%: $377,724

• 2017 Average Income of Top 5%: $300,382

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Iowa

• 5-Year Change (%) in Average Income of Top 5%: 25.38%

• 2022 Average Income of Top 5%: $386,152

• 2017 Average Income of Top 5%: $307,993

Maryland

• 5-Year Change (%) in Average Income of Top 5%: 25.36%

• 2022 Average Income of Top 5%: $540,934

• 2017 Average Income of Top 5%: $431,491

Rhode Island

• 5-Year Change (%) in Average Income of Top 5%: 25.22%

• 2022 Average Income of Top 5%: $453,192

• 2017 Average Income of Top 5%: $361,920

Texas

• 5-Year Change (%) in Average Income of Top 5%: 24.60%

• 2022 Average Income of Top 5%: $464,859

• 2017 Average Income of Top 5%: $373,094

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Connecticut

• 5-Year Change (%) in Average Income of Top 5%: 24.00%

• 2022 Average Income of Top 5%: $656,438

• 2017 Average Income of Top 5%: $529,367

District of Columbia

• 5-Year Change (%) in Average Income of Top 5%: 23.57%

• 2022 Average Income of Top 5%: $719,253

• 2017 Average Income of Top 5%: $582,044

Delaware

• 5-Year Change (%) in Average Income of Top 5%: 22.36%

• 2022 Average Income of Top 5%: $442,860

• 2017 Average Income of Top 5%: $361,946

Alaska

• 5-Year Change (%) in Average Income of Top 5%: 20.17%

• 2022 Average Income of Top 5%: $424,278

• 2017 Average Income of Top 5%: $284,361

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North Dakota

• 5-Year Change (%) in Average Income of Top 5%: 14.68%

• 2022 Average Income of Top 5%: $418,541

• 2017 Average Income of Top 5%: $364,954

Methodology: For this piece, GOBankingRates used the 2022, 2017, and 2012 American Community Surveys as conducted by the US Census Bureau to find every state’s: (1) 2022, 2017, and 2012 median incomes; (2) 2022, 2017, and 2012 average income of the top 20% earners; and (3) 2022, 2017, and 2012 average income of the top 5% earners. GOBankingRates then found the (4) 5-year ($) change in average income of the top 20% of earners; (5) 5-year (%) change in average income of the top 20% of earners; (6) 10-year ($) change in average income of the top 5% of earners; and (7) 10-year (%) change in average income of the top 5% of earners. All data was collected and is up to date as of May 21, 2024.

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This article originally appeared on GOBankingRates.com: Here’s How Much the Definition of Rich Has Changed in Every State