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A new study shows that while being rich is relative, the gap between average earnings and affluence is consistently horrifying.
Amid rising unemployment and inflation, it’s challenging for many Americans to get ahead, let alone get rich, though the dollar definition of the latter varies widely across the country.
Indeed, what makes you a fat cat in Kentucky could mean middle class in Massachusetts.
MoneyLion used data from the Bureau of Labor Statistics’ 2024 American Community Survey to reach its findings, sourcing the household incomes and upper financial limits of each state.
In Mississippi, the average income of the top 5% of residents is $351,488, roughly half of what it takes to be considered wealthy in New York.
While what constitutes a rich person’s income varies across states, wealth disparity remains rock steady.
In Connecticut, which tops the country in the amount of money required to be a top earner, the average income of the top 5% of residents is a staggering 7 times the median income.
Even in West Virginia, which ranks lowest for the dollar amount it takes to be rich, the figure, $345,740, is still nearly 6 times higher than the median income of $60,798.
The MoneyLion findings come in the wake of two other shocking studies published last year that revealed just how expensive it is to live in the US and New York in particular.
A family of four living in New York state needs to make a staggering $276,973 per year to live comfortably, a SmartAsset study from last June found.
Here’s how much cash money you need to make to be considered rich in every state, ranked by the average income of the top 5%.
1. Connecticut
- Average income of the top 5%: $692,140
- Median household income: $96,049
2. New York
- Average income of the top 5%: $660,664
- Median household income: $85,820
3. Massachusetts
- Average income of the top 5%: $640,976
- Median household income: $104,828
4. California
- Average income of the top 5%: $632,836
- Median household income: $100,149
5. New Jersey
- Average income of the top 5%: $624,759
- Median household income: $104,294
6. Washington
- Average income of the top 5%: $613,761
- Median household income: $99,389
7. Colorado
- Average income of the top 5%: $572,314
- Median household income: $97,113
8. Hawaii
- Average income of the top 5%: $554,337
- Median household income: $100,745
9. Maryland
- Average income of the top 5%: $551,040
- Median household income: $102,905
10. Virginia
- Average income of the top 5%: $545,772
- Median household income: $92,090
11. New Hampshire
- Average income of the top 5%: $526,651
- Median household income: $99,782
12. Illinois
- Average income of the top 5%: $526,497
- Median household income: $83,211
13. Florida
- Average income of the top 5%: $513,319
- Median household income: $77,735
14. Texas
- Average income of the top 5%: $509,433
- Median household income: $79,721
15. Alaska
- Average income of the top 5%: $505,472
- Median household income: $95,665
16. Nevada
- Average income of the top 5%: $498,078
- Median household income: $81,134
17. Arizona
- Average income of the top 5%: $491,192
- Median household income: $81,486
18. Minnesota
- Average income of the top 5%: $490,491
- Median household income: $87,117
19. Vermont
- Average income of the top 5%: $487,703
- Median household income: $82,730
20. Utah
- Average income of the top 5%: $487,185
- Median household income: $96,658
21. Pennsylvania
- Average income of the top 5%: $485,453
- Median household income: $77,545
22. Georgia
- Average income of the top 5%: $485,391
- Median household income: $79,991
23. Delaware
- Average income of the top 5%: $484,587
- Median household income: $87,534
24. Rhode Island
- Average income of the top 5%: $479,720
- Median household income: $83,504
25. North Carolina
- Average income of the top 5%: $476,994
- Median household income: $73,958
26. Tennessee
- Average income of the top 5%: $466,114
- Median household income: $71,997
27. Oregon
- Average income of the top 5%: $462,142
- Median household income: $85,220
28. Wyoming
- Average income of the top 5%: $461,848
- Median household income: $75,532
29. North Dakota
- Average income of the top 5%: $459,933
- Median household income: $77,871
30. Montana
- Average income of the top 5%: $458,810
- Median household income: $75,340
31. Kansas
- Average income of the top 5%: $446,918
- Median household income: $75,514
32. Michigan
- Average income of the top 5%: $440,173
- Median household income: $72,389
33. Maine
- Average income of the top 5%: $439,986
- Median household income: $76,442
34. Idaho
- Average income of the top 5%: $433,141
- Median household income: $81,166
35. South Dakota
- Average income of the top 5%: $431,202
- Median household income: $76,881
36. Missouri
- Average income of the top 5%: $424,120
- Median household income: $71,589
37. South Carolina
- Average income of the top 5%: $424,042
- Median household income: $72,350
38. Ohio
- Average income of the top 5%: $423,457
- Median household income: $72,212
39. Nebraska
- Average income of the top 5%: $422,020
- Median household income: $76,376
40. Wisconsin
- Average income of the top 5%: $417,893
- Median household income: $77,488
41. Oklahoma
- Average income of the top 5%: $407,557
- Median household income: $66,148
42. Indiana
- Average income of the top 5%: $406,352
- Median household income: $71,959
43. Alabama
- Average income of the top 5%: $397,207
- Median household income: $66,659
44. Louisiana
- Average income of the top 5%: $391,326
- Median household income: $60,986
45. Iowa
- Average income of the top 5%: $388,530
- Median household income: $75,501
46. New Mexico
- Average income of the top 5%: $387,689
- Median household income: $67,816
47. Arkansas
- Average income of the top 5%: $385,591
- Median household income: $62,106
48. Kentucky
- Average income of the top 5%: $380,654
- Median household income: $64,526
49. Mississippi
- Average income of the top 5%: $351,488
- Median household income: $59,127
50. West Virginia
- Average income of the top 5%: $345,740
- Median household income: $60,798
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