This is the salary it takes to be considered rich in every state

What does it take to be considered rich in America? It relies upon lots on the place you reside.

The richest of the rich stay in Washington, D.C., the place it takes a salary of $719,000 to land in the high 5% of earners. That’s in accordance to a recent analysis from GoBankingRates, which appears at the common family revenue of the high 5% of earners in every state, primarily based on the newest knowledge obtainable from the 2022 American Community Survey.

The No. 1 richest state, in the meantime, is Connecticut, the place residents have to deliver in roughly $656,000 to be amongst the high earners.

Washington state has seen the most dramatic progress in what it takes to be rich in current years, in accordance to the report. In 2017, a salary of about $378,000 would land you in the 5% membership. By 2022, the salary it takes to keep at that degree is greater than $544,000.

The roughly 44% improve can be attributed to rising wealth in Seattle, which has turn out to be a tech hub with fast-growing corporations like Amazon headquartered in the space, says Andrew Murray, lead knowledge content material researcher at GoBankingRates.

Overall, rich Americans have gotten lots richer in since 2017. Back then, solely Connecticut and Washington, D.C., had a 5% top-earning threshold of $500,000.

Five years later, that is up to 11 U.S. states and D.C.: Washington, California, Massachusetts, Hawaii, Virginia, Colorado, New York, New Jersey, Illinois, Maryland and Connecticut.

This principally has to do with the fiscal response to the pandemic, Murray says: “Robust Covid relief bolstered the economy, leading to boosted stock prices, real estate and savings. These conditions were especially favorable for the wealthiest of Americans who saw their already large incomes spike dramatically.”

While employers did increase wages for a few of the lowest-paid workers in the pandemic restoration, “their overall wealth share in the country actually decreased, as the rich became much richer,” Murray says.

Here’s the salary it takes to be considered in the high 5% of earners in every state, listed alphabetically, plus Washington, D.C.:

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