10 states where income is rising for the top 5%

The rich are getting richer in a number of Western states, according to an April 25 analysis from GoBankingRates

The financial services company analyzed data from the Census Bureau's 2022, 2017 and 2021 American Community Surveys to determine the median income, average income of the top 20% of earners and average income of the top 5% of earners in every state. It then determined the change in average income of the top 20% of earners from 2017 to 2022. 

These 10 states saw the greatest increase in average income amid the top 5% of earners, per the analysis:

 

1. Washington — 43.9% 5-year change in average income of top 5% 

2022 average income of top 5%: $544,518

2017 average income of top 5%: $378,374

 

2. Nevada — 40.4%

2022 average income: $449,872

2017 average income: $320,403

 

3. Idaho — 40.3%

2022 average income: $402,743

2017 average income: $286,974

 

4. South Carolina — 37.7%

2022 average income: $408,138

2017 average income: $296,503

 

5. California — 37.2%

2022 average income: $613,602

2017 average income: $447,207

 

6. Utah — 37%

2022 average income: $463,437 

2017 average income: $338,384

 

7. Oregon — 36.1%

2022 average income: $448,649

2017 average income: $329,517

 

8. Arkansas — 36%

2022 average income: $377,043

2017 average income: $277,187

 

9. Montana — 35.9%

2022 average income: $411,205

2017 average income: $302,605

 

10. Nebraska — 35.8% 

2022 average income: $420,169

2017 average income: $309,480

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Featured Whitepapers

Featured Webinars