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