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.
What makes you a fat cat in Kentucky could mean middle class in Massachusetts. BullRun – stock.adobe.com
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.
While what constitutes a rich person’s income varies across states, wealth disparity remains rock steady. Bilbo Baggins – stock.adobe.com
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