Income It Takes To Be Considered Rich In Every State

The American dream — once a core component of the United States’ conception of itself — is essentially a belief in the possibility of upward mobility through hard work and risk. Public confidence in this national ethos appears to be eroding, however. According to a 2024 survey conducted by the Pew Research Center, 53% of the U.S. population think the American dream is still possible, while 41% think the American dream was only ever possible in a bygone era.

24/7 Wall St. Key Points:

• While public confidence in the American dream has faded, government data suggests that upward economic mobility remains relatively common in the United States.
• The share of Americans with incomes that are twice as high as is typical has nearly doubled in recent decades — but exactly how much it takes to fall on the upper end of the income spectrum varies considerably in the U.S., and depends largely on where you live.
• Also: 2 Dividend Legends To Hold Forever

Rising economic pessimism among the U.S. population may come as little surprise, as, in recent years, surging consumer prices — particularly in the housing market — have been matched by relatively stagnant growth in real wages. While millions of American households are undoubtedly experiencing increased financial strain, there is still some evidence that the American dream is alive and well. (Here is a look at the five most common ways Americans move from poor to middle class.)

According to Pew analysis of government data, the share of households who fall in the upper-income tier has expanded meaningfully in recent decades. Between 1971 and 2023, the share of Americans in households earning at least twice as much as the typical household climbed from 11% to 19%. While exactly what it means to be “rich” is subjective and can vary from person to person, in a relative sense, certain income levels are demonstrably higher than what the vast majority of Americans earn in a given year.

Using data from the U.S. Census Bureau’s 2023 American Community Survey, 24/7 Wall St. identified the income it takes to be considered rich in each state. For every state, we identified the minimum annual income required to be in the top 20% and top 5% of earners, as well as the average income among the top 20% and top 5% of earners. All data in the story are as reflected in 1-year 2023 ACS estimates.

Across the 50 states, the minimum income required to be in the top 20% of households by earnings ranges from $111,926 to $204,728. In each case, this minimum threshold is at least 1.8 times higher than what the typical household in the state earns. Among the highest earning 20% of households, average annual incomes range from $191,632 to $357,435, depending on the state. (Here is a look at the richest city in every state.)

To be among the highest earning 5% of households, it takes an annual income of at least $200,000 in every state — and in most states, this threshold exceeds $250,000. Average annual incomes among the top 5% of households by earnings range from $330,270 to $637,673 across the 50 states, amounts that are anywhere from 5 to 7.5 times higher than the statewide median household income.

This is the income needed to be considered rich in every state.

Why It Matters

When it comes to personal finances, “rich” is an inherently subjective term. Ask 100 people how much they would need before they considered themselves rich and you may get 100 different answers. Still, in relative terms, some Americans are objectively far better off financially than the vast majority of the U.S. population. Nationwide, an annual income of at least $155,515 is enough to rank among the highest earning 20% of households, while those who fall into the highest earning 5% have annual incomes of more than $250,000. Incomes vary considerably by state, however, and a household that falls short of the top 20% or top 5% thresholds in some parts of the country may be among the top earners in another.

Alabama

• Minimum household income for top 5% of earners: $223,207
• Average household income among top 5% of earners: $388,183 — 6th lowest of 50 states
• Minimum household income for top 20% of earners: $123,395 — 7th lowest of 50 states
• Average household income among top 20% of earners: $217,136 — 6th lowest of 50 states
• Median household income: $62,212 — 7th lowest of 50 states

Alaska

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $477,622 — 18th highest of 50 states
• Minimum household income for top 20% of earners: $166,034 — 12th highest of 50 states
• Average household income among top 20% of earners: $277,692 — 15th highest of 50 states
• Median household income: $86,631 — 12th highest of 50 states

Arizona

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $461,017 — 24th highest of 50 states
• Minimum household income for top 20% of earners: $150,019 — 21st highest of 50 states
• Average household income among top 20% of earners: $261,680 — 23rd highest of 50 states
• Median household income: $77,315 — 20th highest of 50 states

Arkansas

• Minimum household income for top 5% of earners: $220,131
• Average household income among top 5% of earners: $364,124 — 3rd lowest of 50 states
• Minimum household income for top 20% of earners: $116,085 — 3rd lowest of 50 states
• Average household income among top 20% of earners: $205,876 — 3rd lowest of 50 states
• Median household income: $58,700 — 4th lowest of 50 states

California

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $619,938 — 2nd highest of 50 states
• Minimum household income for top 20% of earners: $194,477 — 3rd highest of 50 states
• Average household income among top 20% of earners: $349,115 — 3rd highest of 50 states
• Median household income: $95,521 — 5th highest of 50 states

Colorado

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $535,056 — 7th highest of 50 states
• Minimum household income for top 20% of earners: $178,394 — 10th highest of 50 states
• Average household income among top 20% of earners: $307,681 — 9th highest of 50 states
• Median household income: $92,911 — 9th highest of 50 states

Connecticut

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $637,673 — the highest of 50 states
• Minimum household income for top 20% of earners: $185,072 — 5th highest of 50 states
• Average household income among top 20% of earners: $345,439 — 4th highest of 50 states
• Median household income: $91,665 — 10th highest of 50 states

Delaware

Wilmington Delaware skyline (BY-SA 2.5) by Tim Kiser (User:Malepheasant)

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $477,949 — 17th highest of 50 states
• Minimum household income for top 20% of earners: $155,421 — 17th highest of 50 states
• Average household income among top 20% of earners: $269,940 — 18th highest of 50 states
• Median household income: $81,361 — 16th highest of 50 states

Florida

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $499,872 — 13th highest of 50 states
• Minimum household income for top 20% of earners: $144,290 — 25th highest of 50 states
• Average household income among top 20% of earners: $268,862 — 19th highest of 50 states
• Median household income: $73,311 — 21st lowest of 50 states

Georgia

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $467,103 — 22nd highest of 50 states
• Minimum household income for top 20% of earners: $148,068 — 22nd highest of 50 states
• Average household income among top 20% of earners: $263,551 — 21st highest of 50 states
• Median household income: $74,632 — 25th highest of 50 states

Hawaii

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $505,977 — 12th highest of 50 states
• Minimum household income for top 20% of earners: $183,132 — 7th highest of 50 states
• Average household income among top 20% of earners: $302,189 — 10th highest of 50 states
• Median household income: $95,322 — 6th highest of 50 states

Idaho

Blue night sky over Boise Idaho with moon (BY 2.0) by Knowles Gallery

• Minimum household income for top 5% of earners: $243,080
• Average household income among top 5% of earners: $418,188 — 19th lowest of 50 states
• Minimum household income for top 20% of earners: $139,748 — 23rd lowest of 50 states
• Average household income among top 20% of earners: $237,608 — 21st lowest of 50 states
• Median household income: $74,942 — 24th highest of 50 states

Illinois

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $514,347 — 10th highest of 50 states
• Minimum household income for top 20% of earners: $158,265 — 16th highest of 50 states
• Average household income among top 20% of earners: $284,455 — 12th highest of 50 states
• Median household income: $80,306 — 18th highest of 50 states

Indiana

• Minimum household income for top 5% of earners: $234,807
• Average household income among top 5% of earners: $393,813 — 9th lowest of 50 states
• Minimum household income for top 20% of earners: $132,018 — 10th lowest of 50 states
• Average household income among top 20% of earners: $225,069 — 10th lowest of 50 states
• Median household income: $69,477 — 14th lowest of 50 states

Iowa

• Minimum household income for top 5% of earners: $229,713
• Average household income among top 5% of earners: $400,534 — 13th lowest of 50 states
• Minimum household income for top 20% of earners: $134,085 — 16th lowest of 50 states
• Average household income among top 20% of earners: $227,548 — 11th lowest of 50 states
• Median household income: $71,433 — 18th lowest of 50 states

Kansas

• Minimum household income for top 5% of earners: $236,806
• Average household income among top 5% of earners: $398,469 — 10th lowest of 50 states
• Minimum household income for top 20% of earners: $134,863 — 18th lowest of 50 states
• Average household income among top 20% of earners: $229,603 — 12th lowest of 50 states
• Median household income: $70,333 — 15th lowest of 50 states

Kentucky

• Minimum household income for top 5% of earners: $219,944
• Average household income among top 5% of earners: $372,886 — 4th lowest of 50 states
• Minimum household income for top 20% of earners: $121,641 — 4th lowest of 50 states
• Average household income among top 20% of earners: $211,372 — 4th lowest of 50 states
• Median household income: $61,118 — 5th lowest of 50 states

Louisiana

• Minimum household income for top 5% of earners: $227,312
• Average household income among top 5% of earners: $389,605 — 7th lowest of 50 states
• Minimum household income for top 20% of earners: $122,581 — 6th lowest of 50 states
• Average household income among top 20% of earners: $218,510 — 8th lowest of 50 states
• Median household income: $58,229 — 3rd lowest of 50 states

Maine

• Minimum household income for top 5% of earners: $249,126
• Average household income among top 5% of earners: $415,677 — 16th lowest of 50 states
• Minimum household income for top 20% of earners: $136,483 — 20th lowest of 50 states
• Average household income among top 20% of earners: $236,975 — 19th lowest of 50 states
• Median household income: $73,733 — 22nd lowest of 50 states

Maryland

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $522,117 — 9th highest of 50 states
• Minimum household income for top 20% of earners: $192,595 — 4th highest of 50 states
• Average household income among top 20% of earners: $316,198 — 7th highest of 50 states
• Median household income: $98,678 — 3rd highest of 50 states

Massachusetts

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $619,385 — 3rd highest of 50 states
• Minimum household income for top 20% of earners: $204,728 — the highest of 50 states
• Average household income among top 20% of earners: $357,435 — the highest of 50 states
• Median household income: $99,858 — the highest of 50 states

Michigan

• Minimum household income for top 5% of earners: $246,871
• Average household income among top 5% of earners: $409,636 — 14th lowest of 50 states
• Minimum household income for top 20% of earners: $135,855 — 19th lowest of 50 states
• Average household income among top 20% of earners: $234,424 — 16th lowest of 50 states
• Median household income: $69,183 — 13th lowest of 50 states

Minnesota

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $496,581 — 14th highest of 50 states
• Minimum household income for top 20% of earners: $160,398 — 15th highest of 50 states
• Average household income among top 20% of earners: $278,800 — 14th highest of 50 states
• Median household income: $85,086 — 13th highest of 50 states

Mississippi

• Minimum household income for top 5% of earners: $206,135
• Average household income among top 5% of earners: $344,395 — 2nd lowest of 50 states
• Minimum household income for top 20% of earners: $111,926 — the lowest of 50 states
• Average household income among top 20% of earners: $195,699 — 2nd lowest of 50 states
• Median household income: $54,203 — the lowest of 50 states

Missouri

• Minimum household income for top 5% of earners: $241,561
• Average household income among top 5% of earners: $410,472 — 15th lowest of 50 states
• Minimum household income for top 20% of earners: $132,469 — 12th lowest of 50 states
• Average household income among top 20% of earners: $231,343 — 13th lowest of 50 states
• Median household income: $68,545 — 12th lowest of 50 states

Montana

• Minimum household income for top 5% of earners: $236,883
• Average household income among top 5% of earners: $420,968 — 21st lowest of 50 states
• Minimum household income for top 20% of earners: $132,885 — 14th lowest of 50 states
• Average household income among top 20% of earners: $233,586 — 14th lowest of 50 states
• Median household income: $70,804 — 17th lowest of 50 states

Nebraska

City of Omaha, Nebraska Skylin... (CC BY 2.0) by Tony Webster from Minneapolis, Minnesota, United States

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $471,960 — 19th highest of 50 states
• Minimum household income for top 20% of earners: $139,738 — 22nd lowest of 50 states
• Average household income among top 20% of earners: $254,012 — 25th lowest of 50 states
• Median household income: $74,590 — 24th lowest of 50 states

Nevada

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $460,558 — 25th highest of 50 states
• Minimum household income for top 20% of earners: $145,825 — 24th highest of 50 states
• Average household income among top 20% of earners: $257,514 — 25th highest of 50 states
• Median household income: $76,364 — 22nd highest of 50 states

New Hampshire

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $510,730 — 11th highest of 50 states
• Minimum household income for top 20% of earners: $178,673 — 9th highest of 50 states
• Average household income among top 20% of earners: $299,847 — 11th highest of 50 states
• Median household income: $96,838 — 4th highest of 50 states

New Jersey

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $616,334 — 5th highest of 50 states
• Minimum household income for top 20% of earners: $202,071 — 2nd highest of 50 states
• Average household income among top 20% of earners: $353,804 — 2nd highest of 50 states
• Median household income: $99,781 — 2nd highest of 50 states

New Mexico

• Minimum household income for top 5% of earners: $229,284
• Average household income among top 5% of earners: $378,797 — 5th lowest of 50 states
• Minimum household income for top 20% of earners: $125,783 — 8th lowest of 50 states
• Average household income among top 20% of earners: $218,213 — 7th lowest of 50 states
• Median household income: $62,268 — 8th lowest of 50 states

New York

schenectady (Shutterstock.com) by Jacob Boomsma

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $619,178 — 4th highest of 50 states
• Minimum household income for top 20% of earners: $175,120 — 11th highest of 50 states
• Average household income among top 20% of earners: $332,296 — 5th highest of 50 states
• Median household income: $82,095 — 15th highest of 50 states

North Carolina

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $443,291 — 23rd lowest of 50 states
• Minimum household income for top 20% of earners: $140,304 — 24th lowest of 50 states
• Average household income among top 20% of earners: $249,846 — 24th lowest of 50 states
• Median household income: $70,804 — 17th lowest of 50 states

North Dakota

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $399,162 — 11th lowest of 50 states
• Minimum household income for top 20% of earners: $143,107 — 25th lowest of 50 states
• Average household income among top 20% of earners: $235,532 — 17th lowest of 50 states
• Median household income: $76,525 — 21st highest of 50 states

Ohio

• Minimum household income for top 5% of earners: $246,247
• Average household income among top 5% of earners: $417,374 — 17th lowest of 50 states
• Minimum household income for top 20% of earners: $134,463 — 17th lowest of 50 states
• Average household income among top 20% of earners: $235,727 — 18th lowest of 50 states
• Median household income: $67,769 — 10th lowest of 50 states

Oklahoma

• Minimum household income for top 5% of earners: $220,418
• Average household income among top 5% of earners: $392,351 — 8th lowest of 50 states
• Minimum household income for top 20% of earners: $121,993 — 5th lowest of 50 states
• Average household income among top 20% of earners: $216,497 — 5th lowest of 50 states
• Median household income: $62,138 — 6th lowest of 50 states

Oregon

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $464,386 — 23rd highest of 50 states
• Minimum household income for top 20% of earners: $154,420 — 18th highest of 50 states
• Average household income among top 20% of earners: $266,870 — 20th highest of 50 states
• Median household income: $80,160 — 19th highest of 50 states

Pennsylvania

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $468,603 — 21st highest of 50 states
• Minimum household income for top 20% of earners: $146,763 — 23rd highest of 50 states
• Average household income among top 20% of earners: $262,032 — 22nd highest of 50 states
• Median household income: $73,824 — 23rd lowest of 50 states

Rhode Island

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $489,811 — 16th highest of 50 states
• Minimum household income for top 20% of earners: $163,680 — 14th highest of 50 states
• Average household income among top 20% of earners: $281,136 — 13th highest of 50 states
• Median household income: $84,972 — 14th highest of 50 states

South Carolina

• Minimum household income for top 5% of earners: $245,746
• Average household income among top 5% of earners: $419,871 — 20th lowest of 50 states
• Minimum household income for top 20% of earners: $131,886 — 9th lowest of 50 states
• Average household income among top 20% of earners: $233,852 — 15th lowest of 50 states
• Median household income: $67,804 — 11th lowest of 50 states

South Dakota

Panorama of Rapid City, South Dakota, USA (Shutterstock.com) by Sopotnicki

• Minimum household income for top 5% of earners: $240,472
• Average household income among top 5% of earners: $452,480 — 24th lowest of 50 states
• Minimum household income for top 20% of earners: $132,593 — 13th lowest of 50 states
• Average household income among top 20% of earners: $240,811 — 23rd lowest of 50 states
• Median household income: $71,810 — 19th lowest of 50 states

Tennessee

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $435,495 — 22nd lowest of 50 states
• Minimum household income for top 20% of earners: $133,687 — 15th lowest of 50 states
• Average household income among top 20% of earners: $239,937 — 22nd lowest of 50 states
• Median household income: $67,631 — 9th lowest of 50 states

Texas

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $494,328 — 15th highest of 50 states
• Minimum household income for top 20% of earners: $151,411 — 20th highest of 50 states
• Average household income among top 20% of earners: $273,713 — 17th highest of 50 states
• Median household income: $75,780 — 23rd highest of 50 states

Utah

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $468,606 — 20th highest of 50 states
• Minimum household income for top 20% of earners: $165,245 — 13th highest of 50 states
• Average household income among top 20% of earners: $274,373 — 16th highest of 50 states
• Median household income: $93,421 — 8th highest of 50 states

Vermont

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $453,461 — 25th lowest of 50 states
• Minimum household income for top 20% of earners: $151,571 — 19th highest of 50 states
• Average household income among top 20% of earners: $259,205 — 24th highest of 50 states
• Median household income: $81,211 — 17th highest of 50 states

Virginia

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $534,776 — 8th highest of 50 states
• Minimum household income for top 20% of earners: $179,813 — 8th highest of 50 states
• Average household income among top 20% of earners: $311,723 — 8th highest of 50 states
• Median household income: $89,931 — 11th highest of 50 states

Washington

• Minimum household income for top 5% of earners: Over $250,000
• Average household income among top 5% of earners: $573,110 — 6th highest of 50 states
• Minimum household income for top 20% of earners: $184,724 — 6th highest of 50 states
• Average household income among top 20% of earners: $327,235 — 6th highest of 50 states
• Median household income: $94,605 — 7th highest of 50 states

West Virginia

• Minimum household income for top 5% of earners: $200,760
• Average household income among top 5% of earners: $330,270 — the lowest of 50 states
• Minimum household income for top 20% of earners: $112,522 — 2nd lowest of 50 states
• Average household income among top 20% of earners: $191,632 — the lowest of 50 states
• Median household income: $55,948 — 2nd lowest of 50 states

Wisconsin

• Minimum household income for top 5% of earners: $244,707
• Average household income among top 5% of earners: $418,095 — 18th lowest of 50 states
• Minimum household income for top 20% of earners: $139,442 — 21st lowest of 50 states
• Average household income among top 20% of earners: $237,351 — 20th lowest of 50 states
• Median household income: $74,631 — 25th lowest of 50 states

Wyoming

• Minimum household income for top 5% of earners: $230,130
• Average household income among top 5% of earners: $400,071 — 12th lowest of 50 states
• Minimum household income for top 20% of earners: $132,246 — 11th lowest of 50 states
• Average household income among top 20% of earners: $224,711 — 9th lowest of 50 states
• Median household income: $72,415 — 20th lowest of 50 states