How Much You Need To Be in the Top 5% in Every State

The top 5% of wealthy Americans in 12 states earn more than half a million dollars annually. By comparison, the median household income for those 12 states does not exceed more than $102,000.

Contents

Key Findings 1. Connecticut 2. California 3. Massachusetts 4. New York 5. New Jersey 6. Washington 7. Colorado 8. Virginia 9. Maryland 10. Illinois 11. New Hampshire 12. Hawaii 13. Florida 14. Minnesota 15. Texas 16. Rhode Island 17. Delaware 18. Alaska 19. Nebraska 20. Utah 21. Pennsylvania 22. Georgia 23. Oregon 24. Arizona 25. Nevada 26. Vermont 27. South Dakota 28. North Carolina 29. Tennessee 30. Montana 31. South Carolina 32. Idaho 33. Wisconsin 34. Ohio 35. Maine 36. Missouri 37. Michigan 38. Iowa 39. Wyoming 40. North Dakota 41. Kansas 42. Indiana 43. Oklahoma 44. Louisiana 45. Alabama 46. New Mexico 47. Kentucky 48. Arkansas 49. Mississippi 50. West Virginia

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To determine the amount of income needed to be among the top 5% in each state, GOBankingRates sourced factors including household median income, lower limit of household income and average household income for each quintile. The states are sorted into rankings showing the highest average income for the top 5% of household earners.

Key Findings

The top 5% earn $600,000 or more in Connecticut, California, Massachusetts, New York and New Jersey. These states rank first to fifth in GOBankingRates’ study and are known for having high cost of living.
There are 12 states where the top 5% earns more than half a million dollars annually: Connecticut ($637,673), California ($619,938), Massachusetts ($619,385), New York ($619,178), New Jersey ($616,334), Washington ($573,110), Colorado ($535,056), Virginia ($534,776), Maryland ($522,117), Illinois ($514,347), New Hampshire ($510,730) and Hawaii ($505,977).
New York is the only state where the top 5% make seven times more than median households. The top 5% make six times more than median households in 24 states and five times more in 25 states.

From highest to lowest, this is the amount needed to be in the top 5% in every state.

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1. Connecticut

Average income for the top 5%: $637,673
Median household income: $93,760
How much more the average 5% make than median households: 6.8x

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2. California

Average income for the top 5%: $619,938
Median household income: $96,334
How much more the average 5% make than median households: 6.4x

3. Massachusetts

Average income for the top 5%: $619,385
Median household income: $101,341
How much more the average 5% make than median households: 6.1x

4. New York

Average income for the top 5%: $619,178
Median household income: $84,578
How much more the average 5% make than median households: 7.3x

5. New Jersey

Average income for the top 5%: $616,334
Median household income: $101,050
How much more the average 5% make than median households: 6.1x

6. Washington

Average income for the top 5%: $573,110
Median household income: $94,952
How much more the average 5% make than median households: 6x

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7. Colorado

Average income for the top 5%: $535,056
Median household income: $92,470
How much more the average 5% make than median households: 5.8x

8. Virginia

Average income for the top 5%: $534,776
Median household income: $90,974
How much more the average 5% make than median households: 5.9x

9. Maryland

Average income for the top 5%: $522,117
Median household income: $101,652
How much more the average 5% make than median households: 5.1x

10. Illinois

Average income for the top 5%: $514,347
Median household income: $81,702
How much more the average 5% make than median households: 6.3x

11. New Hampshire

Average income for the top 5%: $510,730
Median household income: $95,628
How much more the average 5% make than median households: 5.3x

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12. Hawaii

Average income for the top 5%: $505,977
Median household income: $98,317
How much more the average 5% make than median households: 5.2x

13. Florida

Average income for the top 5%: $499,872
Median household income: $71,711
How much more the average 5% make than median households: 7x

14. Minnesota

Average income for the top 5%: $496,581
Median household income: $87,556
How much more the average 5% make than median households: 5.7x

15. Texas

Average income for the top 5%: $494,328
Median household income: $76,292
How much more the average 5% make than median households: 6.5x

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16. Rhode Island

Average income for the top 5%: $489,811
Median household income: $86,372
How much more the average 5% make than median households: 5.7x

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17. Delaware

Average income for the top 5%: $477,949
Median household income: $82,855
How much more the average 5% make than median households: 5.8x

18. Alaska

Average income for the top 5%: $477,622
Median household income: $89,336
How much more the average 5% make than median households: 5.4x

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19. Nebraska

Average income for the top 5%: $471,960
Median household income: $74,985
How much more the average 5% make than median households: 6.3x

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20. Utah

Average income for the top 5%: $468,606
Median household income: $91,750
How much more the average 5% make than median households: 5.1x

21. Pennsylvania

Average income for the top 5%: $468,603
Median household income: $76,081
How much more the average 5% make than median households: 6.2x

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22. Georgia

Average income for the top 5%: $467,103
Median household income: $74,664
How much more the average 5% make than median households: 6.3x

23. Oregon

Average income for the top 5%: $464,386
Median household income: $80,426
How much more the average 5% make than median households: 5.8x

24. Arizona

Average income for the top 5%: $461,017
Median household income: $76,872
How much more the average 5% make than median households: 6x

25. Nevada

Average income for the top 5%: $460,558
Median household income: $75,561
How much more the average 5% make than median households: 6.1x

26. Vermont

Average income for the top 5%: $453,461
Median household income: $78,024
How much more the average 5% make than median households: 5.8x

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27. South Dakota

Average income for the top 5%: $452,480
Median household income: $72,421
How much more the average 5% make than median households: 6.3x

28. North Carolina

Average income for the top 5%: $443,291
Median household income: $69,904
How much more the average 5% make than median households: 6.3x

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29. Tennessee

Average income for the top 5%: $435,495
Median household income: $67,097
How much more the average 5% make than median households: 6.5x

30. Montana

Average income for the top 5%: $420,968
Median household income: $69,922
How much more the average 5% make than median households: 6x

31. South Carolina

Average income for the top 5%: $419,871
Median household income: $66,818
How much more the average 5% make than median households: 6.3x

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32. Idaho

Average income for the top 5%: $418,188
Median household income: $74,636
How much more the average 5% make than median households: 5.6x

33. Wisconsin

Average income for the top 5%: $418,095
Median household income: $75,670
How much more the average 5% make than median households: 5.5x

34. Ohio

Average income for the top 5%: $417,374
Median household income: $69,680
How much more the average 5% make than median households: 6x

35. Maine

Average income for the top 5%: $415,677
Median household income: $71,773
How much more the average 5% make than median households: 5.8x

36. Missouri

Average income for the top 5%: $410,472
Median household income: $68,920
How much more the average 5% make than median households: 6x

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37. Michigan

Average income for the top 5%: $409,636
Median household income: $71,149
How much more the average 5% make than median households: 5.8x

38. Iowa

Average income for the top 5%: $400,534
Median household income: $73,147
How much more the average 5% make than median households: 5.5x

39. Wyoming

Average income for the top 5%: $400,071
Median household income: $74,815
How much more the average 5% make than median households: 5.4x

40. North Dakota

Average income for the top 5%: $399,162
Median household income: $75,949
How much more the average 5% make than median households: 5.3x

41. Kansas

Average income for the top 5%: $398,469
Median household income: $72,639
How much more the average 5% make than median households: 5.5x

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42. Indiana

Average income for the top 5%: $393,813
Median household income: $70,051
How much more the average 5% make than median households: 5.6x

43. Oklahoma

Average income for the top 5%: $392,351
Median household income: $63,603
How much more the average 5% make than median households: 6.2x

44. Louisiana

Average income for the top 5%: $389,605
Median household income: $60,023
How much more the average 5% make than median households: 6.5x

45. Alabama

Average income for the top 5%: $388,183
Median household income: $62,027
How much more the average 5% make than median households: 6.3x

46. New Mexico

Average income for the top 5%: $378,797
Median household income: $62,125
How much more the average 5% make than median households: 6.1x

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47. Kentucky

Average income for the top 5%: $372,886
Median household income: $62,417
How much more the average 5% make than median households: 6x

48. Arkansas

Average income for the top 5%: $364,124
Median household income: $58,773
How much more the average 5% make than median households: 6.2x

49. Mississippi

Average income for the top 5%: $344,395
Median household income: $54,915
How much more the average 5% make than median households: 6.3x

50. West Virginia

Average income for the top 5%: $330,270
Median household income: $57,917
How much more the average 5% make than median households: 5.7x

Methodology: For this study, GOBankingRates analyzed US states to find how much income you need to be in the top 5% earners in every state. For each state a number of factors were found including total population, population ages 65 and over, total households, household median income, the lower limit of household income for each quintile, and the average household income for each quintile, all were sourced from the US Census American Community Survey. The cost-of-living indexes for each state were recorded from Missouri Economic and Research Information Center and using the national average expenditure costs from the Bureau of Labor Statistics Consumer Expenditure Survey for all households, the average expenditure costs for each state was calculated. The average single family home value was sourced from Zillow Home Value Index and using the national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated. Using the average mortgage and expenditure costs the total cost of living can be calculated and is included as supplemental information. The states were sorted to show the highest average income for the top 5% household earners. All data was collected on and is up to date on April 30th, 2025.

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This article originally appeared on GOBankingRates.com: How Much You Need To Be in the Top 5% in Every State