The 10 states where people make the most money
Americans in these states bring him the most cash across all income levels
It’s no secret that where you live can have a massive impact on how much money you make given that average salaries vary widely from state-to-state.
WalletHub set out to find the states where people make the most money, looking at the the average annual income of the top 5%, the median income for all residents, and the average income of the bottom 20%.
“The highest-earning 10% of individuals in the United States earn over 12 times more than those in the lowest-earning 10%,” said WalletHub analyst Chip Lupo. “By measuring the income of various percentiles against a state’s median income, we can better identify where income disparities are more prevalent, which could help us better understand why residents of certain states struggle more to make ends meet.”
Continue reading to see which 10 states have the highest earners. All numbers are adjusted for the cost of living index.
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#10: Massachusetts
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- Average annual income of top 5%: $486,112
- Median annual income: $133,946
- Average annual income of bottom 20%: $14,221
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#9: Illinois
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- Average annual income of top 5%: $521,989
- Median annual income: $81,549
- Average annual income of bottom 20%: $16,705
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#8: Colorado
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- Average annual income of top 5%: $483,844
- Median annual income: $102,825
- Average annual income of bottom 20%: $19,253
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#7: Minnesota
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- Average annual income of top 5%: $486,764
- Median annual income: $89,434
- Average annual income of bottom 20%: $20,616
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#6: Utah
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- Average annual income of top 5%: $466,144
- Median annual income: $95,101
- Average annual income of bottom 20%: $23,531
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#5: Washington
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- Average annual income of top 5%: $499,994
- Median annual income: $109,171
- Average annual income of bottom 20%: $18,777
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#4: Connecticut
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- Average annual income of top 5%: $535,578
- Median annual income: $118,346
- Average annual income of bottom 20%: $15,005
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#3: New York
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- Average annual income of top 5%: $575,505
- Median annual income: $95,033
- Average annual income of bottom 20%: $13,647
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#2: New Jersey
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- Average annual income of top 5%: $522,128
- Median annual income: $122,447
- Average annual income of bottom 20%: $17,083
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#1: Virginia
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- Average annual income of top 5%: $533,522
- Median annual income: $93,275
- Average annual income of bottom 20%: $19,293