In the U.S., $74,600 is the median annual income. This number, of course, varies from state to state. However, this isn’t the only way to look at how rich or poor the people of a state are.
To see just how well-off the people of a state are, the average income of the top 5% of earners, the average income of the bottom 20%, and the total median for the state are all compared. Using this metric, WalletHub has come up with the states that have the highest incomes.
1. Virginia
The median annual income is $89,393. The top 5% of earners make more than $518,000, and the bottom 20% make almost $18,700. This gives the state an earning score of 69.59 and the top spot in the country.
2. New Jersey
The state’s median income is $117,847, so it tends to be well-off. However, the bottom 20% of residents make about $16,445, and the top 5% earn more than $505,600. The state has an overall score of 68.85.
3. New York
Many people in this state are doing well, as indicated by its score of 67.60. The median income statewide is $91,366, much higher than the national average. The bottom 20% earns $13,301, but the top 5% earn a whopping $553,436, the highest on this list.
4. Connecticut
Connecticut is well-known for its high earners. The state has a score of 67.42 and a median income of $114,156. The top 5% average $518,757, and the bottom 20% average $14,576.
5. Washington
Its score of 62.29 reflects the high incomes and relatively low disparity. The average worker there makes $103,748. The bottom 20% of workers earn $18,223, while the top 5% earn just over $474,000.
6. Utah
Utah has one of the lowest disparities in income on this list. The bottom 20% earn an average of $22,491, and the upper 5% earn an average of about $448,000. This puts the median earnings at $89,786. It has an overall score of 61.60.
7. Illinois
Its score of 59.64 largely comes from the high incomes of the top earners. The median income of the state is $78,304. The average income of the top 5% is $504,800, and the bottom 20% average is $16,192.
8. Minnesota
Minnesota has an earning score of 59.48. The median income is $86,364. However, the top 5% earn an average of almost $465,000, while the bottom 20% earn an average of $19,797.
9. Colorado
This beautiful state earns a score of 57.55. The top 5% of earners make about $456,603, and the bottom 20% earn about $18,451. This leaves a median income of $97,301.
10. Massachusetts
Its score of 57.39 places it very close to Colorado. Its median income is $127,760, the second-highest on this list. The average income of the top 5% is $466,208, while the bottom 20% earns just $13,689.
11. California
California is very well-off, with a score of 54.59 and a median income of almost $124,000. The bottom 20% earn an average of $13,949, while the top 5% earn an average of $454,829.
12. Texas
Scoring 54.05, residents here have a median income below the national average of $70,513. But, they have a top 5% income of more than $481,000 and a bottom 20% average of $16,802.
13. Georgia
Georgia scores 53.97 overall. The top 5% here earn an average of $487,870, and the bottom 20% average an income of $16,472. This puts the median income of residents at $66,612.
14. Maryland
With a score of 53.78, residents here make a median average of $124,693. However, the bottom 20% earn just $16,647, while the top 5% earn more than $427,000.
15. Washington, D.C.
Functioning much like a state, it has a score of 52.88. It has the highest median income on this list at $162,265. The top 5% earn an average of $450,892, while the bottom 20% earn only $9,011, the lowest amount on this list.
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