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

How Much You Need To Be in the Top 5% in Every State Heather TaylorOctober 27, 2025 at 7:03 AM 0 Rawpixel / iStock.com The top 5% of wealthy Americans in 12 states earn more than half a million dollars annually.

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

Heather TaylorOctober 27, 2025 at 7:03 AM

Rawpixel / iStock.com

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.

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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.

pidjoe / Getty ImagesKey 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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DenisTangneyJr / Getty Images/iStockphoto1. 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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DutcherAerials / Getty Images2. 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

APCortizasJr / Getty Images3. 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

nimu1956 / Getty Images4. 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

DenisTangneyJr / Getty Images5. 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

Joecho-16 / Getty Images/iStockphoto6. 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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Jim Glab / iStock.com7. 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

stu99 / Getty Images8. 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

DenisTangneyJr / Getty Images/iStockphoto9. 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

EJ_Rodriquez / Getty Images/iStockphoto10. 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

DenisTangneyJr / iStock.com11. 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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DOUGBERRY / Getty Images12. 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

DenisTangneyJr / iStock.com13. 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

LIKE HE / Getty Images/iStockphoto14. 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

BackyardProduction / iStock.com15. 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

SeanPavonePhoto / Getty Images/iStockphoto16. 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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benkrut / Getty Images/iStockphoto17. 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

wanderluster / Getty Images18. 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

steveodonnell / Getty Images/iStockphoto19. 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

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

Althom / Getty Images21. 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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Roberto Galan / Getty Images22. 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

Shunyu Fan / Getty Images/iStockphoto23. 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

miroslav_1 / iStock.com24. 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

sframephoto / Getty Images/iStockphoto25. 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

SeanPavonePhoto / Getty Images/iStockphoto26. 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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pabradyphoto / Getty Images/iStockphoto27. 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

Jeff Yount / iStock.com28. 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

Jonathan Ross / Getty Images/iStockphoto29. 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

constantgardener / Getty Images30. 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

skiserge1 / Getty Images/iStockphoto31. 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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knowlesgallery / Getty Images/iStockphoto32. 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

DenisTangneyJr / Getty Images33. 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

halbergman / iStock.com34. 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

DenisTangneyJr / Getty Images35. 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

Art Wager / iStock.com36. 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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PapaBear / iStock.com37. 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

beverett / Getty Images/iStockphoto38. 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

stockphoto52 / Getty Images/iStockphoto39. 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

YinYang / Getty Images40. 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

DenisTangneyJr / iStock.com41. 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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Wirestock / Getty Images/iStockphoto42. 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

DenisTangneyJr / Getty Images43. 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

DenisTangneyJr / Getty Images/iStockphoto44. 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

Michael Warren / Getty Images45. 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

benedek / Getty Images/iStockphoto46. 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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Jeremy Poland / Getty Images47. 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

Sean Pavone / Getty Images/iStockphoto48. 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

Michael Warren / iStock.com49. 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

DenisTangneyJr / iStock.com50. 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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