How much money do you have to earn in Florida to be considered rich? Take a look
If you win the lottery in Florida, then you’d definitely be considered rich. But what about everyone else who isn’t as lucky?
Just how much would a person in the Sunshine State need to earn to be considered rich? And how would that compare to other states?
A new analysis from GoBankingRates, a personal finance site, examined the average household income of the top 5% of earners in each state. The analysis is based on the latest data available from the 2022 American Community Survey from the U.S. Census Bureau.
The good news for all those aspiring one percenters: You don’t need to earn as much in Florida as some other states to be considered rich.
However, what it takes to be considered rich in Florida and other states jumped significantly between 2017 and 2022. In fact, Florida ranks 13th among states for average income growth of the top 5% between 2017 and 2022.
To determine that five-year increase, GoBankingRates looked at each state’s median income, average income of the top 20% earners and average income of the top 5%. The analysis also examined the five-year change in average income of the top 20% of earners.
The Florida rich
So, how much would you need to earn to be ranked as rich in Florida?
The average income of the top 5% in the state was $476,546 in 2022, the analysis shows. That’s a 34% increase from the $355,610 the top 5% earned on average in 2017.
Top findings
- The top richest state is Connecticut, where you’d have to earn about $656,000 a year to be one of the top earners.
- Washington was the state with the largest five-year percentage increase in average income for the top 5% at 43.9%.
- Only Connecticut and the District of Columbia had median incomes of the top 5% of $500,000 or more in 2017. By 2022, 12 states had people in the top 5% earning those median incomes.
Top 10 states
Below are the 10 states that had the biggest increases in average income for the top 5% between 2017 and 2022.
Washington
- 5-Year Change (%) in Average Income of Top 5%: 43.9%
- 2022 Average Income of Top 5%: $544,518
- 2017 Average Income of Top 5%: $378,374
Nevada
- 5-Year Change (%) in Average Income of Top 5%: 40.41%
- 2022 Average Income of Top 5%: $449,872
- 2017 Average Income of Top 5%: $320,403
Idaho
- 5-Year Change (%) in Average Income of Top 5%: 40.34%
- 2022 Average Income of Top 5%: $402,743
- 2017 Average Income of Top 5%: $286,974
South Carolina
- 5-Year Change (%) in Average Income of Top 5%: 37.65%
- 2022 Average Income of Top 5%: $408,138
- 2017 Average Income of Top 5%: $296,503
California
- 5-Year Change (%) in Average Income of Top 5%: 37.21%
- 2022 Average Income of Top 5%: $613,602
- 2017 Average Income of Top 5%: $447,207
Utah
- 5-Year Change (%) in Average Income of Top 5%: 36.96%
- 2022 Average Income of Top 5%: $463,437
- 2017 Average Income of Top 5%: $338,384
Oregon
- 5-Year Change (%) in Average Income of Top 5%: 36.15%
- 2022 Average Income of Top 5%: $448,649
- 2017 Average Income of Top 5%: $329,517
Arkansas
- 5-Year Change (%) in Average Income of Top 5%: 36.02%
- 2022 Average Income of Top 5%: $377,043
- 2017 Average Income of Top 5%: $277,187
Montana
- 5-Year Change (%) in Average Income of Top 5%: 35.89%
- 2022 Average Income of Top 5%: $411,205
- 2017 Average Income of Top 5%: $302,605
Nebraska
- 5-Year Change (%) in Average Income of Top 5%: 35.77%
- 2022 Average Income of Top 5%: $420,169
- 2017 Average Income of Top 5%: $309,480
