In 12 states, the average income for top-earning households exceeds $500,000 a year, the study finds. To determine the top earners in each state, GOBankingRates analyzed the most recent U.S. Census data from 2023.
Connecticut ranks highest with an average top 5% income of $637,673 — more than seven times the state’s median household income, according to the study. California, Massachusetts, New York and New Jersey also rank near the top, each with average top 5% incomes over $600,000.
According to the analysis, the average income among the top 5% of households exceeds $500,000 in the following states:
- 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
- Hawaii: $505,977
At the other end of the list, the average income of the top 5% is lowest in West Virginia, at $330,270 — still well above the state’s median of $57,917, but only about two-thirds of what top earners make in high-income states like Connecticut or California.
