What It Takes to Be 'Rich' Varies Widely Across US States

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A new study from MoneyLion shows that the income required to be considered 'rich' in the United States varies dramatically by state, with the top 5% in Connecticut earning over $692,000 on average, while in Mississippi the top 5% make $351,488. The findings highlight the stark wealth disparity across the country, with the richest households in some states earning over 7 times the median income.

Why it matters

This data sheds light on the growing wealth gap in America, where the richest households are pulling further away from the middle class. As the cost of living continues to rise, particularly in high-cost states, the gulf between average earners and the affluent is becoming increasingly pronounced, raising questions about economic inequality and access to opportunity.

The details

The MoneyLion study used data from the 2024 American Community Survey to determine the average income of the top 5% of households in each state. Connecticut topped the list, with the top 5% earning an average of $692,140, over 7 times the state's median household income of $96,049. New York, Massachusetts, California, and New Jersey rounded out the top 5 states where it takes the most money to be considered 'rich'. At the other end of the spectrum, Mississippi had the lowest bar for being in the top 5%, at $351,488, still nearly 6 times the state's median income of $59,127.

• The MoneyLion study used data from the 2024 American Community Survey.