You would certainly be considered wealthy if you were to win the lottery in Florida. How much money would it take for someone who isn’t as fortunate to be considered wealthy in the Sunshine State?
A recent investigation into this topic was carried out by the personal finance website GoBankingRates, which looked at the average household income of the top 5% of earnings in each state.
Based on information from the U.S. Census Bureau’s 2022 American Community Survey, the research offers some fascinating new perspectives. Contrary to popular belief, which holds that significant money is a prerequisite for being rich, Florida has comparatively lower standards than some other states.
But between 2017 and 2022, there was a noticeable rise in Florida’s and other states’ wealth requirements.
The data shows that in Florida, the top 5% earned an average of $476,546 in 2022, a significant 34% rise from $355,610 in 2017. In terms of average income increase among the top 5% earners over this five-year period, this ranks Florida as the thirteenth state.
In contrast, Connecticut is the wealthiest state, with the highest income need of about $656,000 per year to rank among the top earners. In the meantime, Washington’s average income for the top 5% increased by the greatest five-year percentage, reaching 43.9%.
Washington tops the list of the ten states whose average income for the top 5% increased by the greatest amount between 2017 and 2022. Nevada, Idaho, South Carolina, California, Utah, Oregon, Arkansas, Montana, and Nebraska are next in line.
This analysis provides important insights into what it means to be deemed rich in Florida and beyond by illuminating the changing wealth and income distribution picture across states.