Income levels vary greatly across the United States, with some states offering significantly higher earnings than others. Have you ever wondered where people are making the most money?
A recent WalletHub survey shows these are the top 17 states where residents have the highest incomes. From bustling tech hubs to finance centers, these states provide many opportunities for high earnings.
Virginia
Virginia tops the list with an impressive average annual income of $518,296 for the top 5%, a median income of $89,393, and $18,694 for the bottom 20%. The state’s economy thrives on government and military spending, with major federal agencies and contractors based in Northern Virginia. Additionally, Virginia’s burgeoning tech and cybersecurity sectors contribute significantly to these high incomes.
New Jersey
New Jersey’s top 5% earn around $505,621 annually. The state also boasts a high median income of $117,847, with the bottom 20% earning $16,445. The proximity to major urban centers like New York City and Philadelphia provides ample high-paying job opportunities, particularly in finance, healthcare, and technology. Additionally, New Jersey is a hub for the pharmaceutical industry, further boosting income levels.
New York
In New York, the top 5% earn $553,436 annually, with the median income at $91,366 and the bottom 20% earning $13,301. New York City’s status as a global financial hub plays a significant role in these figures. The state also benefits from strong sectors in tourism, healthcare, and education, contributing to its high median and top-tier incomes.
Connecticut
Connecticut has a top 5% income of $518,757 and a median income of $114,156, with the bottom 20% earning $14,576. The state’s economy is heavily influenced by the finance and insurance sectors, with a significant presence of hedge funds and insurance companies. Prestigious universities and research institutions also contribute to Connecticut’s high-income levels.
Washington
In Washington, the top 5% earn $474,067, while the median income is $103,748, and the bottom 20% make $18,223. The tech industry, anchored by giants like Microsoft and Amazon, significantly boosts the state’s income levels. Beyond tech, Washington has a strong aerospace sector and a growing biotechnology industry, which further enhance earning potential.
Utah
Utah’s economy is driven by its tech sector, often referred to as the “Silicon Slopes.” The top 5% in Utah earn $448,195 annually, with a median income of $89,786, and the bottom 20% earn $22,491. The state’s pro-business environment and high quality of life attract skilled professionals, contributing to these high earnings. Additionally, industries like tourism and mining play a supportive role.
Illinois
Illinois offers a diverse economy with strong sectors in finance, manufacturing, and agriculture. The top 5% earn $504,800 annually, and the median income is $78,304, while the bottom 20% earn $16,192. Chicago, as a major financial center, and the state’s extensive transportation and logistics networks significantly contribute to these income levels.
Minnesota
Minnesota stands out with a top 5% income of $464,981 and a median income of $86,364, while the bottom 20% make $19,797. The state benefits from a robust healthcare sector and a high concentration of Fortune 500 companies, driving income levels higher. Minnesota’s strong education system and high quality of life also play key roles.
Colorado
In Colorado, the top 5% earn $456,603 annually, with a median income of $97,301 and the bottom 20% making $18,451. Colorado’s booming tech and energy sectors contribute significantly to these high-income levels. The state’s outdoor recreational opportunities and high quality of life attract skilled professionals and entrepreneurs.
Massachusetts
Massachusetts boasts a top 5% income of $466,208 annually, a median income of $127,760, and the bottom 20% earning $13,689. The state’s prestigious educational institutions, including Harvard and MIT, and a strong healthcare sector boost its economic standing. Massachusetts also has a thriving biotechnology industry, which contributes to high incomes.
California
In California, the top 5% earn $454,829 annually, with a median income of $123,988 and the bottom 20% making $13,949. The state’s diverse economy, driven by technology, entertainment, and agriculture, supports these high-income levels. Silicon Valley, Hollywood, and the Central Valley’s agricultural output are key drivers of California’s economic success.
Texas
Texas offers a top 5% income of $481,483 annually, with a median income of $70,513 and the bottom 20% earning $16,802. Texas benefits from a strong energy sector and a growing tech industry, contributing to its high incomes. The state’s pro-business environment, low taxes, and affordable cost of living attract businesses and skilled workers.
Georgia
In Georgia, the top 5% earn $487,870 annually, with a median income of $66,612 and the bottom 20% making $16,472. Georgia’s diverse economy, with strong sectors in film, logistics, and finance, helps sustain high-income levels. Atlanta, the state’s capital, is a major transportation hub and home to several Fortune 500 companies.
Maryland
Maryland’s top 5% earn $427,135 annually, with a median income of $124,693 and the bottom 20% earning $16,647. Proximity to Washington, D.C., and a strong biotech sector contribute to Maryland’s high income levels. The state also benefits from a highly educated workforce and a strong presence of federal agencies and contractors.
District of Columbia
In the District of Columbia, the top 5% earn $450,892 annually, with the median income at $162,265 and the bottom 20% making $9,011. As the nation’s capital, D.C. has a high concentration of government and professional jobs that offer substantial salaries. The city’s vibrant economy and diverse job market contribute to the high-income levels.
Florida
In Florida, the top 5% earn $470,308 annually, with a median income of $68,818 and $15,375 for the bottom 20%. The state’s strong tourism, real estate, and healthcare industries, along with no state income tax, drive these high incomes. Florida’s booming tech sector and favorable tax policies attract high earners, making it a lucrative place to live and work. Additionally, its warm climate and coastal lifestyle appeal to many.
New Hampshire
New Hampshire’s top 5% earn $400,343 annually, with a median income of $110,205 and $18,075 for the bottom 20%. The state benefits from a diverse economy, including manufacturing and tech, a highly educated workforce, and no state income or sales tax. High quality of life and low crime rates further attract professionals, driving high incomes statewide. The state also boasts excellent public schools and beautiful natural surroundings.
