See the Salary It Takes to Be Rich in All 50 States

Income

business, people, success and fortune concept - happy businessman with heap of dollar money at office — Ground Picture / Shutterstock.com

Published: June 6, 2024 9:30 am

So you want to be rich. How will you know when you’re there? It depends on who you compare yourself to. If you have enough food and clean water, you’re richer than millions of people in the world. Got a house and a car? You’ve shot ahead of many billions more. But being rich also depends on where you live. A salary of $100k might put you at the top of the pack in an economically depressed area but in poverty in others. So, if you want to be rich, maybe that doesn’t mean having more money but moving to a state where your money goes further.

Based on the American Community Survey of the U.S. Census Bureau, and Forbes, we’ve compiled a list of the average income of the top 5% of earners in each state along with the richest person in the state. These are arranged from lowest to highest average income levels.

Why is This Useful?

For Sale Real Estate Sign in Front of New House. — You might find you can afford a lot more house for your money if you’re willing to switch states.

This information might be useful to you not only for bragging rights but to help identify lower-cost places to live if you’re feeling the pinch in your state. If you are able to work remotely or you are retiring, you can draw your income from a higher-paying state and live in a lower-cost one to stretch your dollars.

You can also notice the ages of the richest people in each state and the economic sectors where they made their wealth. You might find some trends that inspire you, such as the fact that quite a few of these individuals made their wealth from companies that sell actual tangible products, not by playing the market.

How to Be Rich on a Budget

Couple Take Pet Golden Retriever Dog For Walk On Track In Autumn Countryside Holding Hands — Dressing nicely, enjoying leisure time, and investing in experiences rather than material objects are ways most people can enjoy a richer life.

If reading about the richest people in the country makes you feel left behind, here are some simple, low-cost ways to feel richer without spending a lot of money.

Schedule more leisure time and really relax.
Focus on having experiences and building memories in the place you live, rather than going into debt to acquire material things.
Dress and groom yourself neatly. It doesn’t take name brands to look clean and put together.
Keep your space (apartment, office, house) clean, orderly, and well-maintained.
Visit ethnic restaurants and develop a more sophisticated palate.
Educate yourself with internet resources about the world, business, fashion, and other cultures.
Cultivate modesty, kindness, and generosity—character traits shown by some of the best wealthy role models.

Now, properly fortified, let’s dive into that rich list!

50. West Virginia

The capitol building in Charleston, West Virginia.

Average top 5% income: $329,620

Richest person, age, and home: Brad Smith, 60, Huntington

Richest person’s net wealth and income source: $900 million – Intuit

49. Mississippi

The state capitol in Jackson, Mississippi.

Average top 5% income: $333,597

Richest person, age, and home: Thomas and James Duff, 66 & 62, Hattiesburg

Richest person’s net wealth and income source: $3 billion – tires, diversified

48. Alabama

Mobile Alabama | Mobile, Alabama, USA Skyline — The skyline of Mobile, Alabama.

Average top 5% income: $370,977

Richest person, age, and home: Jimmy Rane, 77, Abbeville

Richest person’s net wealth and income source: $1.5 billion – lumber

47. New Mexico

Average top 5% income: $353,104

Richest person, age, and home: Ron Corio, 62, Albuquerque

Richest person’s net wealth and income source: $1.7 billion – solar

46. Arkansas

Arkansas | Little Rock, Arkansas, USA skyline on the River — Little Rock, Arkansas.

Average top 5% income: $377,040

Richest person, age, and home: Jim Walton, 75, Bentonville

Richest person’s net wealth and income source: $78.4 billion – Walmar

45. Oklahoma

Average top 5% income: $377,724

Richest person, age, and home: Harold Hamm, 78, Oklahoma City

Richest person’s net wealth and income source: $18.5 billion – oil & gas

44. Kentucky

Average top 5% income: $380,726

Richest person, age, and home: Tamara Gustavson, 62, Lexington

Richest person’s net wealth and income source: $7.8 billion – self-storage

43. Indiana

Indianapolis, Indiana | Indianapolis, Indiana, USA — Monument Circle in Indianapolis.

Average top 5% income: $381,422

Richest person, age, and home: Carl Cook, 61, Bloomington

Richest person’s net wealth and income source: $10.6 billion – medical devices

42. Louisiana

The historic architecture of New Orleans.

Average top 5% income: $384,432

Richest person, age, and home: Todd Graves, 52, Baton Rouge

Richest person’s net wealth and income source: $9.1 billion – Raising Cane’s

41. Iowa

Iowa | Downtown Des Moines city skyline cityscape of Iowa and public park in USA — Downtown Des Moines, Iowa.

Average top 5% income: $386,152

Richest person, age, and home: Harry Stine, 82, Adel

Richest person’s net wealth and income source: $9.7 billion – agriculture

40. South Dakota

Sioux Falls, the largest city in South Dakota.

Average top 5% income: $392,724

Richest person, age, and home: T. Denny Sanford, 60, Sioux Falls

Richest person’s net wealth and income source: $2.1 billion – banking, credit cards

39. Maine

Maine state image | Portland Head Light — Lighthouse near Portland, Maine.

Average top 5% income: $396,205

Richest person, age, and home: Susan Alfond, 78, Scarborough

Richest person’s net wealth and income source: $3.1 billion – shoes

38. Idaho

Boise, Idaho, known as the “City of Trees.”

Average top 5% income: $402,743

Richest person, age, and home: Frank VanderSloot, 75, Idaho Falls

Richest person’s net wealth and income source: $3.3 billion – nutrition, wellness products

37. Wisconsin

Average top 5% income: $403,055

Richest person, age, and home: John Menard Jr., 84, Eau Claire

Richest person’s net wealth and income source: $25.2 billion – home improvement stores

36. Ohio

Average top 5% income: $403,750

Richest person, age, and home: Les Wexner, 86, New Albany

Richest person’s net wealth and income source: $6 billion – retail

35. Missouri:

Kansas City, Missouri | Kansas City, Missouri, USA Skyline — Kansas City, Missouri.

Average top 5% income: $404,080

Richest person, age, and home: John Morris, 76, Springfield

Richest person’s net wealth and income source: $9.5 billion – sporting goods retail

34. Vermont

Average top 5% income: $405,333

Richest person, age, and home: John Abele, 87, Shelburne

Richest person’s net wealth and income source: $1.9 billion – healthcare

33. Michigan

Detroit, Michigan | Detroit Skyline — Detroit, Michigan.

Average top 5% income: $406,657

Richest person, age, and home: Daniel Gilbert, 62, Franklin

Richest person’s net wealth and income source: $26.2 billion – Quicken Loans

32. Wyoming

A man fly fishing in the Wyoming wilderness — Wyoming has some of the last true frontier areas in the country.

Average top 5% income: $407,646

Richest person, age, and home: John Mars, 88, Jackson

Richest person’s net wealth and income source: $38.5 billion – candy, pet food

31. South Carolina

Myrtle Beach attracts tourists from all over the East.

Average top 5% income: $408,138

Richest person, age, and home: Robert Faith, 60, Charleston

Richest person’s net wealth and income source: $5.8 billion – real estate management

30. Montana

Average top 5% income: $411,205

Richest person, age, and home: Dennis Washington, 89, Missoula

Richest person’s net wealth and income source: $7 billion – construction, mining

29. Kansas

These impressive American Bison wander the Kansas Maxwell Prairie Preserve. — American bison on the Kansas Maxwell Prairie Preserve.

Average top 5% income: $415,875

Richest person, age, and home: Charles Koch, 88, Wichita

Richest person’s net wealth and income source: $58.5 billion – Koch Industries

28. Tennessee

Knoxville, one of Tennesee’s charming small cities.

Average top 5% income: $418,421

Richest person, age, and home: Thomas Frist Jr., 85, Nashville

Richest person’s net wealth and income source: $26.2 billion – hospitals

27. North Dakota

Wild mustang horses on the prairie, Theodore Roosevelt National Park, North Dakota, USA — Wild mustangs in the wilderness of North Dakota.

Average top 5% income: $418,541

Richest person, age, and home: Gary Tharaldson, 78, Fargo

Richest person’s net wealth and income source: $1.2 billion – hotels

26. Nebraska

Omaha is the largest city in Nebraska and the home of Warren Buffett, its richest citizen.

Average top 5% income: $420,169

Richest person, age, and home: Warren Buffett, 93, Omaha

Richest person’s net wealth and income source: $133 billion – Berkshire Hathaway

25. Alaska

Halibut Cove, a fishing community in Alaska.

Average top 5% income: $424,278

Richest person, age, and home: Jonathan Rubini, 69, Anchorage

Richest person’s net wealth and income source: $400 million – real estate

24. North Carolina

forest in North Carolina | Misty Rolling Mountain Range Just Before Sunrise at Great Smoky Mountains National Park — The Great Smoky Mountains on the border of North Carolina and Tennessee are one of the greatest natural wonders of the state.

Average top 5% income: $429,071

Richest person, age, and home: James Goodnight, 81, Cary

Richest person’s net wealth and income source: $10.1 billion – software

23. Arizona

Arizona state image | Phoenix, Arizona, USA Downtown Skyline Aerial — The urban sprawl of Phoenix, Arizona.

Average top 5% income: $435,414

Richest person, age, and home: Ernest Garcia II, 66, Tempe

Richest person’s net wealth and income source: $8 billion – used cars

22. Delaware

Average top 5% income: $442,860

Richest person, age, and home: Elizabeth Snyder, 76, Wilmington

Richest person’s net wealth and income source: $800 million – Gore-Tex

21. Oregon

Portland, OR | Portland Oregon skyline with Mt. Hood in Autumn — Portland, Oregon is gorgeous in autumn.

Average top 5% income: $448,649

Richest person, age, and home: Phil Knight, 86, Hillsboro

Richest person’s net wealth and income source: $40.9 billion – Nike

20. Nevada

Sphere in Las Vegas during Christmas — The Sphere, the newest addition to the Las Vegas skyline.

Average top 5% income: $449,872

Richest person, age, and home: Miriam Adelson, 78, Las Vegas

Richest person’s net wealth and income source: $32 billion – casinos

19. Rhode Island

Rhode Island state image | HDR image of the Providence, Rhode Island skyline — The historic, and modern, city of Providence, Rhode Island.

Average top 5% income: $453,192

Richest person, age, and home: Jonathan Nelson, 67, Providence

Richest person’s net wealth and income source: $3.4 billion – private equity

18. Pennsylvania

Perry, Pennsylvania | winter scene of Mt. Pleasant covered bridge in Perry County, PA — Rural Pennsylvania includes the occasional picturesque covered bridge.

Average top 5% income: $454,639

Richest person, age, and home: Jeff Yass, 86, Haverford

Richest person’s net wealth and income source: $27.6 billion – trading, investments

17. Georgia

Georgia people | Young woman standing in Piedmont Park in Atlanta, Georgia looking at scenic water, and cityscape skyline of urban city skyscrapers downtown, Lake Clara Meer — A view of Atlanta from Piedmont Park.

Average top 5% income: $455,439

Richest person, age, and home: Dan, Bubba, and Trudy Cathy, 70, 69, and 67, Atlanta

Richest person’s net wealth and income source: $11.2 billion – Chick-fil-A

16. Utah

Salt Lake City, Utah | Salt Lake City, Utah, USA Downtown — A gorgeous view of Salt Lake City, Utah.

Average top 5% income: $463,437

Richest person, age, and home: Gail Miller, 80, Salt Lake City

Richest person’s net wealth and income source: $3.9 billion – car dealerships

15. Texas

San Antonio, Texas | River walk in San Antonio city downtown skyline cityscape of Texas USA — River walk in San Antonio, Texas.

Average top 5% income: $464,859

Richest person, age, and home: Elon Musk, 52, Austin

Richest person’s net wealth and income source: $195 billion – Tesla, X, SpaceX

14. Minnesota

St. Paul, Minnesota | St. Paul, Minnesota Skyline — St. Paul, Minnesota

Average top 5% income: $476,290

Richest person, age, and home: Glen Taylor, 82, Mankato

Richest person’s net wealth and income source: $2.9 billion – printing

13. Florida

Orlando, Florida | Orlando, Florida, USA Downtown Drone Skyline Aerial — Orlando, Florida, the nation’s playground.

Average top 5% income: $476,546

Richest person, age, and home: Jeff Bezos, 60, Miami

Richest person’s net wealth and income source: $194 billion – Amazon

12. New Hampshire

Lake Winnipesaukee is a favorite vacation destination in New Hampshire.

Average top 5% income: $485,660

Richest person, age, and home: Rick Cohen, 71, Keene

Richest person’s net wealth and income source: $19.6 billion – warehouse automation

11. Hawaii

Honolulu, Hawaii | Waikiki Beach and Diamond Head Crater including the hotels and buildings in Waikiki, Honolulu, Oahu island, Hawaii. Waikiki Beach in the center of Honolulu has the largest number of visitors in Hawaii — The paradise of Waikiki Beach, Honolulu, Hawaii.

Average top 5% income: $500,183

Richest person, age, and home: Pierre Omidyar, 56, Honolulu

Richest person’s net wealth and income source: $6.3 billion – eBay, PayPal

10. Illinois

Chicago at dawn. Cityscape image of Chicago downtown at sunrise. — The sleek, modern skyline of Chicago, Illinois.

Average top 5% income: $503,970

Richest person, age, and home: Lukas Walton, 37, Chicago

Richest person’s net wealth and income source: $28 billion – Walmart

9. Colorado

Colorado | Maroon Bells autumn aspen trees,lake reflections,Aspen Colorado — View of the Rocky Mountains near Aspen, Colorado.

Average top 5% income: $507,181

Richest person, age, and home: Philip Anschutz, 84, Denver

Richest person’s net wealth and income source: $15.3 billion – energy, sports, entertainment

8. Virginia

Campus of the historic University of Virginia in Charlottesville.

Average top 5% income: $531,035

Richest person, age, and home: Jacqueline Mars, 84, The Plains

Richest person’s net wealth and income source: $38.5 billion – candy and pet food

7. Maryland

Annapolis, Maryland | Annapolis Skyline — Annapolis, Maryland on the Chesapeake Bay.

Average top 5% income: $540,934

Richest person, age, and home: Annette Lerner, 94, Chevy Chase

Richest person’s net wealth and income source: $6.4 billion – real estate

6. Washington

Washington state image | Space Needle and Seattle downtown — Wilderness and city life meet in Seattle, Washington.

Average top 5% income: $544,518

Richest person, age, and home: Bill Gates, 68, Medina

Richest person’s net wealth and income source: $128 billion – Microsoft

5. New Jersey

New Jersey state image | Aerial panorama of Trenton New Jersey skyline — Trenton, New Jersey.

Average top 5% income: $613,494

Richest person, age, and home: Rocco Commisso, 74, Saddle River

Richest person’s net wealth and income source: $8 billion – telecom

4. California

Orange County, California | Laguna Beach coastline,Pacific Ocean,Rte 1,Orange County,CA — Laguna Beach in Orange County, California.

Average top 5% income: $613,602

Richest person, age, and home: Mark Zukerberg, 39, Palo Alto

Richest person’s net wealth and income source: $177 billon – Facebook

3. Massachusetts

Boston, Massachusetts | Boston, Massachusetts, USA — The juxtaposition of old and new Boston.

Average top 5% income: $617,199

Richest person, age, and home: Abigail Johnson, 62, Milton

Richest person’s net wealth and income source: $29 billion – Fidelity

2. New York

New York | The skyline of New York City, United States — The incomparable cityscape of New York City.

Average top 5% income: $621,301

Richest person, age, and home: Michael Bloomberg, 82, New York City

Richest person’s net wealth and income source: $106 billion – Bloomberg LP

1. Connecticut

Connecticut state image | Hartford Connecticut Aerial View Capital Building Statehouse Downtown — State capitol building, Hartford, Connecticut.

Average top 5% income: $656,438

Richest person, age, and home: Steve Cohen, 67, Greenwich

Richest person’s net wealth and income source: $19.8 billion – hedge funds.

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Read more: Income, billionaires, richest people, standard of living, States, Warren Buffett, wealth

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