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?
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
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
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
Albuquerque, New Mexico at dusk.
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
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
The skyline of Oklahoma City.
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
Louisville, Kentucky on the Ohio River.
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
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
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
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
Evening view of Madison, 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
Downtown Cincinnati, 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.
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
A quintessential small town in 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.
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
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
Montana State Capitol in Helena.
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
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 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
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
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
Dover, the state capital of 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, 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
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
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
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
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
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
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
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, 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
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
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
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 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
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
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
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
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
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
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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