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This Is How Much You Need To Earn To Be Considered Rich in Every State

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What does it mean to be wealthy in the United States? It depends on where you reside. The wealthiest of the affluent reside in Washington, D.C., where salaries start at $719,000 and go up to 5%.

Based on recent research by GoBankingRates, which analyzes the top 5% of earnings in each state. It uses the 2022 American Community Survey data in its analysis.

Conversely, Connecticut is the richest state in the US, with its citizens needing to earn around $656,000 to rank among the top earners. 

According to Andrew Murray, chief data content analyst at GoBankingRates, a nearly 44% rise can be attributed to rising wealth in Seattle. Seattle has developed into a tech powerhouse, with rapidly expanding corporations like Amazon located there.

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ALSO READ: California’s Wealthiest Family Set To Change Rural Town Into a Trading Hub

According to Murray, this is mostly due to the budgetary reaction to the epidemic. Strong COVID assistance helped the economy, which in turn raised savings, real estate, and stock values. The richest Americans benefited most from these circumstances since their already high earnings increased significantly.

Despite pay raises for low-wage workers, Murray notes that companies’ total wealth share in the nation declined during the pandemic recovery as the wealthy gained more.

In general, since 2017, affluent Americans have become much richer. At the time, the only states with a 5% top-earning threshold of $500,000 were Connecticut and Washington, D.C.

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In Alaska, the concept of wealth is different. Residents who have little money but spacious living areas create a good balance between wealth and solitude. The top 5% of the state earns an average income of $370,977 annually.

Prairie lands are dominated by agriculture, offering vast horizons in states like Kansas and Nebraska. Wealth can be defined as encompassing material possessions and the community’s connection to the land. As of 2022, the state’s top earners’ average income is $380,726 and $420,169, respectively.

POLL—Should the Government Increase Taxes on the Wealthy To Reduce Economic Inequality?

Earnings that exceed $75000 up to $100000 per year should yield enough to support a family’s needs, with extra money put aside for use while going on holidays.

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In the Southeastern U.S., known for its courtesy and relaxed pace, visitors can easily enjoy this level of richness. In Georgia and South Carolina, $100,000 annually affords a big house, often dining out, and frequent beach or mountain trips. The average income of the top in both states is $455,439 and $408,138.

Next, let us go on to Hawaii, the heaven on earth that indeed looks like a dream when one has to pay for living there. Individuals earning $150,000 a year or more can enjoy Singaporian-like luxury without financial worries, owning houses, and importing goods, with the state’s top earners getting an average income of $500,183 yearly.

Lastly, we arrive in Wyoming, the state that gives fans of expansive, dreary landscapes and inhospitable terrain something to be rich. The landscape of Yellowstone National Park and the Tetons may be the epitome of successful financial and entrepreneurial spirit in America. the average income of the top 5% is $407,646 yearly.

ALSO READ: Nashville Faces Intense Homelessness Crisis As Wealthy Californians Buy Up Homes

An income between $75000 and $100000 per year is considered a comfortable income to protect, nurture, and serve. However, being rich is to be able to understand the wild world and relate to it.

All in all, the concept of richness depends on a set of specific indexes and exists in effective correlation with an individual’s geographical position in the United States to provide an essential understanding of a region and the people living there.

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