The median income in the US is about $83,000 — and you could make more or less than that number depending on where you live. But which states are the highest earning overall?
A new WalletHub study used three income-related measures to rank states: the average annual income of the top 5%, the average annual income of the bottom 20%, and the median annual household income of the state’s entire population.
The resulting rankings include some surprises. None of the states known for being home to billionaires, like New York, California, and Florida, took the top spot.
WalletHub analyst Chip Lupo said New York’s income disparity is a reason it came up just short of the No. 1 ranking. While the top 5% makes a lot, the state’s middle class isn’t making nearly as much.
“In terms of just the median annual income, which I think is what most people are interested in as far as that’s a reflection of the middle class, New York is a little above average in terms of its median annual income at $96,000,” Lupo told Business Insider.
One state that barely cracked the top 15 is California; a state known for movie stars and moguls. Lupo posited that the Golden State’s lower ranking on the list may have been impacted by several top earners leaving.
“What’s going on in California also is the number of high-wealth individuals that are fleeing the state,” Lupo said. “A lot of wealth is moving out of the state and into more tax-friendly states like Texas, Florida, and Tennessee. So that’s a huge driver.”
Read on for the 15 states where people have the highest income, according to WalletHub.
15. Florida
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14. Georgia
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13. California
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12. District of Columbia
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11. Texas
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10. Massachusetts
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9. Illinois
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8. Minnesota
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7. Colorado
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6. Utah
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5. Connecticut
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4. Washington
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3. New Jersey
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2. New York
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1. Virginia
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