What is Considered Rich in the PIA Western Alliance States

GoBankingRates took a look at the 2022 American Community Survey. The reason the figures are from 2022 is because it takes a couple of years to digest and analyze all of the salaries in the nation.

GoBankingRates says you’ll probably find it no surprise that the richest people in the United States live in Washington D.C. The top 5% of earners in the nation’s capital take home $719,000 a year.

The richest state is Connecticut. In that state you have to bring in $656,000 a year to be among the most wealthy.

The state with the most dramatic growth in what it takes to be considered rich is the PIA Western Alliance state of Washington. In 2017, an income of $378,000 put you among the most wealthy in the state. The 2022 salary to end up in the top 5% in Washington State is $544,000.

The 44% jump can be attributed to how expensive it is to live in Seattle.

The GoBankingRates analysis found that we’ve all gotten richer since 2017. That year only Connecticut and Washington D.C. had a 5% top earners hitting $500,000 a year. In 2022 there are 11 states with people in the top 5%.

They are the PIA Western Alliance states of Washington, California and Hawaii, and  Massachusetts, Virginia, Colorado, New York, New Jersey, Illinois, Maryland and Connecticut.

This is what you have to earn in the PIA Western Alliance states to be among the top 5% earners:

Alaska — 2022 average income of the top 5%: $424,278

Arizona — 2022 average income of the top 5%: $435,414

California — 2022 average income of the top 5%: $613,602

Hawaii — 2022 average income of the top 5%: $500,183

Idaho — 2022 average income of the top 5%: $402,743

Montana — 2022 average income of the top 5%: $411,205

Nevada — 2022 average income of the top 5%: $449,872

New Mexico — 2022 average income of the top 5%: $353,104

Oregon — 2022 average income of the top 5%: $448,649

Washington — 2022 average income of the top 5%: $544,518

Source link: MSN Money — https://bit.ly/4ajPsmz