The financial services company analyzed data from the Census Bureau’s 2022, 2017 and 2021 American Community Surveys to determine the median income, average income of the top 20% of earners and average income of the top 5% of earners in every state. It then determined the change in average income of the top 20% of earners from 2017 to 2022.
These 10 states saw the greatest increase in average income amid the top 5% of earners, per the analysis:
1. Washington — 43.9% 5-year change in average income of top 5%
2022 average income of top 5%: $544,518
2017 average income of top 5%: $378,374
2. Nevada — 40.4%
2022 average income: $449,872
2017 average income: $320,403
3. Idaho — 40.3%
2022 average income: $402,743
2017 average income: $286,974
4. South Carolina — 37.7%
2022 average income: $408,138
2017 average income: $296,503
5. California — 37.2%
2022 average income: $613,602
2017 average income: $447,207
6. Utah — 37%
2022 average income: $463,437
2017 average income: $338,384
7. Oregon — 36.1%
2022 average income: $448,649
2017 average income: $329,517
8. Arkansas — 36%
2022 average income: $377,043
2017 average income: $277,187
9. Montana — 35.9%
2022 average income: $411,205
2017 average income: $302,605
10. Nebraska — 35.8%
2022 average income: $420,169
2017 average income: $309,480
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