How much does it take to be among Nevada’s rich?
What does it take to be considered rich in Nevada?
Analysis from GoBankingRates determined the average household income of the top 5 percent of earners in each state based on data from the 2022 American Community Survey.
The richest of the rich live not in a state, but in Washington, D.C., where it takes a salary of $719,000 to land in the top 5 percent of earners.
The No. 1 richest state is Connecticut, where residents have to bring in roughly $656,000 to be among the top 5 percent.
The average income of the top 5 percent of Nevada households was $449,872.
Washington state has seen the most dramatic growth in what it takes to be rich in recent years, according to the report. In 2017, a salary of about $378,000 would land you in the 5 percent club. By 2022, the salary it takes to stay at that level is more than $544,000.
The roughly 44 percent increase can be attributed to growing wealth in Seattle, which has become a tech hub with fast-growing companies like Amazon headquartered in the area, says Andrew Murray, lead data content researcher at GoBankingRates.
Overall, wealthy Americans have gotten a lot richer in since 2017. Back then, only Connecticut and Washington, D.C., had a 5 percent top-earning threshold of $500,000.
Five years later, no less than 11 U.S. states and D.C. top $500,000 per household. They include Washington, California, Massachusetts, Hawaii, Virginia, Colorado, New York, New Jersey, Illinois, Maryland and Connecticut.
As for Nevada’s neighbors, it took $613,602 to land in the top five percent of earners in California, $435,414 in Arizona, $463,437 in Utah and $402,743 in Idaho.
The state with the lowest threshold to make the top 5 percent was West Virginia at $329,620.
CNBC reporter Jennifer Liu reported the numbers on the network’s website Friday. Contact Marvin Clemons at mclemons@reviewjournal.com.