Exactly how much money is needed to be rich in every state in the US – and for some it’s more than seven times your income

A new study shows that although wealth is limited, the gap between average income and wealth remains alarming.

Amid rising unemployment and inflation, it’s hard for many Americans to get ahead, let alone get rich, although the definition of the last dollar varies widely across the country.

Of course, what makes you a fat cat in Kentucky might mean middle class in Massachusetts.

MoneyLion used data from the Bureau of Labor Statistics’ 2024 American Community Survey to arrive at its findings, to determine household incomes and upper income limits for each state.

In Mississippi, the income of the top 5% is $351,488, almost half of what is needed to be considered wealthy in New York.

Although the income of a rich person varies from country to country, the wealth gap remains stable.

In Connecticut, which tops the nation in income needed to be a high earner, the income of the top 5% is a staggering 7 times the median income.

Even in West Virginia, which is the lowest level for the dollar amount needed to be wealthy, the number, $345,740, is still almost 6 times higher than the median income of $60,798.

MoneyLion’s findings come after two other shocking studies published last year that revealed how much it costs to live in the US and New York in particular.

A family of four living in New York state needs to make a staggering $276,973 a year to live comfortably, a SmartAsset study from last June found.

Here’s how much money you have to make to be considered rich in each country, based on the average income of 5%.

1. Connecticut

• Total income of the top 5%Cost: $692,140
• Median household incomeCost: $96,049

2. New York

• Total income of the top 5%Cost: $660,664
• Median household incomeCost: $85,820

3. Massachusetts

• Total income of the top 5%Cost: $640,976
• Median household incomeCost: $104,828

4. California

• Total income of the top 5%Cost: $632,836
• Median household incomeCost: $100,149

5. New Jersey

• Total income of the top 5%Cost: $624,759
• Median household incomeCost: $104,294

6. Washington

• Total income of the top 5%Cost: $613,761
• Median household incomeCost: $99,389

7. Colorado

• Total income of the top 5%Cost: $572,314
• Median household incomeCost: $97,113

8. Hawaii

• Total income of the top 5%Cost: $554,337
• Median household incomeCost: $100,745

9. Maryland

• Total income of the top 5%Cost: $551,040
• Median household incomeCost: $102,905

10. Virginia

• Total income of the top 5%Cost: $545,772
• Median household incomeCost: $92,090

11. New Hampshire

• Total income of the top 5%Cost: $526,651
• Median household incomeCost: $99,782

12. Illinois

• Total income of the top 5%Cost: $526,497
• Median household incomeCost: $83,211

13. Florida

• Total income of the top 5%Cost: $513,319
• Median household incomeCost: $77,735

14. Texas

• Total income of the top 5%Cost: $509,433
• Median household incomeCost: $79,721

15. Alaska

• Total income of the top 5%Cost: $505,472
• Median household incomeCost: $95,665

16. Nevada

• Total income of the top 5%Cost: $498,078
• Median household incomeCost: $81,134

17. Arizona

• Total income of the top 5%Cost: $491,192
• Median household incomeCost: $81,486

18. Minnesota

• Total income of the top 5%Cost: $490,491
• Median household incomeCost: $87,117

19. Vermont

• Total income of the top 5%Cost: $487,703
• Median household incomeCost: $82,730

20. Utah

• Total income of the top 5%Cost: $487,185
• Median household incomeCost: $96,658

21. Pennsylvania

• Total income of the top 5%Cost: $485,453
• Median household incomeCost: $77,545

22. Georgia

• Total income of the top 5%Cost: $485,391
• Median household incomeCost: $79,991

23. Delaware

• Total income of the top 5%Cost: $484,587
• Median household incomeCost: $87,534

24. Rhode Island

• Total income of the top 5%Cost: $479,720
• Median household incomeCost: $83,504

25. North Carolina

• Total income of the top 5%Cost: $476,994
• Median household incomeCost: $73,958

26. Tennessee

• Total income of the top 5%Cost: $466,114
• Median household incomeCost: $71,997

27. Oregon

• Total income of the top 5%Cost: $462,142
• Median household incomeCost: $85,220

28. Wyoming

• Total income of the top 5%Cost: $461,848
• Median household incomeCost: $75,532

29. North Dakota

• Total income of the top 5%Cost: $459,933
• Median household incomeCost: $77,871

30. Montana

• Total income of the top 5%Cost: $458,810
• Median household incomeCost: $75,340

31. Kansas

• Total income of the top 5%Cost: $446,918
• Median household incomeCost: $75,514

32. Michigan

• Total income of the top 5%Cost: $440,173
• Median household incomeCost: $72,389

33. Maine

• Total income of the top 5%Cost: $439,986
• Median household incomeCost: $76,442

34. Idaho

• Total income of the top 5%Cost: $433,141
• Median household incomeCost: $81,166

35. South Dakota

• Total income of the top 5%Cost: $431,202
• Median household incomeCost: $76,881

36. Missouri

• Total income of the top 5%Cost: $424,120
• Median household incomeCost: $71,589

37. South Carolina

• Total income of the top 5%Cost: $424,042
• Median household incomeCost: $72,350

38. Ohio

• Total income of the top 5%Cost: $423,457
• Median household incomeCost: $72,212

39. Nebraska

• Total income of the top 5%Cost: $422,020
• Median household incomeCost: $76,376

40. Wisconsin

• Total income of the top 5%Cost: $417,893
• Median household incomeCost: $77,488

41. Oklahoma

• Total income of the top 5%Cost: $407,557
• Median household incomeCost: $66,148

42. Indiana

• Total income of the top 5%Cost: $406,352
• Median household incomeCost: $71,959

43. Alabama

• Total income of the top 5%Cost: $397,207
• Median household incomeCost: $66,659

44. Louisiana

• Total income of the top 5%Cost: $391,326
• Median household incomeCost: $60,986

45. Iowa

• Total income of the top 5%Cost: $388,530
• Median household incomeCost: $75,501

46. ​​New Mexico

• Total income of the top 5%Cost: $387,689
• Median household incomeCost: $67,816

47. Arkansas

• Total income of the top 5%Cost: $385,591
• Median household incomeCost: $62,106

48. Kentucky

• Total income of the top 5%Cost: $380,654
• Median household incomeCost: $64,526

49. Mississippi

• Total income of the top 5%Cost: $351,488
• Median household incomeCost: $59,127

50. West Virginia

• Total income of the top 5%Cost: $345,740
• Median household incomeCost: $60,798