Americans boast a median annual income of roughly $81,000, personal finance website WalletHub recently reported, citing the freshest data from the Federal Reserve Bank of St. Louis.
But, no surprise here, some individuals earn much more than that, and others earn a lot less.
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“The highest-earning 10% of individuals in the United States earn over 12 times more than those in the lowest-earning 10%, based on the latest Census data,” WalletHub analyst Chip Lupo said in a statement. “By measuring the income of various percentiles against a state's median income, we can better identify where income disparities are more prevalent, which could help us better understand why residents of certain states struggle more to make ends meet.”
To find where people across the country have the highest incomes overall, WalletHub compared the 50 states and the District of Columbia based on three key metrics that measured income for different segments of the population, adjusted for the cost of living index. We re-ranked their list to focus on the highest earners — the client base of many financial advisors.
The slideshow above illustrates the 10 U.S. states where WalletHub says the top 5% earn most, adjusted for local costs.
This article was first published by ThinkAdvisor.com.
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Michael S. Fischer
Michael S. Fischer is a longtime contributing writer for ThinkAdvisor. He previously reported on trade and intellectual property topics for the Economist Intelligence Unit and covered the hedge fund industry for MARHedge and Reuters News Service.
