Here’s how much income it takes to be considered rich in your state
By Khristopher J. Brooks April 26, 2024 / 6:33 PM EDT / MoneyWatch Biden calls for higher taxes on billionaires Biden calls for higher income tax on billionaires: “They can afford it” 07:02 Many Americans aspire to join the ranks of the wealthy, but the income threshold for being considered rich depends a lot on where you live. It also takes considerably more income to join the top 5% of earners than just a few years ago, according to new research from GoBankingRates.com, which examined state income data for the five-year period from 2017 to 2022. The latter year represents the most recent household income data from the U.S. Census Bureau. The easiest place to reach the top of the heap is West Virginia, where an annual income of $329,620 will qualify you as among its highest earners. But you’ll have to earn more than twice that, at $719,253, to join the top 5% in Washington D.C. Americans’ fortunes have improved during the last few years, partly due to the federal government’s pandemic stimulus efforts that doled out billions in aid to businesses and taxpayers