In order to be in the top one-fifth of Florida’s income earners, households need to earn a minimum of $117,017 per year, according to a new 24/7 Wall St. analysis examining the threshold of “richness” in all 50 states.
The total share of household income in Florida controlled by that top 20 percent of earners is 51.9 percent, 24/7 Wall St. reports. Nationwide, the richest 20 percent of households earn at least $131,350 annually, according to the analysis.
And to be in the top 5 percent of income earners in Florida, households need to make at least $226,319 per year. The state’s current median household income stands at $59,227 annually, the report says.
To determine the income needed to be classified as rich in each state, 24/7 Wall St. examined household income data from a 2019 survey conducted by the U.S. Census Bureau. In those states where the top 20% income threshold is higher than most – such as Massachusetts – residents face a higher cost of living, the analysis concluded.
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What Households Must Earn to Be in Top 20%
| State | Minimum Annual Income to Be in Top 20% of Earners | Share of Income Controlled by Top 20% | Minimum Annual Income to Be in Top 5% | Median Household Income |
| Alabama | $106,225 | 50.5% | $189,695 | $51,734 |
| Alaska | $144,736 | 47.6% | $242,208 | $75,463 |
| Arizona | $120,982 | 49.7% | $220,936 | $62,055 |
| Arkansas | $98,014 | 51.0% | $176,997 | $48,952 |
| California | $162,657 | 52.0% | $250,000 | $80,440 |
| Colorado | $147,217 | 49.3% | $250,000 | $77,127 |
| Connecticut | $161,063 | 53.4% | $250,000 | $78,833 |
| Delaware | $134,594 | 48.7% | $235,059 | $70,176 |
| Florida | $117,017 | 51.9% | $226,319 | $59,227 |
| Georgia | $122,832 | 51.4% | $233,979 | $61,980 |
| Hawaii | $153,431 | 47.5% | $250,000 | $83,102 |
| Idaho | $111,822 | 47.6% | $199,218 | $60,999 |
| Illinois | $137,248 | 51.2% | $250,000 | $69,187 |
| Indiana | $110,606 | 49.5% | $194,407 | $57,603 |
| Iowa | $113,238 | 48.1% | $199,328 | $61,691 |
| Kansas | $117,303 | 48.9% | $211,256 | $62,087 |
| Kentucky | $103,349 | 50.8% | $185,241 | $52,295 |
| Louisiana | $107,505 | 52.3% | $199,417 | $51,073 |
| Maine | $111,898 | 48.7% | $202,639 | $58,924 |
| Maryland | $164,179 | 49.1% | $250,000 | $86,738 |
| Massachusetts | $171,613 | 50.9% | $250,000 | $85,843 |
| Michigan | $115,802 | 50.0% | $209,099 | $59,584 |
| Minnesota | $138,273 | 48.2% | $244,552 | $74,593 |
| Mississippi | $94,744 | 52.0% | $172,337 | $45,792 |
| Missouri | $111,802 | 49.9% | $201,541 | $57,409 |
| Montana | $108,877 | 49.6% | $187,867 | $57,153 |
| Nebraska | $117,570 | 48.0% | $203,793 | $63,229 |
| Nevada | $119,790 | 50.6% | $221,626 | $63,276 |
| New Hampshire | $145,865 | 48.0% | $250,000 | $77,933 |
| New Jersey | $171,760 | 51.2% | $250,000 | $85,751 |
| New Mexico | $105,652 | 50.8% | $192,480 | $51,945 |
| New York | $151,926 | 54.4% | $250,000 | $72,108 |
| North Carolina | $113,302 | 51.0% | $213,009 | $57,341 |
| North Dakota | $121,975 | 49.1% | $220,611 | $64,577 |
| Ohio | $113,789 | 50.1% | $204,940 | $58,642 |
| Oklahoma | $107,252 | 50.9% | $194,523 | $54,449 |
| Oregon | $129,218 | 48.6% | $229,747 | $67,058 |
| Pennsylvania | $124,987 | 50.9% | $233,467 | $63,463 |
| Rhode Island | $133,423 | 49.5% | $235,524 | $71,169 |
| South Carolina | $112,365 | 50.9% | $204,826 | $56,227 |
| South Dakota | $111,512 | 47.6% | $190,156 | $59,533 |
| Tennessee | $109,765 | 51.1% | $205,063 | $56,071 |
| Texas | $128,878 | 51.0% | $241,212 | $64,034 |
| Utah | $132,560 | 47.1% | $235,835 | $75,780 |
| Vermont | $120,270 | 48.4% | $212,823 | $63,001 |
| Virginia | $153,003 | 50.5% | $250,000 | $76,456 |
| Washington | $151,396 | 49.6% | $250,000 | $78,687 |
| West Virginia | $97,399 | 49.6% | $171,816 | $48,850 |
| Wisconsin | $117,929 | 47.8% | $202,582 | $64,168 |
| Wyoming | $120,196 | 47.2% | $199,944 | $65,003 |
Source: 24/7 Wall St.
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