It pays to be rich in the Empire State.
A new study has revealed that New York households need to bring in $619,178 annually in order to be among the state’s top 5% of earners.
GOBankingRates uncovered the eye-watering figure after examining a range of data sources, including household median income, lower limit of household income, and average household income.
The company also revealed that the current median annual household income in New York is $84,578, meaning you’d need to earn 7.3 times that to make it into the top 5%.
If you think the $619,178 figure is astronomical, it might be best to stop reading now.
GOBankingRates analyzed the income needed to be in the top 5% of each state across America — and New York didn’t even have the highest sum.
In Connecticut, households need to bring in an eye-watering $637,673 per year to be considered among the top 5% — the highest number in the country
California had the second-highest sum at $619,938, while Massachusetts came in third spot ( $619,385).
New York was in fourth place, while New Jersey rounded out the top 5 with $616,334 needed to make it into the top 5%.
With Connecticut, New York, and New Jersey making up three of the top five spots, it proves the tri-state area is still a nexus of money and power in the US.
Meanwhile, GOBankingRates determined that West Virginia had the lowest annual earnings needed to make it into that state’s top 5%.
There, you need $330,270, per the study, about 5.7 times more than the median household income of $57,917.
Find the full study here.
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