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WalletHub released its 2025 list of States Where People Have the Highest Income. The study compared all 50 states and Washington, DC, based on the average annual income of the top 5% and bottom 20% of earners, along with the median income for all residents.
The report highlights wealthier communities and those facing financial hardship, showing wide wealth gaps in some areas.
"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. "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."
Virginia landed at No. 1 overall, with top earners making an average of $533,522 per year. Meanwhile, the bottom 20% bring in $19,293, placing them fourth-best in the country for that group. The median income in Virginia is $93,275, ranking 17th nationwide.
In New Jersey, residents claimed the No. 2 spot, with the top 5% earning the fourth-highest nationally at $522,128. The median income in the Garden State stands at $122,447, which is sixth-highest in the country. However, lower earners in New Jersey average $17,083, ranking only 19th among the states.
New York ranked third overall, boosted by the top 5% having the highest average income at $575,505. While the median income is relatively strong at $95,033, the bottom 20% in New York make just $13,647, seventh lowest in the US.
Connecticut came in fourth, with top earners averaging $535,578 per year. While the median income is fourth highest at $118,346, the lowest 20% in Connecticut average $15,005 annually.
Massachusetts ranked 10th overall, but leads with a median income of $133,946. Top earners make an average of $486,112, while the lowest-income residents average $14,221.
Maryland ranked 15th, with the fifth-highest median income of $128,496. Top earners average $438,921, while the bottom 20% make $17,012.
Pennsylvania ranked 18th, with the top earners making an average of $464,388. The Keystone State has a median income of $77,581, and lower earners bring in $16,288.
The national median income is about $81,000, according to the Federal Reserve.
You click here to see WalletHub's study of States Where People Have the Highest Income.
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