weather icon Clear

How much does it take to be among Nevada’s rich?

Updated April 29, 2024 - 11:12 am

What does it take to be considered rich in Nevada?

Analysis from GoBankingRates determined the average household income of the top 5 percent of earners in each state based on data from the 2022 American Community Survey.

The richest of the rich live not in a state, but in Washington, D.C., where it takes a salary of $719,000 to land in the top 5 percent of earners.

The No. 1 richest state is Connecticut, where residents have to bring in roughly $656,000 to be among the top 5 percent.

The average income of the top 5 percent of Nevada households was $449,872.

Washington state has seen the most dramatic growth in what it takes to be rich in recent years, according to the report. In 2017, a salary of about $378,000 would land you in the 5 percent club. By 2022, the salary it takes to stay at that level is more than $544,000.

The roughly 44 percent increase can be attributed to growing wealth in Seattle, which has become a tech hub with fast-growing companies like Amazon headquartered in the area, says Andrew Murray, lead data content researcher at GoBankingRates.

Overall, wealthy Americans have gotten a lot richer in since 2017. Back then, only Connecticut and Washington, D.C., had a 5 percent top-earning threshold of $500,000.

Five years later, no less than 11 U.S. states and D.C. top $500,000 per household. They include Washington, California, Massachusetts, Hawaii, Virginia, Colorado, New York, New Jersey, Illinois, Maryland and Connecticut.

As for Nevada’s neighbors, it took $613,602 to land in the top five percent of earners in California, $435,414 in Arizona, $463,437 in Utah and $402,743 in Idaho.

The state with the lowest threshold to make the top 5 percent was West Virginia at $329,620.

CNBC reporter Jennifer Liu reported the numbers on the network’s website Friday. Contact Marvin Clemons at mclemons@reviewjournal.com.

Don't miss the big stories. Like us on Facebook.