What Does it Take to be Considered Rich in Florida?

If you’re fortunate enough to win the lottery in Florida, you’d undoubtedly be labeled as wealthy. But for those who aren’t as lucky, how much income would it take to be deemed rich in the Sunshine State?

A recent analysis conducted by GoBankingRates, a personal finance website, delved into this question by examining the average household income of the top 5% of earners in each state.

The analysis, based on data from the 2022 American Community Survey by the U.S. Census Bureau, brings some interesting insights. Despite the perception that you need substantial wealth to be considered rich, Florida offers a relatively lower bar compared to some other states.

However, the threshold for being considered rich in Florida and other states has seen a significant increase between 2017 and 2022.

According to the analysis, the average income of the top 5% in Florida stood at $476,546 in 2022, marking a notable 34% increase from $355,610 in 2017. This places Florida as the 13th state in terms of average income growth among the top 5% earners during this five-year period.

For comparison, the top spot for the richest state goes to Connecticut, where individuals would need to earn approximately $656,000 annually to be among the top earners. Meanwhile, Washington witnessed the largest five-year percentage increase in average income for the top 5%, soaring to 43.9%.

Among the top 10 states with the biggest increases in average income for the top 5% between 2017 and 2022, Washington leads the pack, followed by Nevada, Idaho, South Carolina, California, Utah, Oregon, Arkansas, Montana, and Nebraska.

This analysis sheds light on the evolving landscape of wealth and income distribution across different states, offering valuable insights into what it means to be considered rich in Florida and beyond.