Changing Definitions of Wealth: Analyzing the Top 5% Income Earners in the Midwest
What does it mean to be “rich”? Have our perceptions changed over the past decade?
GOBankingRates recently conducted a study to examine wealth in the United States, focusing on the average incomes of the top 5% of earners. They analyzed this data from 2013 through 2023 to see how wealth distribution has shifted across different regions.
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The Midwest showcased steady income growth in comparison to the volatile increases seen in coastal states. Nebraska, for instance, experienced the largest surge, with its top 5% average income soaring by 62.3% from $275,489 in 2013 to $447,231 in 2023. In contrast, North Dakota registered the lowest growth rate in the region at 45.6%, with its top earners making $337,736 in 2023, up from $300,560 a decade earlier.
Let’s delve into how the concept of being “rich” has transformed throughout the Midwest.
Nebraska
- Income Growth Over 10 Years: 62.3%
- 2023 Average Income: $447,231
- 2013 Average Income: $275,489
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Minnesota
- Income Growth Over 10 Years: 56.2%
- 2023 Average Income: $497,204
- 2013 Average Income: $318,336
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Ohio
- Income Growth Over 10 Years: 55.5%
- 2023 Average Income: $420,966
- 2013 Average Income: $270,694
Michigan
- Income Growth Over 10 Years: 55%
- 2023 Average Income: $419,606
- 2013 Average Income: $270,710
Missouri
- Income Growth Over 10 Years: 54.8%
- 2023 Average Income: $420,563
- 2013 Average Income: $271,652
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Iowa
- Income Growth Over 10 Years: 54.2%
- 2023 Average Income: $405,907
- 2013 Average Income: $263,204
Indiana
- Income Growth Over 10 Years: 54.2%
- 2023 Average Income: $396,992
- 2013 Average Income: $257,461
South Dakota
- Income Growth Over 10 Years: 53.1%
- 2023 Average Income: $414,593
- 2013 Average Income: $270,722
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Wisconsin
- Income Growth Over 10 Years: 53.1%
- 2023 Average Income: $418,668
- 2013 Average Income: $273,556
Exploring Income Growth Among the Wealthiest in the Midwest
Illinois: A Significant Income Surge
- 10-Year Change (%) in Average Income of Top 5%: 49.9%
- 2023 Average Income of Top 5%: $521,013
- 2013 Average Income of Top 5%: $347,623
Kansas: Rising Wealth Among the Elite
- 10-Year Change (%) in Average Income of Top 5%: 48.2%
- 2023 Average Income of Top 5%: $425,080
- 2013 Average Income of Top 5%: $286,774
North Dakota: Steady Income Growth
- 10-Year Change (%) in Average Income of Top 5%: 45.6%
- 2023 Average Income of Top 5%: $437,736
- 2013 Average Income of Top 5%: $300,560
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This article originally appeared on GOBankingRates.com: How the Definition of Rich Has Changed in the Midwest
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