How Much Money Do You Need to Make in New England to Be ‘Rich’?

A new report looked at how much money you need to make to be in the top 5% of earners.

There is a world of difference between the New England states. According to the study by GOBankingRates, wealth has changed significantly across most U.S. states over the five-year period of 2017 through 2022. The median income may be $500,000 or more for those in the top 5% depending on where you live.

Since the definition of 'rich' can vary, GOBankingRates studied the 2017 and 2022 American Community Surveys. Each state’s median income, the average income of the top 20% of earners, and the average income of the top 5% of earners were found, along with the five-year change in the average income of the top 20% of earners.

Congratulations Connecticut, you are the richest state!

To be in the top 5% of income earners in Connecticut, you have to make $656,438. That's more than any other state in the country! That's insane.

However, if you want to be considered rich quickly, move to Maine. In 2022, the study found that to be in the top 5% of earners in Maine, you only had to make $396,225. And again, that was the LOWEST income to be considered rich. Let's break down New England.

MAINE

• 5-Year Change (%) in Average Income of Top 5%: 32.56%
• 2022 Average Income of Top 5%: $396,205
• 2017 Average Income of Top 5%: $298,886

NEW HAMPSHIRE

• 5-Year Change (%) in Average Income of Top 5%: 33.26%
• 2022 Average Income of Top 5%: $485,660
• 2017 Average Income of Top 5%: $364,454

MASSACHUSETTS

• 5-Year Change (%) in Average Income of Top 5%: 34.10%
• 2022 Average Income of Top 5%: $617,199
• 2017 Average Income of Top 5%: $460,251

VERMONT

• 5-Year Change (%) in Average Income of Top 5%: 28.28%
• 2022 Average Income of Top 5%: $405,333
• 2017 Average Income of Top 5%: $315,972

RHODE ISLAND

• 5-Year Change (%) in Average Income of Top 5%: 25.22%
• 2022 Average Income of Top 5%: $453,192
• 2017 Average Income of Top 5%: $361,920

CONNECTICUT

• 5-Year Change (%) in Average Income of Top 5%: 24.00%
• 2022 Average Income of Top 5%: $656,438
• 2017 Average Income of Top 5%: $529,367

I knew I was never going to be 'rich'. Now I know exactly by how much.