Virginia Leads in Personal income, West Virginia is Last: WalletHub

A new WalletHub report lets you see how your state ranks in personal income for the top 5%, bottom 20%, and total population.

By Rethinking65

Virginia is the state where residents have the highest income, while West Virginians have the lowest, according to a report from the personal-finance website WalletHub.

The median household income in the U.S. is $74,600, WalletHub says.

WalletHub compared the 50 states and the District of Columbia across three metrics: the average annual income of the top 5%, the average for the bottom 20%, and the median for all of the state’s residents. Because of WalletHub’s formula, Viriginia is ranked number one with a total score of 69.5, although neither its median annual income, $89,393, nor the average income of the top 5%, $518,296, is the highest in those categories.

“Virginia is the state where people have the highest income, when balancing between the median, top 5% and bottom 20% of earners,”  says WalletHub analyst Cassandra Happe. “The median annual income in Virginia is $89,393, which ranks as the 17th-highest in the country, so it seems like many people are skewed to either side of the wealth spectrum.”

The states with the highest income scores are:

  1. Virginia
  2. New Jersey
  3. New York
  4. Connecticut
  5. Washington
  6. Utah
  7. Illinois
  8. Minnesota
  9. Colorado
  10. Massachusetts

The states with the lowest income scores are:

  1. Kentucky
  2. Alaska
  3. Alabama
  4. Rhode Island
  5. Louisiana
  6. Vermont
  7. Maine
  8. Mississippi
  9. New Mexico
  10. West Virginia

Happe notes that 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.

For all the figures, including where your state ranks, go to the WalletHub report.


Latest news

Industry Snapshot Reveals Record Number of SEC-registered Investment Advisers

There were 15,396 SEC-registered advisers and 56.7 million asset management clients, according to the Investment Adviser Industry Snapshot

California Bans ‘Resort Fee’ and Other Hidden Charges

But other legislation would let restaurants charge a mandatory gratuity or other surcharge as long as it is displayed clearly on the menu.

Losing a Spouse Hits Most Women Hard Financially: Thrivent

Many widowed women had no financial conversations or plans in place before their spouse died, Thrivent's new survey finds.

Schwab Survey Finds Increased Opportunities for Advisors

Americans are most likely to seek financial guidance from an advisor, and three-quarters avoid social media influencers, the survey reveals.

The Sky’s the Limit for CEO Pay

Companies now must disclose how much CEO stock holdings increase when the market rises.

Advisors Boost Allocation to Private Markets as Client Interest Grows

Over half the investment advisors surveyed by Hamilton Lane plan to allocate 10%+ of clients’ portfolios to private markets this year.