How Much Money Do You Need to Rank in Top Ten Percent of South Dakotans?
Over the last several years, we've heard a lot about the 'top one percent' in America - the uber-wealthy that are either admired or vilified for their riches depending on who you're talking to.
And while most of us would never earn in a lifetime what those elite bring in during an average year, you might be surprised to learn the getting into the top ten percent of earners in South Dakota might not be as far off as you think.
Yahoo! Finance has partnered with GOBankingRates to determine what someone would need to bring in to fall in the top ten of earners in each state. Top do this they looked at U.S. Census Bureau data and figures from the 2019 American Community Survey.
In South Dakota, things are a bit unique. Our median of $59,533 is actually higher than 11 other states, but we're one of only six states where earning as little as $185,000 puts you in the top ten percent.
The study revealed that the gap between the average and top earners in South Dakota is more equitable than in some states, reaching just 210%.
STATES WITH LOWEST TOP 10% INCOMES
- West Virginia - $163,240
- Mississippi - $169,318
- Arkansas - $173,941
- Alabama - $180,469
- New Mexico - $181,940
- South Dakota - $184,714
- Idaho - $188,036
- Louisiana - $190,038
- Maine - $190,606
- Montana - $191,819
On the high end of the study is Washington DC, which is one of three states where $300,000 or more is necessary to land you in the top ten among earners.
In DC, the top 10 percent make nearly $270,000 more than the average worker. That's the largest wage gap in the country.
STATES/DISTRICTS WITH HIGHEST TOP 10% INCOMES
- Washington DC - $361,695
- Connecticut - $306,153
- New Jersey - $305,190
- Massachusetts - $299,188
- California - $295,369
- New York - $291,906
- Maryland - $280,115
- Virginia - $265,171
- Washington - $262,118
- Colorado - $255,114