Here's How Much You Have to Earn to Be 'Rich' in Indiana

There has been a lot of talk in recent years about the wealth inequality in the United States, and the slow disappearance of what was known as the "middle class," but just how much do you have to earn to be considered "rich?"

What Kind of Salary Classifies Someone As Rich?

In a recent study from GoBankingRates.com, they look at how median incomes have changed among the top 5% of earners in each state - the level of income it takes to classify someone as "rich."

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

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How Incomes Have Changed in Five Years

The findings from GoBankingRates look at how the annual incomes of the "rich," or the top 5% earners, have changed between 2017 and 2022. Washington state saw the biggest increase in average income among the top 5% earners with a 43.9% income. Conversely, North Dakota saw the least amount of change for the top 5% earners with only a 14.68% growth in income.

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What Is the Average Income of Indiana's Top 5% Earners?

Indiana saw a pretty significant growth in earnings for the Top 5% between 2017 and 2022 with a 5-year change of 29.66%. So what is the average annual income for the top 5% of earners in the Hoosier state? In 2022, the rich in Indiana had an average annual income of $381,422. That is significantly more than what is considered a "livable wage" in Indiana, and a drastic difference from the federal minimum wage of $7.25 an hour which equates to annual earnings of a shocking $15,080.

[Source: GoBankingRates]