CT Incomes Among Highest In Country: Report

CONNECTICUT — The Nutmeg State has the fourth-highest income in the country, according to a study from personal finance website WalletHub.

The study compared the 50 states and the District of Columbia across three key metrics: the average annual income of the top 5%, the average for the bottom 20%, and the median for all of each state’s residents.

Based on those metrics, Connecticut had a total score of 67.42. Virginia came in first with a total score of 69.59.

When it comes to median income alone, Connecticut ranked seventh with a median income of $114,156. Washington, D.C. was first at $162,265.

Connecticut was second for the average annual income of the top 5% at $518,757. New York was first at $553,436.

The median income across the country is $74,600, according to the latest data from the Federal Reserve. However, WalletHub noted, "there is a great deal of income disparity, with some people making vastly more than that while others are unfortunately stuck in poverty."

WalletHub Analyst Cassandra Happe said, "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. By measuring the income of various percentiles against a state's median income, we can better identify where income disparities are more prevalent, which could help us better understand why residents of certain states struggle more to make ends meet.”

Here are the top 10 highest-income states with the score Wallet Hub gave for each:

1. Virginia (69.59)
2. New Jersey (68.85)
3. New York (67.60)
4. Connecticut (67.42)
5. Washington (62.29)
6. Utah (61.60)
7. Illinois (59.64)
8. Minnesota (59.48)
9. Colorado (57.55)
10. Massachusetts (59.48)

Read the full study at WalletHub.