A new study has put the annual incomes of U.S. residents under the microscope to examine the wide variance in salaries.
WalletHub looked at each state and the District of Columbia to determine the average salaries of residents from the very top of the income ladder to those sitting at the bottom 20%.
The personal finance site noted that Federal Reserve data put the average national annual income at $74,600.
"However, there is a great deal of income disparity, with some people making vastly more than that while others are unfortunately stuck in poverty," WalletHub said in its report.
U.S. Census Bureau statistics show that the top 10% of individual earners in the U.S. earn 12 times more than those in the bottom 10%, WalletHub analyst Cassandra Happe said in the report.
"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,” she said.
The following, in ascending order, are the states where residents earn the highest annual incomes. (All figures are adjusted for the cost of living index.)
10. Massachusetts
Average Annual Income of Top 5% - $466,208
Median Annual Income - $127,760
Average Annual Income of Bottom 20% - $13,689
9. Colorado
Average Annual Income of Top 5% - $456,603
Median Annual Income - $97,301
Average Annual Income of Bottom 20% - $18,451
8. Minnesota
Average Annual Income of Top 5% - $464,981
Median Annual Income - $86,364
Average Annual Income of Bottom 20% - $19,797
7. Illinois
Average Annual Income of Top 5% - $504,800
Median Annual Income - $78,304
Average Annual Income of Bottom 20% - $16,192
6. Utah
Average Annual Income of Top 5% - $448,195
Median Annual Income - $89,786
Average Annual Income of Bottom 20% - $22,491
5. Washington
Average Annual Income of Top 5% - $474,067
Median Annual Income - $103,748
Average Annual Income of Bottom 20% - $18,223
4. Connecticut
Average Annual Income of Top 5% - $518,757
Median Annual Income - $114,156
Average Annual Income of Bottom 20% - $14,576
3. New York
Average Annual Income of Top 5% - $553,436
Median Annual Income - $91,366
Average Annual Income of Bottom 20% - $13,301
2. New Jersey
Average Annual Income of Top 5% - $505,621
Median Annual Income - $117,847
Average Annual Income of Bottom 20% - $16,445
1. Virginia
Average Annual Income of Top 5% - $518,296
Median Annual Income - $89,393
Average Annual Income of Bottom 20% - $18,694
The full report can be viewed here.
