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How much does it take to be among Nevada’s rich?

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How much does it take to be among Nevada’s rich?


What does it take to be considered rich in Nevada?

Analysis from GoBankingRates determined the average household income of the top 5 percent of earners in each state based on data from the 2022 American Community Survey.

The richest of the rich live not in a state, but in Washington, D.C., where it takes a salary of $719,000 to land in the top 5 percent of earners.

The No. 1 richest state is Connecticut, where residents have to bring in roughly $656,000 to be among the top 5 percent.

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The average income of the top 5 percent of Nevada households was $449,872.

Washington state has seen the most dramatic growth in what it takes to be rich in recent years, according to the report. In 2017, a salary of about $378,000 would land you in the 5 percent club. By 2022, the salary it takes to stay at that level is more than $544,000.

The roughly 44 percent increase can be attributed to growing wealth in Seattle, which has become a tech hub with fast-growing companies like Amazon headquartered in the area, says Andrew Murray, lead data content researcher at GoBankingRates.

Overall, wealthy Americans have gotten a lot richer in since 2017. Back then, only Connecticut and Washington, D.C., had a 5 percent top-earning threshold of $500,000.

Five years later, no less than 11 U.S. states and D.C. top $500,000 per household. They include Washington, California, Massachusetts, Hawaii, Virginia, Colorado, New York, New Jersey, Illinois, Maryland and Connecticut.

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As for Nevada’s neighbors, it took $613,602 to land in the top five percent of earners in California, $435,414 in Arizona, $463,437 in Utah and $402,743 in Idaho.

The state with the lowest threshold to make the top 5 percent was West Virginia at $329,620.

CNBC reporter Jennifer Liu reported the numbers on the network’s website Friday. Contact Marvin Clemons at mclemons@reviewjournal.com.



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Nevada

IN RESPONSE: Cortez Masto lands bill would keep the proceeds in Nevada

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IN RESPONSE: Cortez Masto lands bill would keep the proceeds in Nevada


A recent Review-Journal letter to the editor mischaracterized Sen. Catherine Cortez Masto’s Southern Nevada Economic Development and Conservation Act, also known as the Clark County Lands bill. As the former executive director of the Nevada Conservation League, I wholeheartedly support this legislation, so I wanted to set the record straight.

Sen. Cortez Masto has been working on this bill for years in partnership with state and local governments, conservation groups like the NCL and local area tribes. It’s true that the Clark County lands bill would open 25,000 acres to help Las Vegas grow responsibly, while setting aside 2 million acres for conservation. It would also help create more affordable housing throughout the valley while ensuring our treasured public spaces can be preserved for generations to come.

What is not correct is that the money from these land sales would go to the federal government’s coffers. In fact, the opposite is true.

The 1998 Southern Nevada Public Lands Management Act is a landmark bill that identified specific public land for future sale and created a special account ensuring all land sale revenues would come back to Nevada. In accordance with that law 5 percent of revenue from land transfers goes to the state of Nevada for general education purposes, 10 percent goes to the Southern Nevada Water Authority for needed water infrastructure and 85 percent supports conservation and environmental mitigation projects in Southern Nevada. This legislation has provided billions to Clark County and will continue to benefit generations of Southern Nevadans. Sen. Cortez Masto’s lands bill builds upon the act’s success.

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So here’s the good news: All of the money generated from land made available for sale under Sen. Cortez Masto’s bill would be sent to the special account created by the 1998 law. Rather than going to an unaccountable federal government, the proceeds would continue to help kids in Vegas get a better education, bolster outdoor recreation and modernize Southern Nevada’s infrastructure.

I know how important it is that money generated from the sale of public land in Nevada stay in the hands of Nevadans, and so does the senator. That’s why she opposed a Republican effort last year to sell off 200,000 acres of land in Clark County and other areas of the country that would have sent those dollars directly to Washington.

Public land management in Nevada should benefit Nevadans. We should protect sacred cultural sites and beloved recreation spaces, responsibly transfer land for affordable housing when needed and ensure our state has the resources it needs to grow sustainably. I will continue working with Sen. Cortez Masto to advocate for legislation, such as the Clark County lands bill, that puts the needs of Nevadans first.

Paul Selberg writes from Las Vegas.

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Las Vegas High beats Coronado in 5A baseball — PHOTOS

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Las Vegas High beats Coronado in 5A baseball — PHOTOS