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How much money do you need to make to be in the top 5% in Texas?

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How much money do you need to make to be in the top 5% in Texas?


(NEXSTAR) – The disparity between the income that an average U.S. resident brings in yearly compared to those sitting at the top of earners in each state has always been a major topic of discussion.

In fact, WalletHub states that “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.”

And while looking up what the “average salary” is across the country, ($74,600, according to the latest data from the Federal Reserve), appears to give a solid idea of how far off most Americans are from the 5% club, a closer look at the high-end salaries reveals that the disparity is even more stark.

WalletHub broke down the income of all 50 U.S. states and Washington D.C into three different groups: the average annual income of the top 5%, the average for the bottom 20%, and the median for all of each state’s residents.

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Landing at No. 1 was New York where the top 5% makes about $553,000 a year. That’s almost $35,000 more than the next two highest states and nearly $100,000 more than the 10th-ranked state.

While the top 5% is thriving in the Empire State, its bottom 20% is falling well short, ranking 44th in salary with $13,301.

Right behind New York is Connecticut and Virginia where the average is about $518,000 apiece. Followed by New Jersey and Illinois which are both hovering around $505,000.

The state with the lowest top 5% threshold is Alaska, where earning roughly $321,000 will get you into the club. Hawaii and Vermont aren’t far behind where the top 5% makes about $334,000.

Check out what you need to make in your state:

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Rank State Average Annual Income of Top 5% Median Annual Income Average Annual Income of Bottom 20%
1 New York $553,436 $91,366 $13,301
2 Connecticut $518,757 $114,156 $14,576
3 Virginia $518,296 $89,393 $18,694
4 New Jersey $505,621 $117,847 $16,445
5 Illinois $504,800 $78,304 $16,192
6 Georgia $487,870 $66,612 $16,472
7 Texas $481,483 $70,513 $16,802
8 Washington $474,067 $103,748 $18,223
9 Florida $470,308 $68,818 $15,375
10 Massachusetts $466,208 $127,760 $13,689
11 Minnesota $464,981 $86,364 $19,797
12 Colorado $456,603 $97,301 $18,451
13 California $454,829 $123,988 $13,949
14 Tennessee $453,539 $59,077 $15,679
15 District of Columbia $450,892 $162,265 $9,011
16 North Carolina $450,592 $63,025 $15,836
17 Utah $448,195 $89,786 $22,491
18 Michigan $446,114 $62,446 $17,019
19 Missouri $446,069 $59,715 $16,821
20 Pennsylvania $445,261 $74,711 $15,801
21 Ohio $436,922 $61,904 $16,188
22 Maryland $427,135 $124,693 $16,647
23 Arizona $424,913 $74,375 $16,604
24 Kansas $423,517 $68,489 $17,176
25 Nebraska $416,325 $72,384 $17,380
26 Arkansas $416,224 $51,032 $14,069
27 South Carolina $412,771 $62,909 $13,996
28 Kentucky $411,897 $55,629 $13,800
29 Oklahoma $405,113 $57,215 $15,205
30 Idaho $403,737 $70,041 $18,372
31 Delaware $402,989 $87,173 $16,930
32 Wisconsin $402,256 $72,602 $17,973
33 Nevada $401,062 $80,366 $14,472
34 New Hampshire $400,343 $110,205 $18,075
35 Indiana $399,270 $64,170 $16,670
36 Alabama $398,584 $55,480 $13,242
37 Montana $395,720 $68,937 $15,337
38 Louisiana $395,155 $56,282 $11,504
39 Iowa $395,093 $68,974 $17,621
40 South Dakota $393,809 $69,266 $17,252
41 North Dakota $387,548 $79,874 $15,661
42 Wyoming $387,280 $76,307 $16,199
43 Oregon $377,399 $91,100 $14,720
44 Mississippi $377,040 $46,880 $12,168
45 Rhode Island $353,721 $104,252 $12,668
46 New Mexico $351,972 $58,911 $11,944
47 West Virginia $345,239 $52,719 $12,477
48 Maine $338,866 $79,800 $13,749
49 Vermont $334,470 $89,695 $14,477
50 Hawaii $334,369 $141,832 $14,014
51 Alaska $321,634 $113,934 $15,646
(Credit: WalletHub)

As for what state’s residents make the most money on average, Washington D.C. finished with the highest median income of $162,265. Unfortunately, D.C. also finished with the lowest salary for the average annual income of the bottom 20%, with $9,011.

Other states that had a high median income were Hawaii ($141,832), Massachusetts ($127,760), Maryland ($124,693), and California ($123,988).

These states with a smaller gap between the average earner and the top 5% make it easier to make the jump, but it’s still difficult.

According to GoBankingRates, it will take a variety of factors to make that jump. First, you need a steady increase in income. This could mean you are making better financial decisions, investing wisely, or perhaps experiencing career advancements.

Another factor is maybe having a solid investment strategy, look to see that you are getting positive returns on your investment and that you have a well-diversified portfolio.

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Finally, prioritize your long-term financial stability. Look to prioritize saving over short-term pleasures.

And if you’re looking to go even higher than the top 5%, Forbes found that to be one of the top 1% of earners in the U.S., you need to bring in an annual salary of at least $597,815, so start saving up!



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Texas sues Netflix, alleges platform spied on kids and collected data

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Texas sues Netflix, alleges platform spied on kids and collected data


The state of Texas announced a lawsuit against streaming giant Netflix on Monday, accusing the company of spying on children and other consumers by collecting their data without consent and designing the platform to be addictive.

Texas claims that Netflix has falsely represented to consumers that it didn’t collect or share user data while it actually tracked and sold viewers’ habits and preferences to commercial data brokers and advertising technology companies.

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The lawsuit, filed by Texas Attorney General Ken Paxton, claims that “Netflix’s endgame is simple and lucrative: get children and families glued to the screen, harvest their data while they are stuck there, and then monetize the data for a handsome profit.”

The state of Texas announced a lawsuit against streaming giant Netflix on Monday. (Nikos Pekiaridis/NurPhoto via Getty Images)

“When you watch Netflix, Netflix watched you,” Texas added in the lawsuit.

NETFLIX CO-FOUNDER REED HASTINGS TO STEP DOWN, DEPARTURE IS ‘SPOOKING INVESTORS’

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NFLX NETFLIX INC. 85.39 -2.10 -2.40%

The complaint quotes comments made by former CEO Reed Hastings who said in 2020, while he was still leading the streaming company, that “we don’t collect anything,” amid questions over Big Tech companies’ data collection practices.

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Netflix was also accused of quietly using “dark patterns” to keep users watching on its platform, such as an autoplay feature that starts a new show after a different show ends.

NETFLIX RAISES SUBSCRIPTION PRICES ACROSS ALL PLANS

Texas Attorney General Ken Paxton filed the lawsuit. (Cheney Orr/Reuters)

Paxton said in a press release that Netflix “has built a surveillance program designed to illegally collect and profit from Texans’ personal data without their consent, and my office will do everything in our power to stop it.”

The attorney general said he’s charging Netflix under the state’s Deceptive Trade Practices Act and seeks to require Netflix to stop the unlawful collection and disclosure of user data, require Netflix to disable autoplay by default on kid’s profiles, and to secure injunctive relief and civil penalties.

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FOX Business reached out to Netflix for comment.

Reuters contributed to this report.



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6 people found dead inside a boxcar in Texas, officials say | CNN

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6 people found dead inside a boxcar in Texas, officials say | CNN


Six people were found dead inside a cargo train boxcar in a Texas city along the southern border on Sunday, officials said.

The bodies were found in a Union Pacific train at a rail yard in Laredo, around 160 miles south of San Antonio, just after 3:30 p.m. local time, said Jose Espinoza, a public information officer with the Laredo Police Department.

The circumstances of their deaths are unknown, said Laredo police spokesperson Joe Baeza, according to CNN affiliate KGNS, and an investigation is underway.

Union Pacific operates across the border and is the only railroad that services all access points into Mexico, according to the freight company’s website.

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Temperatures on Sunday afternoon in Laredo were in the low-mid 90s, though it’s unclear whether heat was a factor.

Union Pacific said it was saddened by the incident and is working closely with law enforcement to investigate.

Laredo police said they received a call around 3 p.m. from an employee at the Union Pacific rail yard, KGNS reported. The bodies were discovered during a routine rail car inspection, police said. No survivors were found.

CNN has reached out to Laredo police for more information.

“It’s a very early phase of the investigation. There’s not a lot to reveal right now,” Baeza said, KGNS reported.

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The immigration status and ages of the deceased are not yet known, Espinoza said.

US Customs and Border Protection referred CNN to the Laredo Police Department, saying “The incident remains under investigation by Laredo Police Department and Homeland Security Investigation and Texas Rangers.”

CNN has reached out to the Department of Homeland Security, HSI and the Texas Department of Public Safety.

“It’s a very unfortunate event,” Espinoza told CNN. “It was too many lives that were lost.”

This story has been updated with additional information.

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Gov. Abbott activates state emergency resources ahead of severe storm threat

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Gov. Abbott activates state emergency resources ahead of severe storm threat


Gov. Greg Abbott on Sunday directed the Texas Division of Emergency Management to activate state emergency response resources as a massive storm system threatens much of the state with hurricane-force winds, giant hail, and the risk of tornadoes.

Severe weather in Texas

The severe weather, expected to last through Monday morning, covers a vast footprint including West, North, East, Central, and South-Central Texas. Forecasters warned the system could produce wind gusts exceeding 75 mph and hail larger than 2 inches in diameter.

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What they’re saying:

“Texas is prepared to confront the severe storms that pose a threat to communities all across our state,” Abbott said in a statement. He urged Texans to monitor local forecasts and warned motorists never to drive through flooded roadways, invoking the phrase, “Turn Around, Don’t Drown.”

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Heavy rainfall is expected to be widespread, with some areas potentially seeing isolated totals of 3 to 6 inches, which could lead to significant flash flooding. As the system progresses, the threat is expected to shift toward the South and Southeast Texas coasts.

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In preparation, the governor has deployed a wide array of state assets to assist local officials, including:

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  • Search and Rescue: Swiftwater and floodwater rescue boat squads and urban search and rescue teams from Texas A&M Task Forces 1, 2, and 3.
  • Aviation and Marine Support: Helicopters with hoist capabilities from the Department of Public Safety and Texas Parks and Wildlife, as well as Tactical Marine Units.
  • Infrastructure and Recovery: Texas Forest Service saw crews to clear debris from roads and Department of Transportation personnel to monitor highway conditions.
  • Medical and Utility Support: Emergency medical task forces with ambulances and all-terrain vehicles, along with monitors from the Public Utility Commission to coordinate power outage responses.

State agencies are also monitoring the state’s natural gas supply and water quality as the storms move through.

Officials encouraged residents to assemble emergency kits and check road conditions at DriveTexas.org before attempting to travel.

The Source: Information in this article is from the Governor Greg Abbott Press Office.

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