You'll need to make over $500,000 a year to keep up with the average income of the top 5% earners in the richest U.S. states, according to a new analysis by GOBankingRates.

In 12 states, the average income for top-earning households exceeds $500,000 a year, the study finds. To determine the top earners in each state, GOBankingRates analyzed the most recent U.S. Census data from 2023.

Connecticut ranks highest with an average top 5% income of $637,673 — more than seven times the state's median household income, according to the study. California, Massachusetts, New York and New Jersey also rank near the top, each with average top 5% incomes over $600,000.

According to the analysis, the average income among the top 5% of households exceeds $500,000 in the following states:

• Connecticut: $637,673
• California: $619,938
• Massachusetts: $619,385
• New York: $619,178
• New Jersey: $616,334
• Washington: $573,110
• Colorado: $535,056
• Virginia: $534,776
• Maryland: $522,117
• Illinois: $514,347
• New Hampshire: $510,730
• Hawaii: $505,977

At the other end of the list, the average income of the top 5% is lowest in West Virginia, at $330,270 — still well above the state's median of $57,917, but only about two-thirds of what top earners make in high-income states like Connecticut or California.

Here's a look at the average income for the top 5% earners and median income for each state, in alphabetical order:

Alabama

• Average household income for top 5%: $388,183
• Median household income: $62,027

Alaska

• Average household income for top 5%: $477,622
• Median household income: $89,336

Arizona

• Average household income for top 5%: $461,017
• Median household income: $76,872

Arkansas

• Average household income for top 5%: $364,124
• Median household income: $58,773

California

• Average household income for top 5%: $619,938
• Median household income: $96,334

Colorado

• Average household income for top 5%: $535,056
• Median household income: $92,470

Connecticut

• Average household income for top 5%: $637,673
• Median household income: $93,760

Delaware

• Average Household Income for Top 5%: $477,949
• Median household income: $82,855

Florida

• Average household income for top 5%: $499,872
• Median household income: $71,711

Georgia

• Average household income for top 5%: $467,103
• Median household income: $74,664

Hawaii

• Average household income for top 5%: $505,977
• Median household income: $98,317

Idaho

• Average household income for top 5%: $418,188
• Median household income: $74,636

Illinois

• Average household income for top 5%: $514,347
• Median household income: $81,702

Indiana

• Average household income for top 5%: $393,813
• Median household income: $70,051

Iowa

• Average household income for top 5%: $400,534
• Median household income: $73,147

Kansas

• Average household income for top 5%: $398,469
• Median household income: $72,639

Kentucky

• Average household income for top 5%: $372,886
• Median household income: $62,417

Louisiana

• Average household income for top 5%: $389,605
• Median household income: $60,023

Maine

• Average household income for top 5%: $415,677
• Median household income: $71,773

Maryland

• Average household income for top 5%: $522,117
• Median household income: $101,652

Massachusetts

• Average household income for top 5%: $619,385
• Median household income: $101,341

Michigan

• Average household income for top 5%: $409,636
• Median household income: $71,149

Minnesota

• Average household income for top 5%: $496,581
• Median household income: $87,556

Mississippi

• Average household income for top 5%: $344,395
• Median household income: $54,915

Missouri

• Average household income for top 5%: $410,472
• Median household income: $68,920

Montana

• Average household income for top 5%: $420,968
• Median household income: $69,922

Nebraska

• Average household income for top 5%: $471,960
• Median household income: $74,985

Nevada

• Average household income for top 5%: $460,558
• Median household income: $75,561

New Hampshire

• Average household income for top 5%: $510,730
• Median household income: $95,628

New Jersey

• Average household income for top 5%: $616,334
• Median household income: $101,050

New Mexico

• Average household income for top 5%: $378,797
• Median household income: $62,125

New York

• Average household income for top 5%: $619,178
• Median household income: $84,578

North Carolina

• Average household income for top 5%: $443,291
• Median household income: $69,904

North Dakota

• Average household income for top 5%: $399,162
• Median household income: $75,949

Ohio

• Average household income for top 5%: $417,374
• Median household income: $69,680

Oklahoma

• Average household income for top 5%: $392,351
• Median household income: $63,603

Oregon

• Average household income for top 5%: $464,386
• Median household income: $80,426

Pennsylvania

• Average household income for top 5%: $468,603
• Median household income: $76,081

Rhode Island

• Average household income for top 5%: $489,811
• Median household income: $86,372

South Carolina

• Average household income for top 5%: $419,871
• Median household income: $66,818

South Dakota

• Average household income for top 5%: $452,480
• Median household income: $72,421

Tennessee

• Average household income for top 5%: $435,495
• Median household income: $67,097

Texas

• Average household income for top 5%: $494,328
• Median household income: $76,292

Utah

• Average household income for top 5%: $468,606
• Median household income: $91,750

Vermont

• Average household income for top 5%: $453,461
• Median household income: $78,024

Virginia

• Average household income for top 5%: $534,776
• Median household income: $90,974

Washington

• Average household income for top 5%: $573,110
• Median household income: $94,952

West Virginia

• Average household income for top 5%: $330,270
• Median household income: $57,917

Wisconsin

• Average household income for top 5%: $418,095
• Median household income: $75,670

Wyoming

• Average household income for top 5%: $400,071
• Median household income: $74,815

Correction: The headline of this story has been updated to more accurately reflect the data.

Want to boost your confidence, income and career success? Take one (or more!) of Smarter by CNBC Make It's expert-led online courses, which aim to teach you the critical skills you need to succeed that you didn't learn in school. Topics include earning passive income online, mastering communication and public speaking skills, acing your job interview, and practical strategies to grow your wealth. Use coupon code MEMORIAL to purchase any course at a discount of 30% off the regular course price (plus tax). Offer valid from 12:00 am Eastern Time ("ET") on May 19, 2025, through 11:59 pm ET on June 2, 2025. Terms and restrictions apply.

Plus, sign up for CNBC Make It's newsletter to get tips and tricks for success at work, with money and in life, and request to join our exclusive community on LinkedIn to connect with experts and peers.