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In some cases, the five-year change in the average income of the top 5% exceeded 40%.
We asked financial expert Russell Rosario to weigh in on what may be behind the increase.
Ive seen how shifts inindustry and job marketsdrive these changes.
For instance, in Washington and California, the tech industry boom has substantially increased average incomes.
This influx of high-paying tech jobs redefines what it means to be rich in these areas, he said.
California fares only slightly better, with a 37% change over the same time period.
Eastern Migration
Some of the states have benefited from the high cost of living in the West.
InNevada and South Carolina, we see a different trend driven by migration and investment, Rosario said.
These states have attracted new residents from higher-cost areas like California, bringing wealth and driving up property values.
Nevada and South Carolina both saw extraordinary changes in what is considered rich from 2017 to 2022.
Idahos situation is particularly interesting, given its transformation through tech and agriculture industries, Rosario said.
Entrepreneurs and investors capitalize on Idahos growing markets, pushing the economic boundaries, he added.
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