Wealth is a fluid concept. What was considered wealthy a decade ago may no longer seem as rich, thanks to inflation, increased cost of living and a myriad of other factors.
Check Out: How Much Money Do Americans Have in Their Bank Accounts in 2025?
Learn More: 4 Subtly Genius Moves All Wealthy People Make With Their Money
Those very factors are what GOBankingRates took into account when compiling a study regarding the growth of wealth in America from 2013 to 2023, charting how the definition of what “rich” has changed and evolved over the course of 10 years.
Moreover, the ways our definitions of wealth have changed are also dependent on location and region. For instance, the growth in wealth was far different for someone living in Washington compared to someone living in West Virginia. As an example, in the South, the largest 10-year change in average income of the top 5% was the 66% leap taken by those in South Carolina, where the average income for a person in the top 5% went from $257,674 to $428,094. While steep, that’s nothing compared to some coastal states, in which average incomes have increased by over 80%.
Curious to see how the rest of the South did? Keep reading.
South Carolina
- 10-Year Change (%) in Average Income of Top 5%: 66.1%
- 2023 Average Income of Top 5%: $428,094
- 2013 Average Income of Top 5%: $257,674
Discover More: Here’s the Minimum Salary Required To Be Considered Upper-Middle Class in 2025
Explore More: 3 Signs You’ve ‘Made It’ Financially, According to Financial Influencer Genesis Hinckley
Arkansas
- 10-Year Change (%) in Average Income of Top 5%: 61.8%
- 2023 Average Income of Top 5%: $385,873
- 2013 Average Income of Top 5%: $238,439
Read More: 4 Secrets of the Truly Wealthy, According to Dave Ramsey
Florida
- 10-Year Change (%) in Average Income of Top 5%: 59.7%
- 2023 Average Income of Top 5%: $499,610
- 2013 Average Income of Top 5%: $312,755
North Carolina
- 10-Year Change (%) in Average Income of Top 5%: 58.8%
- 2023 Average Income of Top 5%: $446,248
- 2013 Average Income of Top 5%: $281,017
Georgia
- 10-Year Change (%) in Average Income of Top 5%: 58.7%
- 2023 Average Income of Top 5%: $472,175
- 2013 Average Income of Top 5%: $297,585
Read Next: 10 Genius Things Warren Buffett Says To Do With Your Money
Tennessee
- 10-Year Change (%) in Average Income of Top 5%: 57.6%
- 2023 Average Income of Top 5%: $435,202
- 2013 Average Income of Top 5%: $276,171
Kentucky
- 10-Year Change (%) in Average Income of Top 5%: 57.1%
- 2023 Average Income of Top 5%: $395,106
- 2013 Average Income of Top 5%: $251,456
Texas
- 10-Year Change (%) in Average Income of Top 5%: 49.9%
- 2023 Average Income of Top 5%: $487,366
- 2013 Average Income of Top 5%: $325,090
Find Out: Are You Rich or Middle Class? 8 Ways To Tell That Go Beyond Your Paycheck
Virginia
- 10-Year Change (%) in Average Income of Top 5%: 49.8%
- 2023 Average Income of Top 5%: $547,015
- 2013 Average Income of Top 5%: $365,009
Alabama
- 10-Year Change (%) in Average Income of Top 5%: 49.3%
- 2023 Average Income of Top 5%: $384,038
- 2013 Average Income of Top 5%: $257,178
Mississippi
- 10-Year Change (%) in Average Income of Top 5%: 48.6%
- 2023 Average Income of Top 5%: $346,882
- 2013 Average Income of Top 5%: $233,514
Find More: How Much Money Is in the World Right Now?
West Virginia
- 10-Year Change (%) in Average Income of Top 5%: 46.6%
- 2023 Average Income of Top 5%: $340,667
- 2013 Average Income of Top 5%: $232,352
Oklahoma
- 10-Year Change (%) in Average Income of Top 5%: 46.1%
- 2023 Average Income of Top 5%: $389,979
- 2013 Average Income of Top 5%: $266,962
Louisiana
- 10-Year Change (%) in Average Income of Top 5%: 44.2%
- 2023 Average Income of Top 5%: $394,301
- 2013 Average Income of Top 5%: $273,407
More From GOBankingRates
- I'm a Financial Advisor: My Wealthiest Clients All Do These 3 Things
- 3 Things You Must Do When Your Savings Reach $50,000
- Meet Your Money Goals: The Best Banks of 2025
- 9 Things You Must Do To Grow Your Wealth in 2025
This article originally appeared on GOBankingRates.com: How the Definition of Rich Has Changed in the South
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
