Earn

Here's how much money you need to make to be in the top 5% in Hawaii

Jerry Driendl | Photolibrary | Getty Images

To be a part of the top 5% of earners in an expensive state like Hawaii, where taxes and real-estate costs are among the highest in the country, you'll need to make a lot of money.

To determine the average income residents earn in each state and Washington, D.C., financial website GOBankingRates analyzed data from the U.S. Census Bureau's 2017 American Community Survey and the Economic Policy Institute's income inequality report.

Here's how much you have to earn to be in the top 5% in Hawaii:

  • Average top 5% annual income: $378,854
  • Minimum threshold needed to make the top 5%: $238,820

There are eight places — including notoriously pricey locations like California, D.C., and New York — that require at least $250,000 in income to crack the top 5%, according to the data. Just outside of that, Hawaii comes in at No. 9.

VIDEO0:5000:50
How much money you have to make to be upper-class

While it takes nearly $240,000 to be in the state's top 5%, you have to earn a lot more to make the top 1% in Hawaii. The minimum annual income needed for that is $310,566, the Economic Policy Institute reports.

While location certainly plays a role in how much money is needed to be considered rich, wealth is also a mindset, according to a recent poll from data firm YouGov.

"Although people become less likely to consider themselves poor the more money they make," the report says, "they don't really become much more likely to consider themselves rich."

Of those earning between $40,000 and $60,000 a year, 7% consider themselves "rich." But when it comes to high-earners, those making $90,000 to $150,000 a year, just 9% consider themselves "rich" and 5% actually classify themselves as "poor."

"The higher your income," the report says, "the higher you set the bar."

Like this story? Subscribe to CNBC Make It on YouTube!

Don't miss: Here's how much money Americans think you need to make to be considered 'rich'

VIDEO1:5701:57
This couple has made millions selling homemade ukuleles
make it

Stay in the loop

Sign Up

About Us

Learn More

Follow Us

CNBC.COM