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How Many People Make Over 100k in the US?

How Many People Make Over 100k in the US?

The average annual income in the United States is about $44,300. At the same time, this does not prevent many people from aspiring to earn a six-figure salary. Economic research has made it possible to determine how many people make over 100k. In this article, we will delve deeper into the topic of the average American household income and the highest-paid professionals.

Factors Influencing High Incomes

In 2021, labor statistics reported that the mean hourly wage was about $22. At the same time, the average annual wage was about $58,300. It is much higher than the federal minimum wage, just over $7 an hour for non-exempt and low-wage employees.

Before exploring how many people make over 100k, it is first worth investigating what factors make it possible to achieve six-figure earners. It is worth paying attention to many nuances – from education to the chosen industry.

Educational attainment and its impact

Education level is important for median salary. The average income for one household that does not have a high school diploma is 25,500 dollars. At the same time, American households with at least a bachelor’s degree have an average income of about 106,900 dollars.

The average income of American households with higher education is approximately 64,000 dollars per year. In general, the Pew Research Center proved that the better education a person has (bachelor’s degree or higher), the higher his average salary.

Career choices and industries

The percentage of how many people make over 100k also depends on the chosen field of work. Certain professions have the lowest average wage. These include amusement park workers, as well as fast food cooks. The average annual salary will be at most 25,5000 dollars in this situation.

Statistical Insights

Six figures are the dream of many Americans. Annual income depends on many other factors – education, gender, race, etc. We have studied how many people make over 100k, dividing it into several blocks presented below.

Overview of income distribution statistics

We have gathered important statistics to find out how many people make over 100k. According to our comprehensive research, we have concluded that:

  • 18% percentage of Americans make over 100k a year;
  • virtually 35% of American households earn more than 100k a year;
  • 37% of white households make over 100k;
  • 22% of black people make over 100k;
  • men make over 100k, 9% more than women.

Furthermore, the census bureau has proven that from 2017 to 2022, the number of households earning over 100k a year has increased by practically 3%, which is not a bad trend.

Percentage of individuals making over 100k

In 2019, 9% of Americans had a six-figure income. In 2021, the percentage of Americans making over 100k a year decreased slightly – compared to 2019, when 1,000,000 fewer people made over 100k a year. That percentage now stood at 8.7%. It’s also worth noting that more than half of people with this income level don’t feel rich as they continue to live from paycheck to paycheck.

Many assume that people making over 100k lead a luxurious lifestyle, but 48% of Americans who make over 100k need decent savings in their bank accounts. But they’re not the only ones. The combined percentage of Americans living paycheck to paycheck is 64%.

In addition, it’s worth noting that the current economy is forcing people to apply for consumer or business loans more often. Right now, considering credit bank cards, student loans, and mortgages, the average consumer debt is $93,000.

Trends and changes over recent years

To learn more about Americans making over 100k, we suggest closely examining the following fascinating statistics. In particular, only 16% of Americans have a median annual salary between $100,000 and $150,000.

At the same time, 8% of per cent of Americans have median earnings between $150,000 and $200,000 per year. Americans earning over $200,000 per year can be observed in only 10%.

Moreover, 82% of Americans who make over 100k say they must earn at least $200,000 annually to feel rich. At the same time, 56% of people surveyed say a good salary of 100k a year would make them rich. These statistics perfectly emphasize the differences in thinking between the lower and upper middle class.

Demographic Breakdown

All Americans making 100k a year can also be divided by demographics into several groups. In this situation, we mean age, race and gender. We will further consider these parameters’ dependence and annual income on real statistical examples.

Age groups and high-income trends

First, it is worth considering the age group. When it comes to Americans earning, there is a significant difference in the amount of salary between younger and more mature citizens of the country. If we delve into more specific numbers, we can see the following interesting trends:

  • Americans making over 100k under the age of 25 are in the top 1% of wealthiest people in that age category;
  • Only 1% of the employed population of the country earns over 100 thousand at the age of 18 to 24 years, which makes this age category the lowest paid on the labour market;
  • More money is received by Americans aged 25 to 25 years – it is at this point the greatest increase in income is observed: only 2% of the total number of 25-year-old workers receive individual income over 100k a year, but among people aged 35 years this figure is already 12%;
  • 21% of the country’s 66-year-olds earn 100k a year or more.

In general, you can see a trend that the older an American is, the higher the median individual income.

Gender differences in income inequality

Gender is also of great importance when considering average American income. It is worth noting that there is a significant difference between men and women in the question of average American salary, including those who receive more than 100k a year.

To understand the presented income bracket in more detail, we suggest studying the following statistics:

  • 17% of all American men make over 100k annually, compared to only 8.4% of women. As of 2022, men are about twice as likely to make over 100k a year.
  • Full-time workers men earn 100k a year at practically 54% more than women.
  • Certain states have the most women with salaries over 100k a year. Women make excellent salaries in San Francisco, Washington DC, Boston, and other cities.
  • The average woman in 2022 earns only 83% of the salary of her male counterparts. If you drill down into more detailed statistics, the average man earns 17 cents more per dollar than the average woman. At first, this doesn’t seem significant, but this gap gradually widens. For example, the average woman earns 80,000 less throughout her career at age 40 than men.

Generally, men earn significantly higher incomes than women. At the same time, in certain cities, women have higher incomes than men.

Ethnic and racial disparities in high incomes

The level of income can also be influenced by race. It is worth noting that a large number of minorities in the U.S. are disadvantaged and deprived of certain civil rights, which causes disparities in average household income between different races.

In addition, many other factors complicate the differences in income levels between different demographic groups. In this situation, we propose to consider the following statistics:

  • Approximately 51% of Asian households make over 100k annually. Asian households disproportionately earn a fairly high income in the US, which is six figures. Approximately 18% make $100,000 – $150,000 annually. 12% make $150,000 – $200,000 annually. And 21% earn over $200,000 annually.
  • About 37% of white households make over 100k annually. White households are the largest part of the country’s population in general. More than a third of these residents make over 100k a year. It includes virtually 17% who make between $100,000 and $150,000 annually. And just under 9% already earn $150,000 – $200,000 a year. An annual income of over $200,000 is seen in 12%.
  • Approximately 27% of Hispanic households make over 100k annually. Compared to Asian and White residents, Hispanic households are much less likely to make over 100k annually. Just over 14% make between $100,000 and $150,000 annually. Earnings of 150,000 – 200,000 annually are recorded for almost 9%. Income of 200,000 or more is seen by almost 7%.
  • About 22% of black households make over 100k annually. Black households are less likely to earn more than 100k a year than all other groups. On average, about 11% of all black households make $100,000 – $150,000, almost 5% make $150,000 – $200,000 yearly, but only just under 6% make $200,000 or more yearly.

As you can see from the above statistics, white households make over 100k more often than black, Hispanic households. In addition, if we take individual workers, 18% of white-employed residents earn over 100k a year, while the figure presented is only 8% among blacks. These figures emphasize the marked inequality between these groups.

Occupations with High Earning Potential

About a third of households make over 100k annually. It should be noted that the figures presented may refer to a family’s median income, not just one person’s salary. Median income is distributed among the country’s residents, depending on gender, age, race, level of education and others.

Also, to get six figures, you need to choose the right field of activity and persevere in your career. In some professions, there are excellent prospects for salary increases, while others have a certain ceiling above which you can not jump with all the desire.

Overview of industries with high-paying jobs

Top-earning professionals are found in a wide variety of industries. At the same time, in certain professions, the hourly wage is much higher than in others. According to statistics, the individual income of a lawyer is approximately $128,000 per year. At the same time, there are certain industries where a good salary is guaranteed:

  • Medical field. The highest median income is observed among cardiologists. On average, these specialists receive $354,000 annually; in hourly terms, it is approximately $170 per hour. In addition, other highly paid specialists include dentists, who receive an average of $163,000 annually.
  • Financial industries. This industry can rightfully be considered the highest-paying job. For example, the median income of economists is 121 000 dollars annually. In addition, the profession of personnel manager, who can receive an average of 126,000 dollars annually, belongs to a very profitable activity where a good salary is provided.

In general, consumers earning over 100k a year can be found in a variety of fields. If you are starting to build your career and are looking for the highest-paying industry, you may want to consider the medical and financial fields.

Specific professions that commonly yield over 100k

Average wages vary from occupation to occupation, depending on the particular state. There is a direct correlation between where you live and what position you work in. To better understand this correlation, we suggest reading the following interesting statistics:

  • The highest teacher salaries are in New York State, where you can earn up to $93,000 annually. This figure is almost 12% higher than teachers’ salaries across the country.
  • The highest salary for a nurse is in the state of California. On average, you can receive $124,000 each for the position presented.
  • Lawyers earn the most in New York City. According to research, lawyers here earn about $125,000 annually.

Differences in average annual income across states

The amount of salary for the same position can also vary from state to state. The states with the highest average salaries include the following:

  • New York City – on average, people here earn $75,000 each;
  • Massachusetts – the average salary is $77,000;
  • California – the citywide average salary figure is in the $74,000 range.

The above amounts demonstrate not only the economic potential of the states represented but also, in this way, add to the attractiveness of these territories as suitable places to build a career and open up new opportunities for prospective employees.

Urban vs. rural income disparities

In the United States, there is an obvious difference between the amount of income in urban and rural areas. But it should be noted that the cost of living is of great importance in this situation. In some cities, a salary of over 100,000 formally belongs to the upper class, while it may be only a living wage for certain areas. For example, the cost of living in coastal cities, such as the District of Columbia, where many high-paying jobs, can be huge.

Date: 23 November 2023
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