Connecticut Ranked Among America’s Wealthiest States, New Study Finds

WalletHub compared all 50 states and Washington, D.C. using three key measurements: the average income of the top 5% of earners, the average income of the bottom 20%, and the state's median income. When all the data was adjusted for cost of living, Connecticut landed in the No. 5 spot nationwide, trailing only Virginia, New York, New Jersey, and Washington.

The numbers for Connecticut are eye-opening. The top 5% of earners in the Nutmeg State bring in an average of $543,016 per year. Meanwhile, the bottom 20% earn an average of just $15,095 annually. The state's median income sits at $122,032, one of the highest figures in the country.

If you've lived in Connecticut for any length of time, these results probably won't come as a huge surprise. The state is home to some of the wealthiest communities in America, particularly in Fairfield County, where multimillion-dollar homes and hedge fund headquarters share space with working-class neighborhoods that face a very different economic reality.

WalletHub notes that income inequality remains a major issue nationwide. According to the study, the highest-earning 10% of Americans make more than 12 times what the lowest-earning 10% bring home. Researchers say comparing incomes at different levels helps paint a clearer picture of where residents are thriving and where people are struggling to make ends meet.

Connecticut wasn't alone in the Northeast when it came to strong showings. New York ranked second overall, New Jersey came in third, and Massachusetts rounded out the top ten at No. 10. On the other end of the spectrum, West Virginia, New Mexico, and Mississippi finished at the bottom of the rankings.

The study doesn't necessarily measure happiness or quality of life, but it does offer a snapshot of where people are earning the most money—and where the divide between rich and poor remains a challenge. In Connecticut's case, it reinforces something many residents already know: there's a lot of wealth here, but it's not distributed evenly.