Where millennials earn the most

yhelfman // Shutterstock Only 6.2% of millennial households earn $200,000 or more nationwide. But from state to state, that percentage of high-earning millennials can range from one-third of that to almost double. This group has more discretionary economic power than their peers, and an outsized portion of them among a statewide population–or an apparent deficit–could impact many aspects of that local economy. With this in mind, SmartAsset ranked states by the percent of millennial households earning at least $200,000, which is the definition of a high-earning household according to the IRS. Key Findings Washington has the most high-earning millennials at 11.5%. Out of nearly 1.26 million millennial households, 144,475 make at least $200,000 annually. These households earned an average adjusted gross income, or AGI, of $459,701. California has the most high-earning millennial households. Ranking fourth overall with 9.4% of its millennials earning $200,000 annually or more, California has more than double the number of high-earning millennial households as any other state at 589,524. The average AGI of these households came in at $557,054. 2.5% or less of millennial households are high earners in three states. Mississippi has the lowest rate of high-earning millennials at 2.1%, followed by West Virginia and New Mexico at 2.5%. Respectively, the high-earning millennials in these states earned an average AGI of $413,237; $367,511; and $384,019.  High-earning millennials in Wyoming earn over $750,000 per year. Wyoming has the highest average AGI for this study, but only 4.1% of this age group–or 3,388 households–here qualify as high earners, placing Wyoming in 36th place overall.  Top 10 Places With the Most High-Earning Millennials SmartAsset States are ranked by the percent of households aged 26 to 44 that earn $200,000 or more annually. Washington Percent of millennial households earning $200,000 or more in AGI: 11.50% Number of high-earning millennial households: 144,475 Total millennial households of all income levels: 1,256,591 Average AGI for high-earning millennials: $459,701 Massachusetts Percent of millennial households earning $200,000 or more in AGI: 10.40% Number of high-earning millennial households: 112,546 Total millennial households of all income levels: 1,082,360 Average AGI for high-earning millennials: $479,226 New Jersey Percent of millennial households earning $200,000 or more in AGI: 9.87% Number of high-earning millennial households: 137,998 Total millennial households of all income levels: 1,398,815 Average AGI for high-earning millennials: $439,477 California Percent of millennial households earning $200,000 or more in AGI: 9.41% Number of high-earning millennial households: 589,524 Total millennial households of all income levels: 6,264,943 Average AGI for high-earning millennials: $557,054 Connecticut Percent of millennial households earning $200,000 or more in AGI: 8.03% Number of high-earning millennial households: 42,967 Total millennial households of all income levels: 534,852 Average AGI for high-earning millennials: $548,007 New York Percent of millennial households earning $200,000 or more in AGI: 7.69% Number of high-earning millennial households: 242,762 Total millennial households of all income levels: 3,155,436 Average AGI for high-earning millennials: $577,533 Colorado Percent of millennial households earning $200,000 or more in AGI: 7.69% Number of high-earning millennial households: 76,264 Total millennial households of all income levels: 992,048 Average AGI for high-earning millennials: $451,535 Virginia Percent of millennial households earning $200,000 or more in AGI: 7.53% Number of high-earning millennial households: 96,632 Total millennial households of all income levels: 1,283,012 Average AGI for high-earning millennials: $406,916 Maryland Percent of millennial households earning $200,000 or more in AGI: 6.97% Number of high-earning millennial households: 65,541 Total millennial households of all income levels: 940,339 Average AGI for high-earning millennials: $377,635 Illinois Percent of millennial households earning $200,000 or more in AGI: 6.70% Number of high-earning millennial households: 127,494 Total millennial households of all income levels: 1,903,702 Average AGI for high-earning millennials: $470,112 Data and Methodology To determine where the share of high-earning millennials is highest, SmartAsset examined IRS data for the 2022 tax year. High-earning households are defined as those with adjusted gross incomes of $200,000 or more, which the IRS deems as the threshold for “high earners.” For households aged 26 to 44, the number of tax returns earning a $200,000 or higher AGI was compared to the number of total tax returns in that age bracket and state. The average AGI for each state’s high-earning millennial households was also considered. This story was produced by SmartAsset and reviewed and distributed by Stacker.