If you asked 1,000 different Iowans 'What makes someone rich?' you would get hundreds of different answers.

Is being rich only about the amount of money in your bank account? Is it about how many different things you own? Is it about how much land or property you have? Being 'rich' can mean different things to other people.

Surely, most people would love to be a millionaire if they had the opportunity. Not having stress or worry about money is something everyone can strive for. However, becoming a millionaire isn't exactly realistic for everyone.

I think if you asked Iowans about how much money they need, most people would say they just want to be comfortable. They would like to have enough to pay for a mortgage, pay their remaining bills, put some in savings, and go on the occasional vacation.

If We Had to Put a Number On It...

Having a lot of money doesn't necessarily make someone rich or happy but if I'm being honest, I'd much rather be sad on a yacht somewhere in the French Riviera than on my couch. Have you ever seen someone sad on a jet ski? Of course you haven't. Money might not be the key to happiness for everyone but it surely doesn't hurt to have plenty of it.

What is the magic number in Iowa when someone is all of a sudden considered rich?

Go Banking Rates studied the average income of the top 5% of earners in each state from 2017-2022. In 2017, it took an annual income of $307,993 to be considered rich in Iowa.

In 2022, the average income of Iowa's top 5% was $386,152. It's likely that number has gone up since then and is probably closer to something a little above $390,000 each year.

If you make close to $395,000 each year, congratulations! You're rich! If that's been a lifelong goal of yours, you can officially scratch it off of your bucket list.

Other States?

When it comes to the rest of the country, most states require more than $390,000 to be considered rich. Iowa's top 5% earners, in the year 2022, ranked 41st. The lowest threshold to be considered rich is in West Virginia where it takes around $330,000 each year. Followed by Mississippi, which is around $335,000, and New Mexico is 3rd lowest, which is around $355,000.

If being 'rich' is one of your dreams, you might want to check out this list of the highest-paying jobs in Iowa that are hiring!