Wealth Index
The wealth index reflects the overall economic prosperity and financial well-being of a state's residents based on income levels, employment rates, and income inequality metrics.
Income Statistics Overview
| Metric | Alaska | US Average |
|---|---|---|
| Median Household Income | $90,338 | $78,145 |
| Median Personal Income | $90,338 | $78,145 |
| Average income growth | 2.8% | 5.1% |
The median household income in Alaska is about 16% higher than in US. Income has been growing slower in Alaska (2.8%/yr) than in US (5.1%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Alaska grew by 37.8% from 2009 to 2023, reaching $90,338 in 2023. That's an average of about 2.7% per year.
Economic Inequality in Alaska | Gender Pay Gap | Gini Coefficient
| Metric | Alaska | US Average |
|---|---|---|
| Gini Coefficient | 0.540 | 0.570 |
| Male Median Income | $73,954 | $67,746 |
| Female Median Income | $63,633 | $54,793 |
| Gender Pay Gap | 14.0% | 19.1% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Alaska, it is 0.540, lower than US's 0.570, so income is more evenly distributed here than there.
Men's income is about 16% more than women's income in Alaska.
Income by Sex Over Time
Since 2009, the income gap between men and women in Alaska has narrowed from about 23% to 14% in 2023.
Employment
| Metric | Alaska | US Average |
|---|---|---|
| Unemployment Rate | 5.4% | 5.2% |
| Working from Home | 8.8% | 13.4% |
| Commute time (minutes) | 16 | 22 |
The average commute time in Alaska is 16 minutes, shorter than the 22 minutes in US.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Alaska has fallen from 8.0% to 5.4% in 2023.
Conclusion
Considering all these factors, Alaska has an overall wealth index grade of B, making it somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Alaska.
How Wealthy Is Alaska?
Alaska has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $90,338, about 16% higher than the US average of $78,145.
What is the current median household income in Alaska?
As of 2023, the median household income in Alaska is $90,338.
What was the median household income in Alaska in 2023?
In 2023, the median household income in Alaska was $90,338.
What was the median household income in Alaska in 2020?
In 2020, the median household income in Alaska was $78,322.
What is the Gini coefficient in Alaska?
The Gini coefficient in Alaska is 0.540. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.570, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Alaska?
Since 2009, the income gap between men and women in Alaska has narrowed from about 23% to 14% in 2023.