Wealth Index
Among the top 5 wealthiest states in US
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.
Wealthiest and Least Wealthy Counties in Minnesota
- Carver County (132% of U.S. avg)
- Scott County (129% of U.S. avg)
- Washington County (127% of U.S. avg)
- Mahnomen County (87% of U.S. avg)
- Beltrami County (92% of U.S. avg)
- Pine County (92% of U.S. avg)
Ranked by the Map AI Wealth Index, which combines income, employment, and income inequality metrics.
Income Statistics Overview
| Metric | Minnesota | US Average |
|---|---|---|
| Median Household Income | $88,383 | $78,145 |
| Median Personal Income | $67,709 | $61,726 |
| Average income growth | 4.8% | 5.1% |
| Six-Figure Earners | 14.5% | 13.2% |
The median household income in Minnesota is about 13% higher than in US. Income has been growing slower in Minnesota (4.8%/yr) than in US (5.1%/yr).
About 14% of adults in Minnesota earn six figures ($100,000 or more) a year, higher than the US average of 13%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Minnesota grew by 54.5% from 2009 to 2023, reaching $88,383 in 2023. That's an average of about 4.8% per year.
Economic Inequality in Minnesota | Gender Pay Gap | Gini Coefficient
| Metric | Minnesota | US Average |
|---|---|---|
| Gini Coefficient | 0.520 | 0.570 |
| Male Median Income | $73,285 | $67,746 |
| Female Median Income | $61,000 | $54,793 |
| Gender Pay Gap | 16.8% | 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 Minnesota, it is 0.520, lower than US's 0.570, so income is more evenly distributed here than there.
Men's income is about 20% more than women's income in Minnesota. Over a 35-year career, a 20% wage gap accumulates to roughly $429,975 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Minnesota has narrowed from about 23% to 17% in 2023. In dollar terms, the gap has widened by $660 since 2009.
Employment
| Metric | Minnesota | US Average |
|---|---|---|
| Unemployment Rate | 3.9% | 5.2% |
| Working from Home | 15.9% | 13.4% |
| Commute time (minutes) | 20 | 22 |
Approximately 122,288 people are unemployed in Minnesota.
The average commute time in Minnesota is 20 minutes, shorter than the 22 minutes in US.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Minnesota has fallen from 6.9% to 3.9% in 2023.
Conclusion
Considering all these factors, Minnesota 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 Minnesota.
How Rich Is Minnesota?
Minnesota 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 $88,383, about 13% higher than the US average of $78,145.
What is the current median household income in Minnesota?
As of 2023, the median household income in Minnesota is $88,383.
What was the median household income in Minnesota in 2023?
In 2023, the median household income in Minnesota was $88,383.
What was the median household income in Minnesota in 2020?
In 2020, the median household income in Minnesota was $73,635.
What is the Gini coefficient in Minnesota?
The Gini coefficient in Minnesota is 0.520. 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 Minnesota?
Since 2009, the income gap between men and women in Minnesota has narrowed from about 23% to 17% in 2023. In dollar terms, the gap has widened by $660 since 2009.