Wealth Index
Wealthiest county in Rhode Island
The wealth index reflects the overall economic prosperity and financial well-being of a county's residents based on income levels, employment rates, and income inequality metrics.
Income Statistics Overview
| Metric | Newport County | Rhode Island Avg | US Average |
|---|---|---|---|
| Median Household Income | $100,909 | $86,475 | $78,145 |
| Median Personal Income | $76,506 | $67,439 | $61,726 |
| Average income growth | 5.1% | 5.7% | 5.1% |
| Six-Figure Earners | 19.6% | 13.8% | 13.2% |
The median household income in Newport County is about 17% higher than in Rhode Island. Income has been growing slower in Newport County (5.1%/yr) than in Rhode Island (5.7%/yr).
About 20% of adults in Newport County earn six figures ($100,000 or more) a year, higher than the Rhode Island average of 14%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Newport County, Rhode Island grew by 54.7% from 2009 to 2023, reaching $100,909 in 2023. That's an average of about 5.1% per year.
Economic Inequality in Newport County | Gender Pay Gap | Gini Coefficient
| Metric | Newport County | Rhode Island Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.537 | 0.545 | 0.570 |
| Male Median Income | $84,594 | $72,845 | $67,746 |
| Female Median Income | $67,790 | $60,697 | $54,793 |
| Gender Pay Gap | 19.9% | 16.7% | 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 Newport County, it is 0.537, lower than Rhode Island's 0.545, so income is more evenly distributed here than there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 25% more than women's income in Newport County, Rhode Island. Over a 35-year career, a 25% wage gap accumulates to roughly $588,140 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Newport County, Rhode Island has narrowed from about 28% to 20% in 2023. In dollar terms, the gap has narrowed by $159 since 2009.
Employment
| Metric | Newport County | Rhode Island Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.9% | 5.7% | 5.2% |
| Working from Home | 14.0% | 11.5% | 13.4% |
| Commute time (minutes) | 18 | 21 | 22 |
Approximately 2,779 people are unemployed in Newport County, Rhode Island.
The average commute time in Newport County is 18 minutes, shorter than the 21 minutes in Rhode Island.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Newport County, Rhode Island has risen from 5.5% to 5.9% in 2023.
Conclusion
Considering all these factors, Newport County, Rhode Island has an overall wealth index grade of B, making it somewhat better than Rhode Island, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Newport County, Rhode Island.
How Rich Is Newport County, Rhode Island?
Newport County 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 $100,909, about 17% higher than the Rhode Island average of $86,475.
What is the current median household income in Newport County, Rhode Island?
As of 2023, the median household income in Newport County, Rhode Island is $100,909.
What was the median household income in Newport County in 2023?
In 2023, the median household income in Newport County, Rhode Island was $100,909.
What was the median household income in Newport County in 2020?
In 2020, the median household income in Newport County, Rhode Island was $85,400.
What is the Gini coefficient in Newport County, Rhode Island?
The Gini coefficient in Newport County is 0.537. 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 Newport County, Rhode Island?
Since 2009, the income gap between men and women in Newport County, Rhode Island has narrowed from about 28% to 20% in 2023. In dollar terms, the gap has narrowed by $159 since 2009.