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.
Wealthiest and Least Wealthy Counties in Rhode Island
- Newport County (115% of U.S. avg)
- Bristol County (114% of U.S. avg)
- Kent County (113% of U.S. avg)
- Providence County (95% of U.S. avg)
- Washington County (113% of U.S. avg)
- Kent County (113% of U.S. avg)
Ranked by the Map AI Wealth Index, which combines income, employment, and income inequality metrics.
Income Statistics Overview
| Metric | Rhode Island | US Average |
|---|---|---|
| Median Household Income | $86,475 | $78,145 |
| Median Personal Income | $67,439 | $61,726 |
| Average income growth | 5.7% | 5.1% |
| Six-Figure Earners | 13.8% | 13.2% |
The median household income in Rhode Island is about 11% higher than in US. Income has been growing faster in Rhode Island (5.7%/yr) than in US (5.1%/yr).
About 14% of adults in Rhode Island 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 Rhode Island grew by 54.5% from 2009 to 2023, reaching $86,475 in 2023. That's an average of about 5.7% per year.
Economic Inequality in Rhode Island | Gender Pay Gap | Gini Coefficient
| Metric | Rhode Island | US Average |
|---|---|---|
| Gini Coefficient | 0.545 | 0.570 |
| Male Median Income | $72,845 | $67,746 |
| Female Median Income | $60,697 | $54,793 |
| Gender Pay Gap | 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 Rhode Island, it is 0.545, 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 Rhode Island. Over a 35-year career, a 20% wage gap accumulates to roughly $425,180 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Rhode Island has narrowed from about 22% to 17% in 2023. In dollar terms, the gap has widened by $901 since 2009.
Employment
| Metric | Rhode Island | US Average |
|---|---|---|
| Unemployment Rate | 5.7% | 5.2% |
| Working from Home | 11.5% | 13.4% |
| Commute time (minutes) | 21 | 22 |
Approximately 33,597 people are unemployed in Rhode Island.
The average commute time in Rhode Island is 21 minutes, shorter than the 22 minutes in US.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Rhode Island has fallen from 8.9% to 5.7% in 2023.
Conclusion
Considering all these factors, Rhode Island 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 Rhode Island.
How Rich Is Rhode Island?
Rhode Island 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 $86,475, about 11% higher than the US average of $78,145.
What is the current median household income in Rhode Island?
As of 2023, the median household income in Rhode Island is $86,475.
What was the median household income in Rhode Island in 2023?
In 2023, the median household income in Rhode Island was $86,475.
What was the median household income in Rhode Island in 2020?
In 2020, the median household income in Rhode Island was $70,369.
What is the Gini coefficient in Rhode Island?
The Gini coefficient in Rhode Island is 0.545. 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 Rhode Island?
Since 2009, the income gap between men and women in Rhode Island has narrowed from about 22% to 17% in 2023. In dollar terms, the gap has widened by $901 since 2009.