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 South Dakota
- Stanley County (124% of U.S. avg)
- Lincoln County (122% of U.S. avg)
- Union County (116% of U.S. avg)
- Oglala Lakota County (54% of U.S. avg)
- Todd County (55% of U.S. avg)
- Buffalo County (61% of U.S. avg)
Ranked by the Map AI Wealth Index, which combines income, employment, and income inequality metrics.
Income Statistics Overview
| Metric | South Dakota | US Average |
|---|---|---|
| Median Household Income | $72,558 | $78,145 |
| Median Personal Income | $55,073 | $61,726 |
| Average income growth | 4.8% | 5.1% |
| Six-Figure Earners | 9.3% | 13.2% |
The median household income in South Dakota is about 7% lower than in US. Income has been growing slower in South Dakota (4.8%/yr) than in US (5.1%/yr).
About 9% of adults in South Dakota earn six figures ($100,000 or more) a year, lower than the US average of 13%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in South Dakota grew by 61.8% from 2009 to 2023, reaching $72,558 in 2023. That's an average of about 4.8% per year.
Economic Inequality in South Dakota | Gender Pay Gap | Gini Coefficient
| Metric | South Dakota | US Average |
|---|---|---|
| Gini Coefficient | 0.512 | 0.570 |
| Male Median Income | $61,155 | $67,746 |
| Female Median Income | $48,763 | $54,793 |
| Gender Pay Gap | 20.3% | 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 South Dakota, it is 0.512, lower than 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 South Dakota. Over a 35-year career, a 25% wage gap accumulates to roughly $433,720 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in South Dakota has narrowed from about 24% to 20% in 2023. In dollar terms, the gap has widened by $3,017 since 2009.
Employment
| Metric | South Dakota | US Average |
|---|---|---|
| Unemployment Rate | 3.0% | 5.2% |
| Working from Home | 9.3% | 13.4% |
| Commute time (minutes) | 15 | 22 |
Approximately 14,163 people are unemployed in South Dakota.
The average commute time in South Dakota is 15 minutes, shorter than the 22 minutes in US.
Unemployment Rate Over Time
Since 2011, the unemployment rate in South Dakota has fallen from 4.8% to 3.0% in 2023.
Conclusion
Considering all these factors, South Dakota 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 South Dakota.
How Rich Is South Dakota?
South Dakota 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 $72,558, about 7% lower than the US average of $78,145.
What is the current median household income in South Dakota?
As of 2023, the median household income in South Dakota is $72,558.
What was the median household income in South Dakota in 2023?
In 2023, the median household income in South Dakota was $72,558.
What was the median household income in South Dakota in 2020?
In 2020, the median household income in South Dakota was $59,902.
What is the Gini coefficient in South Dakota?
The Gini coefficient in South Dakota is 0.512. 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 South Dakota?
Since 2009, the income gap between men and women in South Dakota has narrowed from about 24% to 20% in 2023. In dollar terms, the gap has widened by $3,017 since 2009.