Wealth Index
Less wealthy than 85% of counties in Virginia
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 | Richmond County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $68,235 | $91,409 | $78,145 |
| Median Personal Income | $52,842 | $68,517 | $61,726 |
| Average income growth | 6.3% | 4.6% | 5.1% |
| Six-Figure Earners | 3.9% | 17.6% | 13.2% |
The median household income in Richmond County is about 25% lower than in Virginia. Income has been growing faster in Richmond County (6.3%/yr) than in Virginia (4.6%/yr).
About 4% of adults in Richmond County earn six figures ($100,000 or more) a year, lower than the Virginia average of 18%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Richmond County, Virginia grew by 62.5% from 2009 to 2023, reaching $68,235 in 2023. That's an average of about 6.3% per year.
Economic Inequality in Richmond County | Gender Pay Gap | Gini Coefficient
| Metric | Richmond County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.576 | 0.565 | 0.570 |
| Male Median Income | $51,129 | $76,014 | $67,746 |
| Female Median Income | $56,603 | $60,748 | $54,793 |
| Gender Pay Gap | -10.7% | 20.1% | 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 Richmond County, it is 0.576, higher than Virginia's 0.565, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Women's income is about 11% more than men's income in Richmond County, Virginia. Over a 35-year career, a 11% wage gap accumulates to roughly $191,590 in unearned income for male workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Richmond County, Virginia has widened from about 10% to -11% in 2023. In dollar terms, the gap has narrowed by $8,925 since 2009.
Employment
| Metric | Richmond County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.9% | 4.2% | 5.2% |
| Working from Home | 17.6% | 16.2% | 13.4% |
| Commute time (minutes) | 22 | 23 | 22 |
Approximately 96 people are unemployed in Richmond County, Virginia.
The average commute time in Richmond County is 22 minutes, shorter than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Richmond County, Virginia has fallen from 4.6% to 2.9% in 2023.
Conclusion
Considering all these factors, Richmond County, Virginia has an overall wealth index grade of D, making it somewhat worse than Virginia, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Richmond County, Virginia.
How Rich Is Richmond County, Virginia?
Richmond County has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $68,235, about 25% lower than the Virginia average of $91,409.
What is the current median household income in Richmond County, Virginia?
As of 2023, the median household income in Richmond County, Virginia is $68,235.
What was the median household income in Richmond County in 2023?
In 2023, the median household income in Richmond County, Virginia was $68,235.
What was the median household income in Richmond County in 2020?
In 2020, the median household income in Richmond County, Virginia was $54,983.
What is the Gini coefficient in Richmond County, Virginia?
The Gini coefficient in Richmond County is 0.576. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Richmond County, Virginia?
Since 2009, the income gap between men and women in Richmond County, Virginia has widened from about 10% to -11% in 2023. In dollar terms, the gap has narrowed by $8,925 since 2009.