A recent ranking showed that Virginia is considered the third best state in the United States to be “rich”.
Moneyrates.com looked at wealth across the country, and ranked Virginia in third place, with the state tying Alaska.
The site ranked individuals as “rich” if they were “elite wage earners as those with incomes in the top 10 percent of their peers. Significantly, the top 10 percent can be at very different income levels from one state to another.”
According to the study, Virginia ranked sixth in top-tier earnings level, and eighth lowest in property crime rates.
More on the methodology here.
Above Virginia were Pennsylvania and Massachusetts. The ranking put South Carolina, Arkansas, Louisiana, Montana, and Iowa as the worst states to be rich.
“Often, good and bad conditions within a state represent a trade-off.For example, five of the seven states without income taxes had higher-than median property crime rates. By weighing multiple factors against one another, we feel we can point towards where the trade-offs work out best for people wishing to pursue and protect wealth,” stated MoneyRates.com Senior Financial Analyst Richard Barrington in a release.
Learn more about the study here.