Minnesotans Make More Than People In Wisconsin, Iowa, Most States: Ranking

MINNESOTA — Minnesotans make more than residents in Wisconsin, Iowa and most other states, according to a new WalletHub ranking.

Minnesota ranked No. 8 overall in WalletHub’s 2026 list of states where people have the highest income.

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The ranking adjusted income for cost of living and compared states across three categories: average income for the top 5 percent, median annual household income, and average income for the bottom 20 percent.

Minnesota earned an overall score of 58.66 in the ranking.

WalletHub listed Minnesota’s cost-of-living-adjusted median annual household income at $90,632.

The state’s top 5 percent had an average income of $500,074, while the bottom 20 percent had an average income of $20,662, according to WalletHub.

Minnesota also ranked ahead of every neighboring state except Illinois.

Here’s how Minnesota and nearby states ranked:

• Minnesota: No. 8

• Illinois: No. 9

• South Dakota: No. 29

• Wisconsin: No. 30

• Iowa: No. 32

• North Dakota: No. 36

The top five states in the ranking were Connecticut, New Jersey, Massachusetts, Maryland and New Hampshire.

Mississippi ranked last, followed by New Mexico, West Virginia, Louisiana and Arkansas.

WalletHub said it used data from the U.S. Census Bureau and other federal sources for the ranking.