Income Statistics: How Many Americans Earn Over $100,000 Annually?

A billionaire and Warren Buffet’s right-hand man, Charlie Munger,  knows one or two things about building wealth.

The Berkshire Hathaway Vice Chairman believes making the first $100,000 is such an integral step that wealth seekers can start easing their foot off the gas once this is attained.

Of course, such an amount is nothing extraordinary for Wall Street players. But it takes some doing for other Americans to belong to this bracket.

So how many people make over 100k a year?

Facts and Stats About Americans Making More Than Six Figures (Editor’s Choice):

• The individual annual income of 24% of Americans exceeded $100,000 in 2020.
• The annual income of 34% of American households exceeds $100,000.
• In the five years to 2022, American households earning over $100,000 a year increased by 4.1%.
• White households represent the biggest cohort earning over $100k a year.
• Men with six-figure incomes are 5% more than women.

We’ve also compiled a list of professions and positions netting $100k+ a year. Maybe this information will help you enter this highly-desired bracket, so read on.

General Overview

Before narrowing it down to the specifics, let’s take a quick look at some important general statistics.

1. Almost a quarter of US individuals made more than $100k in 2020.

What percentage of individuals make over 100k in the US?

This is an intriguing question. Unfortunately, the latest official data available is from a couple of years ago. Still, the rest of the stats in our list show an upward trend. With that in mind, consider the following finding:

According to the US Census Bureau, the percentage of Americans making over $100k a year was 24% in 2020.

Do you think these individuals enjoy financial stability? The following stat may surprise you.

2. Almost half of Americans earning more than $100k live paycheck to paycheck.

A report published by The Lending Club Corporation and financial data aggregator pymnts.com showed that in January 2022, 48% of Americans earning more than $100,000 per year were living paycheck to paycheck. What’s more, 12% of them struggle to pay their bills.

We can only speculate on the reasons for that. It may be the increasing cost of living, the insufficient financial literacy, or the Millennials entering their prime spending years and forking out more than $4 for a cup of coffee.

3. Over 34% of American households make over $100k a year.

What percentage of households make over 100k?

In 2022, 34.3% of American households earned more than $100,000. This was an increase from 33.6% in 2020 and 15.2% back in 1980.

Notably, during the period under review, the average annual income posted by households in the US was $67,521.

4. Households earning over $100k a year increased by more than 4% in five years.

In the five years to 2022, American households earning over $100,000 increased by approximately 4.1%.

According to Ibis World, the increase is due to the recent proliferation of high-paying jobs in the technology and financial industries. The continuous demand for higher education also affects people’s incomes, as you will see further down our stats list.

Income by Gender

Various studies show that demographics influence the salary earned by the average American. Tons of reports document how gender and race are major contributing factors in this context.

The lack of parity in men’s and women’s pay packets is still rampant across the United States.

Howso?

5. Women earned 84% of what men earned in 2020.

This means it would take women an extra 42 days of work to score the same pay. In addition, women still earn less than the average US salary.

So, how do men’s and women’s earnings compare?

6. The median earnings of men in 2020 were $49,389.

The median earnings of 89,023 men increased slightly in 2020 to $49,389 from $49,378 in 2019.

7. The median earnings of women in 2020 were $35,838.

The median earnings of 80,779 women decreased from $36,273 in 2019 to $35,838 in 2020.

Income by Race

In 2020, white households earned significantly more than any other race. Only the white community had more than 100,000 households earning six figures or more.

That said, at least 4,000 households from every race earned more than the median US salary.

8. 35% of white households earned $100,000 or more.

(Source: The Census Bureau)

Out of 101,582 white households, 35,656 earned $100,000 or more.

During the period under review, out of 85,335 white households (not Hispanic), 31,830 earned $100,000 or more.

9. Around 19.6% of black households earned $100,000 or more.

Out of 17,358 black households, 3,402 earned $100,000 or more.

Conversely, out of 18,326 Black Alone or in Combination Households, 3,684 earned $100,000 or more.

10. Just over 48% of Asian households earn $100,000 or more.

Out of 6,987 Asian alone households, 3,367 earned $100,000 or More.

At the same time, out of 7,539 Asian Alone or in Combination Households, 3,627 earned $100,000 or more.

11. Almost 24% of Hispanic households earned $100,000 or more.

Out of 18,349 Hispanic households, 4,385 earned $100,000 or more.

Race & Gender

The script is almost similar as far as earnings are analyzed from the more specific gender & race lens.

12. 29% of all US men made six figures or more.

Less than a third of all American men made more than $100,000 in 2020.

13. 24% of American women made $100,000 or more.

The agency’s data backs findings from other reports, including one by McKinsey, which establish a disparity in men’s and women’s earnings. During the period under review, women earned less than men by five percentage points.

14. 30% of white males earn $100,000 or more.

Out of 47,675 males, 14,119 made $100,000 or more in 2020.

15. 16% of black males make $100,000 or more.

Out of 6,174 black men, 1,011 made $100,000 or more in 2020.

16. 17% of white women make 100,000 or more

Out of 34,551 white women, 5,949 made $100,000 or more in 2020.

17. 11% of black women make 100,000 or more

Out of 6,724 black women, 759 made $100,000 or more in 2020.

Income by Socio-Economic Background

The socio-economic settings Americans find themselves in play a huge role in determining whether they earn more than $100,000. The most prominent influencers, as per the US Census Bureau data for 2020, include:

• Marital status
• Education

18. Married-couple households are the most financially secure.

The Income and Poverty in the United States: 2020 report shows that married couples had the highest median income of $101,517.

19. Households led by men with no spouse came in second.

Households that depend on a man with no spouse presented the second-highest median income of $67,304.

20. Households led by women with no spouse have the lowest income.

The research found that households maintained by women with no spouse had the lowest median income of $49,214. This is below the average American salary.

21. Households maintained by someone with a university degree earn the most.

Research further shows households with a higher level of education tend to rake in more income. American households dependent on someone with at least a Bachelor’s degree had the highest median income of $106,936, followed by;

22. Households maintained by someone with a college education follow suit.

Households that depend on a person with at least some college education were the second most financially secure, with a median income of $63,653.

23. Households maintained by someone with a high school diploma are near the bottom.

Households led by someone with at least a high school diploma had a median income of $47,405.

24. Households with no high school diploma have the lowest income.

Households aged 25 and over with no high school diploma had the lowest median income of $29,547.

Income by Profession

When discussing how many people make over 100k a year, we should also track data on various professions.

Research shows managerial, business & finance, healthcare, architecture & engineering, and law are some of the highest paying careers.

Management

Has the question of how much senior managers earn in corporations and large enterprises ever crossed your mind?

24. The average annual wage for management positions is $123,370.

Top managers are part of the exclusive club that earns more than $100,000 per year.

The exact figure depends on the specific management position and the field. However, most managers across various economic sectors earn more than the quoted amount.

CEOs

Some 200,480 Chief Executives heading companies across the United States are among the top-earning professionals with an annual mean wage of $213,020.

• The mean hourly wage is $102.41.
• The median hourly wage is $86.31.

Top Executives

Another 3.2 million senior executives, including Chief Financial Officers (CFOs), Chief Operating Officers (COOs), and Chief Strategy Officers, are also handsomely compensated. The annual mean wage for this group is $120,520.

• The mean hourly wage is $57.94.
• The median hourly wage is $47.46.

Human Resource Managers

Data also shows that 166,530 human resource managers feature among the top earners in the United States. The annual mean wage for these professionals is $136,590.

• The mean hourly wage is $65.67.
• The median hourly wage is $60.69.

Financial Managers

The 681,070 registered financial managers dishing out professional financial advice are also in the top wage bracket. BLS data shows their annual mean wage is $153,460.

• The mean hourly wage is $73.78.
• The median hourly wage is $63.32.

Business & Financial Operations

Besides managerial positions, jobs in business and financial operations are also highly-rewarding.

25. The average annual mean wage for Business & Financial Operations positions is $82,610.

Some of the highest-paid professionals in this field include agents, management analysts, financial analysts, and financial advisors.

Agents & Business Managers

The agents & business managers of artists, performers, and athletes also earn more than $100,000 per year. At the time of conducting the BLS research, there were 12,480 agents across all 50 states with an annual mean wage of $116,410.

• The mean hourly wage is $55.97.
• The median hourly wage is $33.70.

Management Analysts

Crunching management data is also a well-paying profession. The 768,450 management analysts working in various American companies earn an annual mean wage of $100,530.

• The mean hourly wage is $48.33.
• The median hourly wage is $44.71.

Financial Analysts and Advisors

Looking at metrics carefully to predict a trend and advising people on making the right financial moves is another well-rated career. The annual mean wage for the 716,930 professionals with such a job description is $106,340.

• The mean hourly wage is $51.13.
• The median hourly wage is $39.29

Healthcare

Dentists, pharmacists, surgeons, and physicians form the cream of the highest-paid healthcare practitioners.

27. The average annual mean wage for Healthcare Practitioner positions is $91,100.

Although the annual mean wage for practitioners across all fields falls below $100,000, several specialists rake in more than this amount.

Dentists

Dentists are some of the most well-paid healthcare professionals, with an annual mean wage of $177,770. The hourly rates for the 124,680 registered dentists also reflect a similar position.

• The mean hourly wage is $85.47.
• The median hourly wage is $78.47.

Pharmacists

The 312,550 pharmacists distributed across all 50 states are also well compensated, with an annual mean wage of $125,690. This is significantly higher than the national average salary.

• The mean hourly wage is $60.43.
• The median hourly wage is $61.81.

Surgeons

For the 58,280 surgeons with different specialties, the annual mean wage is $294,520.

The mean hourly wage is $141.60.

Physicians

Physicians are also top-earning health practitioners. The annual mean wage posted by the 641,380 professionals is $252,480.

The mean hourly wage is $121.38.

Law

The legal profession is also top-shelf. Lawyers with a strong reputation take home higher rates compared with other careers.

28. The average annual mean wage for Legal Occupations is $113,100

The bench is not shabby either, with judicial workers able to command competitive wages.

Lawyers

The annual mean wage earned by 681,010 lawyers across the US is $148,030.

• The mean hourly wage is $71.17.
• The median hourly wage is $61.54.

Judges, Magistrates, and Other Judicial Workers

The 48,950 legal professionals working in the US judicial system also attract top salaries with an annual mean wage of $119,690.

• The mean hourly wage is $57.54.
• The median hourly wage is $53.15.

Architecture and Engineering

Why would architecture and engineering be grouped separately when laying out wage data? The two careers overlap, and professionals work together and constantly consult when working on projects.

29. The average annual mean wage for Architecture and Engineering Positions is $91,740.

The only difference is that engineering positions command higher salaries than careers within architecture.

Architects, Surveyors & Cartographers

The annual mean wage commanded by the 176,840 architects, surveyors, and cartographers is $82,880.

• The mean hourly wage is $39.85.
• The median hourly wage is $37.34.

Engineers

Engineering is also a career that attracts superior salaries compared to most professions. Some 1.6 million engineers rake in an annual mean wage of $104,000.

• The mean hourly wage is $50.00.
• The median hourly wage is $47.62.

Final Thoughts

An income of $100k or more is a tale of the beautiful and the ugly.

The beautiful: Work hard, be passionate about a profession, find the right partner, and build a financially prosperous future.

The ugly: Grow up in a humble background without access to a good education, and you will struggle to get the same opportunities as your peers.

Ideally, the playing field should be level for everyone, but we live in an imperfect world. The only solution is to seize every opportunity and outwork everyone else.

FAQ

What is the median salary in the US?

The median salary in the US in 2020 was $34,612. This was up 1.062% from $34,248 in 2019.

What is the average US salary?

The average salary in the US in 2020 was $53,383. This was a 2.8% increase from 2019 when the average wage was $51,916.

What is a good salary?

The median weekly earnings of full-time workers in the four months ending December 2021 were $1,010. Any amount above this can be considered a good salary.