States are ranked by the percent of households aged 26 to 44 that earn $200,000 or more annually.

1. Washington

• Percent of millennial households earning $200,000 or more in AGI: 11.50%
• Number of high-earning millennial households: 144,475
• Total millennial households of all income levels: 1,256,591
• Average AGI for high-earning millennials: $459,701

2. Massachusetts

• Percent of millennial households earning $200,000 or more in AGI: 10.40%
• Number of high-earning millennial households: 112,546
• Total millennial households of all income levels: 1,082,360
• Average AGI for high-earning millennials: $479,226

3. New Jersey

• Percent of millennial households earning $200,000 or more in AGI: 9.87%
• Number of high-earning millennial households: 137,998
• Total millennial households of all income levels: 1,398,815
• Average AGI for high-earning millennials: $439,477

4. California

• Percent of millennial households earning $200,000 or more in AGI: 9.41%
• Number of high-earning millennial households: 589,524
• Total millennial households of all income levels: 6,264,943
• Average AGI for high-earning millennials: $557,054

5. Connecticut

• Percent of millennial households earning $200,000 or more in AGI: 8.03%
• Number of high-earning millennial households: 42,967
• Total millennial households of all income levels: 534,852
• Average AGI for high-earning millennials: $548,007

6. New York

• Percent of millennial households earning $200,000 or more in AGI: 7.69%
• Number of high-earning millennial households: 242,762
• Total millennial households of all income levels: 3,155,436
• Average AGI for high-earning millennials: $577,533

7. Colorado

• Percent of millennial households earning $200,000 or more in AGI: 7.69%
• Number of high-earning millennial households: 76,264
• Total millennial households of all income levels: 992,048
• Average AGI for high-earning millennials: $451,535

8. Virginia

• Percent of millennial households earning $200,000 or more in AGI: 7.53%
• Number of high-earning millennial households: 96,632
• Total millennial households of all income levels: 1,283,012
• Average AGI for high-earning millennials: $406,916

9. Maryland

• Percent of millennial households earning $200,000 or more in AGI: 6.97%
• Number of high-earning millennial households: 65,541
• Total millennial households of all income levels: 940,339
• Average AGI for high-earning millennials: $377,635

10. Illinois

• Percent of millennial households earning $200,000 or more in AGI: 6.70%
• Number of high-earning millennial households: 127,494
• Total millennial households of all income levels: 1,903,702
• Average AGI for high-earning millennials: $470,112

Data and Methodology

To determine where the share of high-earning millennials is highest, SmartAsset examined IRS data for the 2022 tax year. High-earning households are defined as those with adjusted gross incomes of $200,000 or more, which the IRS deems as the threshold for "high earners." For households aged 26 to 44, the number of tax returns earning a $200,000 or higher AGI was compared to the number of total tax returns in that age bracket and state. The average AGI for each state's high-earning millennial households was also considered.