Minnesota Income Sources
Monday, December 11, 2017
Minnesotans' per capita income is over 13 percent higher than the national average
Minnesotans enjoy per capita income that is 13.3 percent higher than the national average.
According to U.S. Census Bureau figures, Minnesota’s workers had an aggregated income of $179.3 billion in 2015, which ranked 16th nationally, even though the state was 21st in population. Minnesota’s total income that year topped Arizona, Indiana, Tennessee, Missouri and Wisconsin – all states with more residents than Minnesota.
So why do Minnesotans on average make $3,826 more in annual income than the typical U.S. worker?
Part of the answer may lie in income sources. Wages and salaries accounted for 77 percent of Minnesotans’ income in 2015, followed by Social Security income; investment, dividends and net rental income; self-employment income; and retirement income.
Meanwhile, wages and salaries accounted for 74.3 percent of household income nationally. Social Security income; interest, dividend or net rental income; and retirement income accounted for a larger share of income nationally than in Minnesota.