More People Earning Six Figures
From Center Square
Earning a salary of $100,000 a year is a major financial milestone for many Americans. The good news is that with steadily rising wages and increasing demand for skilled jobs, the goal of earning a six-figure salary is more attainable than ever before.
Data from the U.S. Census Bureau shows that the percentage of individuals with a total income of $100,000 or more per year (in 2018 dollars) has increased dramatically. While only 3.5 percent of earners in 1980 had the equivalent of a six-figure salary, that number rose to over 11 percent in 2018. This upward trend closely follows the trend in mean individual income over the same period. Nationwide, the mean annual income was $50,413 in 2018 for all individuals ages 15 and over.
The share of high-paying jobs is expected to increase significantly over the next 10 years, especially due to increased demand in the healthcare, management, and technology industries. The average projected employment growth rate across all occupations for the period 2018-2028 is 5.2 percent, but occupations with a mean annual pay of $100,000 or more are expected to increase twice as fast, at almost 10 percent. High-paying healthcare jobs, in particular, will expand rapidly as an aging population requires increased medical care.
Jobs that are most frequently attaining this goal are CEO’s, college health specialties teachers, Health Specialties Teachers, marketing managers, construction managers, administrative services managers, pharmacists, medical and health services managers, sales managers, computer and information systems managers, financial managers, lawyers, physicians and surgeons, software developers and programmers, general and operations managers.