We might all dream of being rich, but we now know just how much money you need to have in order to actually be considered 'rich' here in Minnesota.

As an adjective, the word 'rich' can have many meanings, right? According to Mirriam-Webster, you might use 'rich' when talking about something that has a high value or quality, as in 'Minnesota is a state rich in traditions.'

Or perhaps you would use 'rich' to discuss color, as in 'the sports car was a rich shade of red.' Or even to describe a type of food that is highly seasoned, fatty, oily, or sweet, as in 'that desert was too rich for me.'

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But in this case, we're talking about the rich definition that states, 'Having abundant possessions and especially material wealth.' But just HOW much money would you need in Minnesota to be considered 'rich'?

That's what a new GoBankingRates survey set to find out. They looked at IRS data to determine the top incomes in each state,  and the income level needed to place you in the top 20 percent and the top 5 percent of incomes in each state.

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They found that those rates vary greatly by location and which state you live in. For instance, here in the Land of 10,000 Lakes, we're ranked as the 13th most expensive state in which to become rich. Specifically, GoBankingRates found exactly what it takes to be rich in Minnesota:

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  • The minimum you need to make to be in the top 20% in MN: $145,571
  • Average adjusted gross income of the top 20% in MN: $250,361
  • The minimum you need to make to be in the top 5% in MN: $441,274

You need less money to be considered rich behind the Cheddar Curtain over in my home state of Wisconsin, GoBankingRates found, where America's Dairyland came in at #26 in the survey.

Badger State residents need to make $124,665 to be in the top 20 percent, GoBankingRates said. The average adjusted gross income of the top 20 percent of earners in Wisconsin is $211,049, and the minimum you would need to make to be in the top 5 percent is $372,110.

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