Per capita income in Missouri was $48,656 in 2019, a 3.3 percent increase from 2018. The District of Columbia led the nation in per capita income at $83,406, followed by Connecticut, Massachusetts, New York, and New Jersey. The per capita income for the U.S. was $56,490.
Missouri’s per capita income growth generally tracks with the national average. The 2019 annual growth rate of 3.3 percent was only .2 percentage points lower than that of the national average. California had the highest per capita income annual growth at 4.5 percent. States that also had relatively high levels of per capita income growth in 2019 included New York (4.5 percent), Kansas (4.2 percent), and Utah, Washington, and Alaska each at 4.1 percent. Per capita income is presented in nominal dollars for this analysis, which means it has not been adjusted for inflation.
In 2019, Missouri’s total personal income was $296.6 billion, a 3.5 percent increase over 2018. The nation’s personal income increased 3.9 percent to $17.8 trillion. California led the nation in total personal income with more than $2.6 trillion. Texas, New York, Florida, and Illinois round out the top five.
Wages and salaries accounted for 61 percent of Missouri personal income in 2019. Transfer payments accounted for 20 percent and dividends, interest and rent accounted for 19 percent. The percentage breakdown of personal income has been consistent since the end of the last recession in 2009. In the U.S., 63 percent of personal income was accounted for by wages and salaries, 17 percent by transfer payments and 20 percent by dividends, interest and rent.
About Personal Income
Personal income is defined as the income received by all persons from net earnings, property interest income, and transfer payments. Personal income is measured before the deduction of taxes and is reported in nominal (current) dollars. The three components of personal income are: 1) Net earnings - defined as the sum of wage and salary disbursements, supplements to wages and salaries, and proprietors' income; 2) Dividends, interest and rent; and 3) Transfer payments - defined as payments to individuals and to nonprofit institutions by federal, state, and local governments and by businesses. Per capita income is defined as total personal income divided by total population.
Source: Bureau of Economic Analysis
Note-- All dollar estimates are in current dollars (not adjusted for inflation).