Kylie Thomas is an OK Policy intern and a Master’s student in economics at American University. She previously earned her Bachelor’s degree in economics from the University of Tulsa.
The Economic Policy Institute (EPI) recently released an updated report on income inequality in the U.S. by state, and the data shows improvements in Oklahoma. In 2012, income inequality in Oklahoma reached a historic high. The bottom 99 percent of Oklahomans were earning an average income of $41,995, while the top 1 percent were earning $1,105,521, which was 26 times greater. Overall, in 2012, Oklahoma ranked 12th highest in the nation for income inequality.
However, Oklahoma’s income inequality gap narrowed in 2013 (the year of most recent data). To be considered part of the top 1 percent in 2013 in Oklahoma, an individual needed to make an income of at least $324,935. The average income of the bottom 99 percent rose nearly $3,000 to $44,849 and fell for the top 1 percent to $903,201, which is still 20.7 times greater than the bottom 99 percent. That’s a little more equal than overall in the U.S., where the average income of the top 1 percent was 25.3 times greater than the bottom 99 percent. Consequently, Oklahoma’s national rank improved from 12th to 15th most unequal.
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