High-Earning Independents –those making more than $100,000 per year – have grown 45% over the past five years. There are now 2.9 million Full-Time Independents – 16% of the total population, up from just 2 million in 2011.
In this year’s State of Independence study, high earners reported mean revenues of $192,000, up 4% from 2014.
Portrait of a High Earner
As in the traditional workforce, high earners are more likely to be men. While men and women are equally represented among the Full-Time Independents overall, 35% of the six-figure earners are women and 65% are men.
High-earners are also more likely to have more experience. Only 1 out of 10 full-time Independents working as an independent for less than 2 years makes more than $100,000. Yet for those with more than 25 years of experience, 1 in 4 ranks in the over $100,000 category.
Why Are There More High Earners?
There are several reasons why high earners are growing at such an impressive rate, including:
What Does It Take to Be a High Earner?
High earners don’t necessarily need exorbitant bill rates – just $50 per hour equates to $100,000 in total revenue in a typical “full-time” position. To learn more about how to estimate your earnings, visit our bill rate calculator online.
For more information on high-earners and the independent population, visit the State of Independence online.
Learn how to calculate a cost-based bill rate with our new, easy-to-follow video tutorial.
News and notes for independent professionals and their clients. This is the October 17, 2016 edition.