HOWARD COUNTY, MD — In today's modern world, there are such realities as $7 cups of coffee, designer clothing on dogs and people spending inordinate amounts of money on services that rarely justify the cost. And while we're not all living this lavish lifestyle, a new report suggests you might find this type of spending in Howard County, which was just named the richest county in Maryland.

The typical household rakes in about $117,730 a year, according to the report published in January by the financial news and opinion site 24/7 Wall St.

Here's other priceless information on the richest county in our state:

Poverty Rate: 5.4% (state: 9.4%)

October 2019 Unemployment: 2.5% (state: 3.6%)

Adults with a bachelor's degree: 61.4% (state: 39.6%)

Largest place in the county: Columbia Across the country, the typical household in the wealthiest counties earned between $61,000 and $136,000 a year, with Loudoun County, Virginia, coming in as the wealthiest county in the nation.

The top five richest counties in the country were rounded out by Howard County, Maryland ($117,730); Santa Clara County, California ($116,178); Douglas County, Colorado ($115,314); and Los Alamos County, New Mexico ($115,248).

At the other end of the spectrum, Arizona's Maricopa County had the lowest median income of the wealthiest counties at $61,606. Still, the median household income in Maricopa County was close to $5,000 higher than in the rest of the state. To determine the richest county in each state, 24/7 Wall St. looked through the median annual household incomes for each U.S. county using five-year estimates from the U.S. Census Bureau's 2018 American Community Survey.