Here's how much money you need to earn to be in the top 1% in every U.S. state
Published Tue, Jan 24 2023 10:57 AM ESTMike Winters
@MIKEWINTRS
Danil Rudenko | EyeEm | Getty
Being considered rich isn't just about how much money you make, it's where you live, too.
State by state, the incomes the top 1% of earners in the U.S. bring in vary by over a half million dollars, according to a new analysis of 2022 incomes by personal finance website SmartAsset.
To be in the top 1% of earners in Connecticut, residents need an adjusted gross income of at least $955,261. However, in West Virginia, they only need to earn an AGI of $374,712 to be part of the top 1%.
For comparison, the median income for U.S. households overall is under $70,000, with only 10% of households earning more than $200,000, according to SmartAsset.
Coastal states like New York and California tend to have the highest earners, while top earners in more rural states like Mississippi and Arkansas make less. Only 12 states require annual earnings less than $500,000 to be considered in the top 1%.
To calculate these numbers, the analysis updated 2018 income data from the Internal Revenue Service using 2022 Consumer Price Index data to account for inflation.
Below are the incomes needed to be part of both the top 1% and top 5% of earners in each state. States are listed in descending order, starting with the state with the highest income threshold for the top 1%.
Connecticut
- Top 1% income threshold: $955,261
- Top 5% income threshold: $336,866
Massachusetts
- Top 1% income threshold: $896,932
- Top 5% income threshold: $349,737
New Jersey
- Top 1% income threshold: $825,965
- Top 5% income threshold: $338,884
New York
- Top 1% income threshold: $817,796
- Top 5% income threshold: $287,752
California
- Top 1% income threshold: $805,519
- Top 5% income threshold: $317,791
Washington
- Top 1% income threshold: $736,084
- Top 5% income threshold: $312,907
Colorado
- Top 1% income threshold: $682,897
- Top 5% income threshold: $288,694
Florida
- Top 1% income threshold: $678,816
- Top 5% income threshold: $243,617
Illinois
- Top 1% income threshold: $666,202
- Top 5% income threshold: $271,049
Texas
- Top 1% income threshold: $641,449
- Top 5% income threshold: $258,369
Virginia
- Top 1% income threshold: $635,705
- Top 5% income threshold: $294,495
Wyoming
- Top 1% income threshold: $635,458
- Top 5% income threshold: $233,212
New Hampshire
- Top 1% income threshold: $634,464
- Top 5% income threshold: $281,154
Maryland
- Top 1% income threshold: $634,255
- Top 5% income threshold: $287,246
Minnesota
- Top 1% income threshold: $616,326
- Top 5% income threshold: $264,140
Pennsylvania
- Top 1% income threshold: $591,900
- Top 5% income threshold: $250,528
Georgia
- Top 1% income threshold: $586,207
- Top 5% income threshold: $242,967
North Dakota
- Top 1% income threshold: $578,237
- Top 5% income threshold: $240,797
Utah
- Top 1% income threshold: $577,024
- Top 5% income threshold: $239,222
Nevada
- Top 1% income threshold: $571,593
- Top 5% income threshold: $221,842
North Carolina
- Top 1% income threshold: $554,221
- Top 5% income threshold: $238,562
Oregon
- Top 1% income threshold: $551,004
- Top 5% income threshold: $246,539
South Dakota
- Top 1% income threshold: $549,189
- Top 5% income threshold: $219,642
Arizona
- Top 1% income threshold: $546,798
- Top 5% income threshold: $235,447
Rhode Island
- Top 1% income threshold: $545,345
- Top 5% income threshold: $240,792
Kansas
- Top 1% income threshold: $539,002
- Top 5% income threshold: $231,855
Tennessee
- Top 1% income threshold: $535,065
- Top 5% income threshold: $220,362
Alaska
- Top 1% income threshold: $529,327
- Top 5% income threshold: $250,103
Delaware
- Top 1% income threshold: $526,858
- Top 5% income threshold: $241,817
Wisconsin
- Top 1% income threshold: $514,561
- Top 5% income threshold: $223,102
Montana
- Top 1% income threshold: $514,013
- Top 5% income threshold: $216,789
Michigan
- Top 1% income threshold: $511,240
- Top 5% income threshold: $225,673
Nebraska
- Top 1% income threshold: $510,981
- Top 5% income threshold: $224,759
Idaho
- Top 1% income threshold: $508,126
- Top 5% income threshold: $217,945
South Carolina
- Top 1% income threshold: $506,496
- Top 5% income threshold: $219,743
Vermont
- Top 1% income threshold: $502,425
- Top 5% income threshold: $193,396
Missouri
- Top 1% income threshold: $427,917
- Top 5% income threshold: $186,671
Ohio
- Top 1% income threshold: $422,373
- Top 5% income threshold: $182,635
Louisiana
- Top 1% income threshold: $417,948
- Top 5% income threshold: $212,223
Hawaii
- Top 1% income threshold: $487,092
- Top 5% income threshold: $231,685
Maine
- Top 1% income threshold: $486,893
- Top 5% income threshold: $215,213
Oklahoma
- Top 1% income threshold: $483,606
- Top 5% income threshold: $210,109
Iowa
- Top 1% income threshold: $474,160
- Top 5% income threshold: $217,390
Indiana
- Top 1% income threshold: $471,007
- Top 5% income threshold: $208,917
Alabama
- Top 1% income threshold: $466,719
- Top 5% income threshold: $209,636
Kentucky
- Top 1% income threshold: $447,370
- Top 5% income threshold: $199,963
Arkansas
- Top 1% income threshold: $446,276
- Top 5% income threshold: $198,233
New Mexico
- Top 1% income threshold: $418,970
- Top 5% income threshold: $201,646
Mississippi
- Top 1% income threshold: $383,128
- Top 5% income threshold: $181,094
West Virginia
- Top 1% income threshold: $374,712
- Top 5% income threshold: $183,973
Source:https://www.cnbc.com/amp/2023/01/24...e-in-the-top-1-percent-in-every-us-state.html
