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Have you ever wondered how much money you need to make per year to make it into the top 1% of earners in your state?
In West Virginia, for example, if your annual income exceeds $350,000, you may already be eligible. Other states have significantly higher standards for entering the top 1%. In Connecticut, you must earn over $900,000 to qualify.
According to a recent study conducted by personal finance website SmartAsset, an American family would need to earn $597,815 in 2021 in order to be in the top 1% nationally. SmartAsset used the Internal Revenue Service's 2018 income data and updated it to 2021 dollars using the Bureau of Labor Statistics' Consumer Price Index to account for inflation.
In 2021, the wealthiest 1% earned more than twice as much as the top 5% in the United States. According to SmartAsset, while the top 1% made nearly $600,000, you only needed $240,712 to break into the top 5% of income in the United States.
However, the threshold for the highest income band differs by state. Check out how much you'd need to earn in 2021 to be in the top 1% of your state. The states are listed in descending order, beginning with the state with the highest income threshold for the top 1%.
Connecticut
- Top 1% income threshold: $896,490
- Top 5% income threshold: $311,589
Massachusetts
- Top 1% income threshold: $810,256
- Top 5% income threshold: $314,389
New York
- Top 1% income threshold: $777,126
- Top 5% income threshold: $265,530
New Jersey
- Top 1% income threshold: $760,462
- Top 5% income threshold: $308,976
California
- Top 1% income threshold: $745,314
- Top 5% income threshold: $291,277
Washington
- Top 1% income threshold: $685,128
- Top 5% income threshold: $283,574
Colorado
- Top 1% income threshold: $632,277
- Top 5% income threshold: $264,313
Illinois
- Top 1% income threshold: $627,329
- Top 5% income threshold: $250,266
Florida
- Top 1% income threshold: $623,736
- Top 5% income threshold: $223,179
Texas
- Top 1% income threshold: $594,313
- Top 5% income threshold: $237,383
Maryland
- Top 1% income threshold: $588,035
- Top 5% income threshold: $265,100
Virginia
- Top 1% income threshold: $584,784
- Top 5% income threshold: $270,360
Wyoming
- Top 1% income threshold: $578,298
- Top 5% income threshold: $212,937
Minnesota
- Top 1% income threshold: $574,780
- Top 5% income threshold: $243,659
New Hampshire
- Top 1% income threshold: $568,731
- Top 5% income threshold: $254,995
Georgia
- Top 1% income threshold: $543,748
- Top 5% income threshold: $225,232
Pennsylvania
- Top 1% income threshold: $541,612
- Top 5% income threshold: $229,015
North Dakota
- Top 1% income threshold: $540,837
- Top 5% income threshold: $223,203
Nevada
- Top 1% income threshold: $540,025
- Top 5% income threshold: $205,028
Utah
- Top 1% income threshold: $528,864
- Top 5% income threshold: $217,757
Oregon
- Top 1% income threshold: $517,607
- Top 5% income threshold: $228,006
North Carolina
- Top 1% income threshold: $506,795
- Top 5% income threshold: $218,073
South Dakota
- Top 1% income threshold: $504,422
- Top 5% income threshold: $203,185
Arizona
- Top 1% income threshold: $503,408
- Top 5% income threshold: $216,972
Kansas
- Top 1% income threshold: $501,009
- Top 5% income threshold: $213,529
Rhode Island
- Top 1% income threshold: $493,748
- Top 5% income threshold: $220,113
Tennessee
- Top 1% income threshold: $492,583
- Top 5% income threshold: $201,597
Alaska
- Top 1% income threshold: $486,671
- Top 5% income threshold: $230,260
Delaware
- Top 1% income threshold: $480,472
- Top 5% income threshold: $222,092
Nebraska
- Top 1% income threshold: $477,312
- Top 5% income threshold: $207,417
Michigan
- Top 1% income threshold: $476,358
- Top 5% income threshold: $208,693
Wisconsin
- Top 1% income threshold: $475,584
- Top 5% income threshold: $204,669
Louisiana
- Top 1% income threshold: $471,506
- Top 5% income threshold: $199,454
Missouri
- Top 1% income threshold: $470,279
- Top 5% income threshold: $202,054
Oklahoma
- Top 1% income threshold: $469,311
- Top 5% income threshold: $197,397
Montana
- Top 1% income threshold: $465,702
- Top 5% income threshold: $196,629
South Carolina
- Top 1% income threshold: $463,976
- Top 5% income threshold: $202,000
Idaho
- Top 1% income threshold: $462,352
- Top 5% income threshold: $197,850
Ohio
- Top 1% income threshold: $460,129
- Top 5% income threshold: $197,621
Hawaii
- Top 1% income threshold: $453,471
- Top 5% income threshold: $212,622
Vermont
- Top 1% income threshold: $451,765
- Top 5% income threshold: $206,007
Iowa
- Top 1% income threshold: $441,223
- Top 5% income threshold: $202,268
Indiana
- Top 1% income threshold: $437,567
- Top 5% income threshold: $192,928
Maine
- Top 1% income threshold: $434,306
- Top 5% income threshold: $194,663
Alabama
- Top 1% income threshold: $432,330
- Top 5% income threshold: $193,273
Kentucky
- Top 1% income threshold: $412,836
- Top 5% income threshold: $184,217
Arkansas
- Top 1% income threshold: $411,633
- Top 5% income threshold: $183,945
New Mexico
- Top 1% income threshold: $384,427
- Top 5% income threshold: $185,641
Mississippi
- Top 1% income threshold: $361,462
- Top 5% income threshold: $168,705
West Virginia
- Top 1% income threshold: $350,212
- Top 5% income threshold: $171,135
