<![CDATA[How much money you need to make to be in the top 1% in each US state]]> https://usagag.com/2022/03/09/how-much-money-you-need-to-make-to-be-in-the-top-1-in-each-us-state/ Wed, 09 Mar 2022 10:32:00 +0000 hourly 1 https://usagag.com How much money you need to make to be in the top 1% in each US 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
Sunrise above high-rise buildings next to the coast of Miami, Florida.
Sunrise on skyline of Brickel Key in Miami, Florida.
Christian Adams | Getty Images

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
Skyline view of buildings along the Cumberland River in downtown Nashville, Tennessee
Nashville, Tennessee downtown skyline at Cumberland River.
Adina Olteanu / 500px | 500px Prime | Getty Images

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

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