Yahoo Finance Here’s the Income Needed To Be in the Top 1% in All 50 States
What does it take to be in the 1%? The answer really depends on where you live.
Discover More: What the Upper Middle Class Makes in Different US Cities
Read Next: 7 Reasons You Should Consider a Financial Advisor — Even If You’re Not Wealthy
To find out the income needed to be considered a part of the 1% in every state, GOBankingRates looked at IRS data for Tax Year 2021 — the latest data available — and adjusted these figures into 2024 dollars.
In some states, you need to earn over $1 million to be a part of the 1%, while in others, you can earn less than half a million dollars and qualify. Here’s a look at the income needed to be in the 1% in every state, ranked from the highest salary threshold to the lowest.
Key Findings
The income needed to be in the top 1% is more than $1,000,000 in five states — Connecticut, Massachusetts, California, Washington and New Jersey.
Meanwhile, the income needed to be in the top 1% is below $500,000 in just three states — New Mexico, Mississippi and West Virginia.
Somewhat surprisingly, the Northeast beats out the West Coast for the highest incomes needed to crack the top 1% — Massachusetts and Connecticut rank ahead of California.
1. Connecticut
Top 1% income threshold: $1,192,947
Find Out: How I Went From Middle Class to Upper Middle Class
Trending Now: States Whose Economies Are Failing vs. States Whose Economies Are Thriving
Wealthy people know the best money secrets. Learn how to copy them.
2. Massachusetts
Top 1% income threshold: $1,152,992
Be Aware: Here’s the Living Wage a Single Person Needs To Live Comfortably in Arizona
3. California
Top 1% income threshold: $1,072,248
4. Washington
Top 1% income threshold: $1,024,599
5. New Jersey
Top 1% income threshold: $1,010,101
6. New York
Top 1% income threshold: $999,747
For You: Here’s How Much the Definition of Middle Class Has Changed in Every State
7. Colorado
Top 1% income threshold: $896,273
8. Florida
Top 1% income threshold: $882,302
9. Wyoming
Top 1% income threshold: $872,896
10. New Hampshire
Top 1% income threshold: $839,742
Check Now: I’m an Economist: Here Are My Predictions for Inflation If Biden Wins Again
11. Utah
Top 1% income threshold: $811,929
12. Illinois
Top 1% income threshold: $811,004
13. Nevada
Top 1% income threshold: $804,627
14. Texas
Top 1% income threshold: $789,003
Watch Out: 5 Changes That Could Be Coming for the Middle Class If Biden Is Reelected in 2024
15. Virginia
Top 1% income threshold: $787,471
16. Maryland
Top 1% income threshold: $767,688
17. Minnesota
Top 1% income threshold: $755,880
18. South Dakota
Top 1% income threshold: $752,849
Try This: The Minimum Salary You Need To Buy a Home in 2024 in All 50 States
19. Montana
Top 1% income threshold: $741,182
20. Idaho
Top 1% income threshold: $728,859
21. Georgia
Top 1% income threshold: $725,284
22. Pennsylvania
Top 1% income threshold: $720,778
Explore More: Housing Market 2024: Home Prices Are Plummeting in 10 Formerly Overpriced Housing Markets
23. Arizona
Top 1% income threshold: $713,264
24. North Dakota
Top 1% income threshold: $708,284
25. Oregon
Top 1% income threshold: $707,296
26. Tennessee
Top 1% income threshold: $702,934
Trending Now: I’m an Economist: Here’s My Prediction for the Housing Market If Trump Wins the Election
27. North Carolina
Top 1% income threshold: $688,506
28. Kansas
Top 1% income threshold: $674,225
29. Rhode Island
Top 1% income threshold: $673,902
30. Nebraska
Top 1% income threshold: $651,641
Learn More: How Long $1 Million in Retirement Will Last in Every State
31. Vermont
Top 1% income threshold: $645,255
32. Alaska
Top 1% income threshold: $642,707
33. Delaware
Top 1% income threshold: $640,330
34. South Carolina
Top 1% income threshold: $632,805
Find Out: Here’s How Much You Need Saved To Retire Rich in America’s Largest Cities
35. Wisconsin
Top 1% income threshold: $631,993
36. Hawaii
Top 1% income threshold: $631,383
37. Michigan
Top 1% income threshold: $625,158
38. Missouri
Top 1% income threshold: $610,837
Be Aware: Why Many Regret Moving to Texas Post-Pandemic
39. Maine
Top 1% income threshold: $609,173
40. Louisiana
Top 1% income threshold: $608,143
41. Ohio
Top 1% income threshold: $601,685
42. Iowa
Top 1% income threshold: $591,921
For You: 10 Fastest-Cooling Housing Markets in the U.S. — 6 Are in Florida
43. Alabama
Top 1% income threshold: $577,017
44. Indiana
Top 1% income threshold: $572,403
45. Oklahoma
Top 1% income threshold: $559,981
46. Arkansas
Top 1% income threshold: $550,469
Read This: 7 Worst States To Buy Property in the Next 5 Years, According to Real Estate Agents
47. Kentucky
Top 1% income threshold: $532,013
48. New Mexico
Top 1% income threshold: $493,013
49. Mississippi
Top 1% income threshold: $456,309
50. West Virginia
Top 1% income threshold: $435,302
Methodology: GOBankingRates used the latest IRS tax return data (2021 data for 2022 returns) to find the top 1% income threshold for every state. All data was compiled on and is up to date as of July 12, 2024.
More From GOBankingRates
9 Things You Must Buy at Big Lots While on a Retirement Budget
10 Worst Cities To Buy Property in the Next 5 Years, According to Real Estate Agents
This article originally appeared on GOBankingRates.com: Here’s the Income Needed To Be in the Top 1% in All 50 States
