Here's the salary you need to be in the top 1% in all 50 states

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FILE - People walk through a Manhattan mall on July 5, 2024, in New York City. (Photo by Spencer Platt/Getty Images)

What does it take to be among the top 1% in America? The answer depends on what U.S. state you call home, according to a new study.

In some states, Americans need to earn more than $1 million annually to be a part of the top 1%. In other states, they can earn less than $500,000 to earn that distinction, the study suggests.

Personal finance site GoBankingRates used IRS data from 2021, the most recent available tax year data, and adjusted it to reflect 2024 dollar values in order to find the top 1% income threshold for each state.

In five states – Connecticut, Massachusetts, California, Washington and New Jersey – a worker needs to earn more than $1 million to be considered among the top 1% in that state.

Only three states – New Mexico, Mississippi and West Virginia – have a threshold of below $500,000 to be among the top 1%, according to the study.

"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," GoBankingRates said.

What is the ‘top 1%?’

The "top 1%" is a term that generally refers to the wealthiest people in a population based on income or net worth.

The data from the Economic Policy Institute (EPI) shows that annual wages for the top 1% in 2021 in the U.S. reached $819,324 on average. Those considered to be in the top 0.1% earned an average of $3,312,693 annually.

Meanwhile, those in the bottom 90% earned an average income of $36,571 annually, EPI data showed.