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

By Kelly Hayes
Updated  July 17, 2024 9:58am EDT
Money
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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) article

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.

Income needed to be in top 1% in all 50 US states

  1. Connecticut: $1,192,947
  2. Massachusetts: $1,152,992
  3. California: $1,072,248
  4. Washington: $1,024,599
  5. New Jersey: $1,010,101
  6. New York: $999,747
  7. Colorado: $896,273
  8. Florida: $882,302
  9. Wyoming: $872,896
  10. New Hampshire: $839,742
  11. Utah: $811,929
  12. Illinois: $811,004
  13. Nevada: $804,627
  14. Texas: $789,003
  15. Virginia: $787,471
  16. Maryland: $767,688 
  17. Minnesota: $755,880
  18. South Dakota: $752,849
  19. Montana: $741,182
  20. Idaho: $728,859
  21. Georgia: $725,284
  22. Pennsylvania: $720,778
  23. Arizona: $713,264
  24. North Dakota: $708,284
  25. Oregon: $707,296
  26. Tennessee: $702,934
  27. North Carolina: $688,506
  28. Kansas: $674,225
  29. Rhode Island: $673,902
  30. Nebraska: $651,641
  31. Vermont: $645,255
  32. Alaska: $642,707
  33. Delaware: $640,330
  34. South Carolina: $632,805
  35. Wisconsin: $631,993
  36. Hawaii: $631,383
  37. Michigan: $625,158
  38. Missouri: $610,837
  39. Maine: $609,173
  40. Louisiana: $608,143
  41. Ohio: $601,685
  42. Iowa: $591,921
  43. Alabama: $577,017
  44. Indiana: $572,403
  45. Oklahoma: $559,981
  46. Arkansas: $550,469
  47. Kentucky: $532,013
  48. New Mexico: $493,013
  49. Mississippi: $456,309
  50. West Virginia: $435,302

This story was reported from Cincinnati.