What It Takes to Be in Florida's Top 1% of Earners

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Curious about how much you need to earn to join Florida's elite group of top earners? According to a recent study by SmartAsset, the threshold for being in the top 1% in Florida is $852,206 for 2024. This figure places Florida as the 8th highest state in the U.S. for top earners.

Here's how this compares nationally: The U.S. as a whole has a top 1% income threshold of $787,712 this year, which is a significant jump from last year's approximate $652,000. In contrast, the median annual income across the country is about $75,000.

In addition to the top 1% threshold, the study highlights that to be in the top 5% of earners in Florida, you need to make at least $276,217. This figure covers a larger segment of earners, with over 500,000 tax returns falling into this category, compared to the 101,940 returns for the top 1%.

The increase in Florida's top 1% threshold from the previous year is notable, rising by $157,219. These numbers are based on the latest IRS tax return data and have been adjusted to reflect June 2024 dollars.

SmartAsset's analysis also notes that state and local taxes, along with cost of living, play a significant role in determining these thresholds. The income required to be in the top 1% can vary dramatically from state to state, sometimes by more than $500,000.

In other rankings, Florida recently secured the fifth spot in CNBC's Top States for Business, with high marks for its economy, workforce, and access to capital. So, if you're aiming for the top 1% in Florida, you'll need to earn well above the state’s average, reflecting the economic landscape and opportunities within the Sunshine State.

Income Thresholds for the Top 1% and Top 5% of Earners Across U.S. States

Curious about what it takes to be among the top earners in each state? A recent table by SmartAsset sheds light on the income needed to break into the top 1% and top 5% of earners in 2024 dollars. Here’s a snapshot of the income thresholds across various states:

1. Connecticut
2. • Top 1%: $1,152,254
   • Top 5%: $370,060
3. Massachusetts
4. • Top 1%: $1,113,662
   • Top 5%: $393,160
5. California
6. • Top 1%: $1,035,673
   • Top 5%: $364,788
7. Washington
8. • Top 1%: $989,649
   • Top 5%: $377,265
9. New Jersey
10. • Top 1%: $975,645
    • Top 5%: $372,171
11. New York
12. • Top 1%: $965,645
    • Top 5%: $311,560
13. Colorado
14. • Top 1%: $865,700
    • Top 5%: $329,566
15. Florida
16. • Top 1%: $852,206
    • Top 5%: $276,217
17. Wyoming
18. • Top 1%: $843,121
    • Top 5%: $259,730
19. New Hampshire
20. • Top 1%: $811,098
    • Top 5%: $320,808
21. Utah
22. • Top 1%: $784,233
    • Top 5%: $279,124
23. Illinois
24. • Top 1%: $783,340
    • Top 5%: $294,302
25. Nevada
26. • Top 1%: $777,180
    • Top 5%: $253,500
27. Texas
28. • Top 1%: $762,090
    • Top 5%: $280,676
29. Virginia
30. • Top 1%: $760,610
    • Top 5%: $322,794

These figures reflect the latest available data from the IRS for the 2021 tax year, adjusted to 2024 dollars. As you can see, the income required to reach the top 1% varies significantly from state to state, with Connecticut and Massachusetts topping the list, while states like Wyoming and Nevada have lower thresholds. Meanwhile, the income needed for the top 5% also shows considerable variation, highlighting the diverse economic landscapes across the U.S.