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.
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.
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