The income you need to be in the 1% in these states: report
These states have the highest and lowest threshold for being in the 1%
Depending on where you live – and how much you make– being in the top 1% could be attainable.
On Thursday, financial technology company SmartAsset published a report on how much you need to earn in order to be in the 1% in each U.S. state.
According to the report, a family has to earn $597,815 a year in order to be considered in the top 1% in the U.S. However, that number varies depending on what state you’re in.
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For its report, SmartAsset analyzed IRS data from 2018 for tax units and adjusted the figures to 2021 dollars using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the Bureau of Labor Statistics, the report said.
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Read on to see which states have the highest and lowest threshold for being in the 1%, according to SmartAsset.
States where the 1% income threshold is highest
To be in the 1% in Connecticut, you'll need an income of at least $896,490. Hartford, Connecticut, is pictured. (iStock)
1. Connecticut: $896,490
2. Massachusetts: $810,256
3. New York: $777,126
4. New Jersey: $760,462
5. California: $745,314
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States where the 1% income threshold is lowest
To be in the 1% in West Virginia, you'll need an income of at least $350,212. Charleston, West Virginia, is pictured. (iStock)
1. West Virginia: $350,212
2. Mississippi: $361,462
3. New Mexico: $384,427
4. Arkansas: $411,633
5. Kentucky: $412,836
To see the full map, here’s SmartAsset’s report: What It Takes to Be in the 1% By State.