HobbiesHighest Income Threshold For the Top 1%

Have you ever wondered how much money you need to make per year to crack the top 1% of earners in your state?

You might already make the cut in West Virginia if you have an annual income over $350,000, for instance. Other states have much higher thresholds to reach the top 1%. In Connecticut, you need to earn nearly $900,000.

According to a recent study by personal finance website SmartAsset, an American family needed to earn $597,815 in 2021 to be in the top 1% nationally. SmartAsset used 2018 income data from the Internal Revenue Service and readjusted those figures to 2021 dollars using the Bureau of Labor Statistics’ Consumer Price Index to acceveryount for inflation.

In 2021, the top 1% earned more than twice the income of the top 5% nationwide. While the top 1% earned almost $600,000, you only needed to pull in $240,712 to crack the top 5% of U.S. earners, according to SmartAsset.

But the bar for the highest income bracket varies from state to state. Check out how much you needed to make in 2021 to make it into the top 1% in your state. States are listed in descending order, starting with the state with the highest income threshold for the top 1%.

Connecticut

  • Top 1% income threshold: $896,490
  • Top 5% income threshold: $311,589

Massachusetts

  • Top 1% income threshold: $810,256
  • Top 5% income threshold: $314,389

New York

  • Top 1% income threshold: $777,126
  • Top 5% income threshold: $265,530

New Jersey

  • Top 1% income threshold: $760,462
  • Top 5% income threshold: $308,976

California

  • Top 1% income threshold: $745,314
  • Top 5% income threshold: $291,277

Washington

  • Top 1% income threshold: $685,128
  • Top 5% income threshold: $283,574

Colorado

  • Top 1% income threshold: $632,277
  • Top 5% income threshold: $264,313

Illinois

  • Top 1% income threshold: $627,329
  • Top 5% income threshold: $250,266

Florida

  • Top 1% income threshold: $623,736
  • Top 5% income threshold: $223,179

Texas

  • Top 1% income threshold: $594,313
  • Top 5% income threshold: $237,383

Maryland

  • Top 1% income threshold: $588,035
  • Top 5% income threshold: $265,100

Virginia

  • Top 1% income threshold: $584,784
  • Top 5% income threshold: $270,360

Wyoming

  • Top 1% income threshold: $578,298
  • Top 5% income threshold: $212,937

Minnesota

  • Top 1% income threshold: $574,780
  • Top 5% income threshold: $243,659

New Hampshire

  • Top 1% income threshold: $568,731
  • Top 5% income threshold: $254,995

Georgia

  • Top 1% income threshold: $543,748
  • Top 5% income threshold: $225,232

Pennsylvania

  • Top 1% income threshold: $541,612
  • Top 5% income threshold: $229,015

North Dakota

  • Top 1% income threshold: $540,837
  • Top 5% income threshold: $223,203

Nevada

  • Top 1% income threshold: $540,025
  • Top 5% income threshold: $205,028

Utah

  • Top 1% income threshold: $528,864
  • Top 5% income threshold: $217,757

Oregon

  • Top 1% income threshold: $517,607
  • Top 5% income threshold: $228,006

North Carolina

  • Top 1% income threshold: $506,795
  • Top 5% income threshold: $218,073

South Dakota

  • Top 1% income threshold: $504,422
  • Top 5% income threshold: $203,185

Arizona

  • Top 1% income threshold: $503,408
  • Top 5% income threshold: $216,972

Kansas

  • Top 1% income threshold: $501,009
  • Top 5% income threshold: $213,529

Rhode Island

  • Top 1% income threshold: $493,748
  • Top 5% income threshold: $220,113

Tennessee

  • Top 1% income threshold: $492,583
  • Top 5% income threshold: $201,597

Alaska

  • Top 1% income threshold: $486,671
  • Top 5% income threshold: $230,260

Delaware

  • Top 1% income threshold: $480,472
  • Top 5% income threshold: $222,092

Nebraska

  • Top 1% income threshold: $477,312
  • Top 5% income threshold: $207,417

Michigan

  • Top 1% income threshold: $476,358
  • Top 5% income threshold: $208,693

Wisconsin

  • Top 1% income threshold: $475,584
  • Top 5% income threshold: $204,669

Louisiana

  • Top 1% income threshold: $471,506
  • Top 5% income threshold: $199,454

Missouri

  • Top 1% income threshold: $470,279
  • Top 5% income threshold: $202,054

Oklahoma

  • Top 1% income threshold: $469,311
  • Top 5% income threshold: $197,397

Montana

  • Top 1% income threshold: $465,702
  • Top 5% income threshold: $196,629

South Carolina

  • Top 1% income threshold: $463,976
  • Top 5% income threshold: $202,000

Idaho

  • Top 1% income threshold: $462,352
  • Top 5% income threshold: $197,850

Ohio

  • Top 1% income threshold: $460,129
  • Top 5% income threshold: $197,621

Hawaii

  • Top 1% income threshold: $453,471
  • Top 5% income threshold: $212,622

Vermont

  • Top 1% income threshold: $451,765
  • Top 5% income threshold: $206,007

Iowa

  • Top 1% income threshold: $441,223
  • Top 5% income threshold: $202,268

Indiana

  • Top 1% income threshold: $437,567
  • Top 5% income threshold: $192,928

Maine

  • Top 1% income threshold: $434,306
  • Top 5% income threshold: $194,663

Alabama

  • Top 1% income threshold: $432,330
  • Top 5% income threshold: $193,273

Kentucky

  • Top 1% income threshold: $412,836
  • Top 5% income threshold: $184,217

Arkansas

  • Top 1% income threshold: $411,633
  • Top 5% income threshold: $183,945

New Mexico

  • Top 1% income threshold: $384,427
  • Top 5% income threshold: $185,641

Mississippi

  • Top 1% income threshold: $361,462
  • Top 5% income threshold: $168,705

West Virginia

  • Top 1% income threshold: $350,212
  • Top 5% income threshold: $171,135

 

 

Sources:

Ella, Mikka. “Here’s How Much Money You Have to Earn to Be in the Top 1% in Every US State.” CNBC, CNBC, 24 Jan. 2022, https://www.cnbc.com/2022/01/24/how-much-money-you-have-to-earn-to-be-in-the-top-1percent-in-every-us-state.html.

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