Are You in the Top 1% of Income Earners in Your State? See the List

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What does it mean to be “rich”? For some, it could be owning a home, making a significant salary, or, in today’s economy, simply finding eggs under $4 per dozen. However, if we look at the traditional definition, it’s a bit more straightforward—and surprisingly within reach for more people than you might think.

According to recent data from the Social Security Administration and GOBankingRates, to be in the top 1% of earners in the U.S., an annual income of at least $794,129 is required. This equates to roughly $66,180 per month. In comparison, the most recent figures from the U.S. Census Bureau show that the average household income in 2023 was around $80,610 annually.

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While that number seems high, it’s worth noting that this threshold has decreased by 3.3% compared to the previous year, suggesting that the wealthiest Americans haven’t seen the same rate of income growth as those in the bottom 99%.

However, achieving a top 1% income is easier in some states than in others.

Income Requirements Vary by State

The highest income needed to enter the top 1% of earners is found in Connecticut, where individuals need to earn just under $1.2 million per year. In contrast, in West Virginia, you would only need about $435,300 to reach the top 1%.

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Other states with relatively low thresholds include Mississippi ($456,300) and New Mexico ($493,000). Meanwhile, states like Connecticut, Massachusetts ($1.15 million), California ($1.07 million), Washington ($1.03 million), and New Jersey ($1.01 million) all have income requirements exceeding $1 million.

Income Thresholds: 2024 vs. 2023

The threshold for being in the top 1% varies slightly year-to-year. GOBankingRates found the highest income thresholds in the following states:

  • Connecticut: $1,193,000
  • Massachusetts: $1,153,000
  • California: $1,072,300
  • Washington: $1,025,000
  • New Jersey: $1,010,100

On the other hand, West Virginia had the lowest threshold at about $435,300. In comparison, the SmartAsset report from 2023 showed West Virginia’s top 1% threshold at $374,700.

Looking Beyond the Top 1%
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If making it into the top 1% feels out of reach, you may find it easier to break into the top 10%. Nationally, an income of $148,812 is enough to rank among the top 10% of earners.

According to the U.S. Census Bureau, the median household wealth in the U.S. stood at $176,500 as of 2022. Additionally, 1 in 10 U.S. households had wealth surpassing $1.6 million.

While becoming part of the top 1% is still a lofty goal, the threshold for achieving significant wealth varies depending on where you live, and more people are closer than they might realize.

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