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How much money you need to earn to be in the top 1% in every US state

How much money you need to earn to be in the top 1% in every US state

Being considered rich isn’t just about how much money you make, it’s where you live, too.

State by state, the incomes the top 1% of earners in the U.S. bring in vary by over a half million dollars, according to a new analysis of 2022 incomes by personal finance website SmartAsset.

To be in the top 1% of earners in Connecticut, residents need an adjusted gross income of at least $955,261. However, in West Virginia, they only need to earn an AGI of $374,712 to be part of the top 1%.

For comparison, the median income for U.S. households overall is under $70,000, with only 10% of households earning more than $200,000, according to SmartAsset.

Coastal states like New York and California tend to have the highest earners, while top earners in more rural states like Mississippi and Arkansas make less. Only 12 states require annual earnings less than $500,000 to be considered in the top 1%.

To calculate these numbers, the analysis updated 2018 income data from the Internal Revenue Service using 2022 Consumer Price Index data to account for inflation. 

Below are the incomes needed to be part of both the top 1% and top 5% of earners in each 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: $955,261
  • Top 5% income threshold: $336,866

Massachusetts

  • Top 1% income threshold: $896,932
  • Top 5% income threshold: $349,737

New Jersey

  • Top 1% income threshold: $825,965
  • Top 5% income threshold: $338,884

New York

  • Top 1% income threshold: $817,796
  • Top 5% income threshold: $287,752

California

  • Top 1% income threshold: $805,519
  • Top 5% income threshold: $317,791

Washington

  • Top 1% income threshold: $736,084
  • Top 5% income threshold: $312,907

Colorado

  • Top 1% income threshold: $682,897
  • Top 5% income threshold: $288,694

Florida

  • Top 1% income threshold: $678,816
  • Top 5% income threshold: $243,617

Illinois

  • Top 1% income threshold: $666,202
  • Top 5% income threshold: $271,049

Texas

  • Top 1% income threshold: $641,449
  • Top 5% income threshold: $258,369

Virginia

  • Top 1% income threshold: $635,705
  • Top 5% income threshold: $294,495

Wyoming

  • Top 1% income threshold: $635,458
  • Top 5% income threshold: $233,212

New Hampshire

  • Top 1% income threshold: $634,464
  • Top 5% income threshold: $281,154

Maryland

  • Top 1% income threshold: $634,255
  • Top 5% income threshold: $287,246

Minnesota

  • Top 1% income threshold: $616,326
  • Top 5% income threshold: $264,140

Pennsylvania

  • Top 1% income threshold: $591,900
  • Top 5% income threshold: $250,528

Georgia

  • Top 1% income threshold:

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