Minimum Salary to Join the Top 1%

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Exploring the top 1% income bracket, especially in today’s economy, reveals intriguing insights. To be identified as part of the top 1% of wage earners in the United States, an individual must understand these elite financial thresholds amid rising living costs and lifestyle changes.

Possessing wealth is admirable, but actual recognition as a top earner requires region-specific considerations.

Minimum Salary for the Top 1% in America

According to the Social Security Administration, to join the prestigious 1% of U.S. earners, your salary should reach $794,129 annually. This breaks down to a monthly income of approximately $66,178, or about $15,272 weekly.

Income Requirements for the Top 5% and 10%

While you may not be in the top 1% with less than $750,000 annually, achieving six figures can place you within the top 5% or 10% of earners.

• Top 5% income threshold: $352,773
• Top 10% income threshold: $148,812

Earning under $150,000 annually places you among the top 10%, indicating economic success compared to most households. Doubling this can elevate you to the top 5% echelon.

State-by-State Income for the 1%

Reaching the top 1% in the national context doesn’t guarantee the same standing within your state. The income needed to be in the top 1% significantly varies by location.

GOBankingRates analyzed data to uncover the state-specific earnings required to rank among the top 1%. Here’s a glance at what it takes in several states:

1. Connecticut: $1,192,947
2. Massachusetts: $1,152,992
3. California: $1,072,248
4. Washington: $1,024,599
5. New Jersey: $1,010,101
6. New York: $999,747
7. Colorado: $896,273
8. Florida: $882,302
9. Wyoming: $872,896
10. New Hampshire: $839,742

There are stark differences in income needs, creating a $350,000 gap between Connecticut and New Hampshire earners.

To gain perspective, here’s a look at the states with the lowest 1% income thresholds:

41. Ohio: $601,685
42. Iowa: $591,921
43. Alabama: $577,017
44. Indiana: $572,403
45. Oklahoma: $559,981
46. Arkansas: $550,469
47. Kentucky: $532,013
48. New Mexico: $493,013
49. Mississippi: $456,309
50. West Virginia: $435,302

The income difference between top earners in Connecticut and West Virginia exceeds $750,000 annually!

Insights provided by Caitlyn Moorhead.

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