Advertisement

Here's how much you need to earn to be in the top 1% in your state and nationwide

Have you ever wondered where your income ranks in your state or how to be in the top 1% of annual income?

In the USA, a family must earn an income of $597,815 to be in the top 1% of earners, according to a study by Smart Asset. But the income and rankings vary per state.

In Connecticut, a family needs almost $900,000 to be in the top 1%, while in West Virginia a family needs $350,000.

Smart Asset analyzed income data from the Internal Revenue Service and Bureau of Labor Statistics. The analysis found coastal states have the highest 1% income threshold, and Connecticut holds the highest income requirement to earn in the top 1%.

The Daily Money: Neil Young tells Spotify to stop playing his music – or Joe Rogan podcast

Live in one of these cities or states? You may be eligible for stimulus money in 2022

Smart Asset studied how much an American family must make per state to be in the top 1% of income.
Smart Asset studied how much an American family must make per state to be in the top 1% of income.

Here's how the top 1% income varies per state:

Highest top 1% income

  1. Connecticut. To earn your spot among the top 1% in the state, you’ll need to make at least $896,490.

  2. Massachusetts. These Bay State residents need to earn $810,256 annually.

  3. New York. To rank among the top 1%, you must earn $777,126.

  4. New Jersey. One-percenters earn $760,462.

  5. California. In this state, the top 1% earn about $745,314 annually.

Lowest top 1% income

  1. West Virginia. To make it into the top 1%, you need to earn $350,212.

  2. Mississippi. You need to earn $361,462 annually.

  3. New Mexico. Residents must make $384,427.

  4. Arkansas. To make it into the top 1%, you must earn $411,633.

  5. Kentucky. In this state, the top 1% earns $412,836.

Follow Gabriela Miranda on Twitter: @itsgabbymiranda

This article originally appeared on USA TODAY: What you need to earn to make it in the top 1% in your state