Thanks to new statistics, we now know the precise income limits required to be in the top 1% of earners across each U.S. state. On average, these thresholds are above $700,000. Connecticut worstes the income requirement by more than orders of magnitude with a jaw-dropping $1,056,996. Massachusetts and California ($965,170 and $905,396 respectively) have similar thresholds just behind New York’s.
Perhaps the most striking part of the report is the glaring inequity in income by state. Though, New Jersey and New York are notable exceptions on that list. To be top earners in these states, you have to earn $901,082 and $891,640, respectively. To make it into the top-earning 1 percent in Florida, you’d need to bring home at least $859,381. In contrast, Washington state requires its threshold be set at $819,101.
Of the six states in the Rocky Mountain region, Colorado and Wyoming have the highest thresholds, at $772,989 and $771,369, respectively. Texas and New Hampshire come in second and third, respectively, with income thresholds of $743,955 and $735,374. Virginia’s threshold is only $701,792. Nevada and North Dakota have even greater requirements, with incomes of $703,713 and $695,759 necessary to crack the top 1%.
Utah is at the bottom of the list, with an income cutoff of $690,548. The data illustrates how income levels vary significantly based on geographical location and local economic conditions.
Our analysis of these income thresholds highlights the profound economic inequalities that have taken root across our nation. As states continue to recover from pandemic-related economic disruptions, these figures may serve as a barometer for inequality and economic opportunity across different regions.
“The dust seems to be settling after the monetary and economic activity of the pandemic years, with markets finding their ways to some local equilibriums after many sudden shocks.”
The analysis of these income thresholds underscores the financial disparities that exist within the United States. As states continue to recover from pandemic-related economic disruptions, these figures may serve as a barometer for inequality and economic opportunity across different regions.