According to a 2022 report from the Congressional Budget Office, the top 1% of families currently possess over a third of the total wealth in the U.S. WealthManagement.com explores the distribution of wealth in the United States, focusing on the top one percent of earners in each state.
To be considered part of the 1%, households nationally need to earn $652,657 or more, over eight times the median household income of approximately $75,000. However, this threshold varies significantly from state to state, ranging from as high as $953,000 to as low as $368,000. Analyzing data from the IRS and Bureau of Labor Statistics, SmartAsset determined the minimum income required to be in each state's top 1% of earners.
The top states are:
- Connecticut
- Top 1% Threshold: $952,902
- 1% Tax Rate: 28.40%
- Massachusetts
- Top 1% Threshold: $903,401
- 1% Tax Rate: 27.15%
- California
- Top 1% Threshold: $844,266
- 1% Tax Rate: 26.95%
- New Jersey
- Top 1% Threshold: $817,346
- 1% Tax Rate: 28.01%
- Washington
- Top 1% Threshold: $804,853
- 1% Tax Rate: 25.99%
- New York
- Top 1% Threshold: $776,662
- 1% Tax Rate: 28.29%
- Colorado
- Top 1% Threshold: $709,092
- 1% Tax Rate: 25.86%
- Florida
- Top 1% Threshold: $694,987
- 1% Tax Rate: 25.82%
- Illinois
- Top 1% Threshold: $660,810
- 1% Tax Rate: 26.35%
- New Hampshire
- Top 1% Threshold: $659,037
- 1% Tax Rate: 26.25%
- Wyoming
- Top 1% Threshold: $656,118
- 1% Tax Rate: 24.79%
- Virginia
- Top 1% Threshold: $643,848
- 1% Tax Rate: 26.11%
- Maryland
- Top 1% Threshold: $633,333
- 1% Tax Rate: 25.94%
- Texas
- Top 1% Threshold: $631,849
- 1% Tax Rate: 25.83%
- Utah
- Top 1% Threshold: $630,544
- 1% Tax Rate: 23.77%
- Minnesota
- Top 1% Threshold: $626,451
- 1% Tax Rate: 25.53%
- Nevada
- Top 1% Threshold: $603,751
- 1% Tax Rate: 25.19%
- South Dakota
- Top 1% Threshold: $590,373
- 1% Tax Rate: 22.99%
- Pennsylvania
- Top 1% Threshold: $588,702
- 1% Tax Rate: 24.95%
- North Dakota
- Top 1% Threshold: $585,556
- 1% Tax Rate: 24.76%
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