The dream of having an annual income of millions of dollars or, at least, close to a million dollars seems to be complicated in different parts of the United States. However, according to various studies and official tax data, it has been possible to calculate what you need to be part of the richest 1% in each state, whether in New York, California, Connecticut or another region. This was made possible by GoBankingRates and an adjustment based on the value of the dollar in 2024, as well as data extracted from the 2021 tax summary. From this analysis, it has been determined precisely who has incomes high enough to be considered the wealthiest in each state. Here’s how much money you need to accumulate annually to join this select group.
The salary needed to be among the wealthiest 1% in each state.
The threshold varies by state, as the cost of living and minimum wage differ significantly from state to state. Some states, such as New York, are among the most expensive in terms of cost of living. Another important factor is the wealth and productivity of each region. For example, the state with the highest threshold for belonging to the richest 1% is Connecticut, where you need an annual income of $1,192,947. In second place, on the east coast, is Massachusetts, with $1,153,000 per year.
On the West Coast, California ranks third with $1,072,248, followed by Washington, which ranks fourth with $1,024,600 per year. Meanwhile, in New York, the richest 1% have an average threshold of just under one million dollars, at $999,747 per year. The study also highlights that, to belong to the richest 0.1% in the entire United States, an income of $3,312,700 per year is necessary, accompanied by a significant net worth.
At the opposite extreme, to be among the bottom 90% of earners, an income of approximately $36,500 per year is sufficient, according to data from the Economic Policy Institute (EPI). Nationally, the average income needed to be in the top 1% is $819,000.
More details from the study
At the bottom of the ranking of income needed to be part of the 1% are West Virginia at $435,300 per year, Mississippi at $456,000, New Mexico at $493,013, and Kentucky at $532,013. These data influence the national average, which decreases due to lower incomes in these states compared to regions such as Connecticut, Massachusetts or California.
