"While the ultrawealthy often hold their fortune in a mix of assets, the salary earned by the top 1% is still sizable - but it might vary largely depending on which state you look at. While earning $416,310 a year puts you in the top 1% of earners in West Virginia, it takes over a million dollars to be in the top 1% in Connecticut."
"A recent SmartAsset study calculated the income needed - or the income floor - to be in the top 1% of earners in each US state, using 2022 IRS tax return data for individual tax filers adjusted to May 2025 dollars using the Bureau of Labor Statistics' Consumer Price Index. The study, which was released in July, also calculated the number of 2022 tax returns for each state that would be considered in the top 1% of earners."
Income required to reach the top 1% varies significantly across US states. Nationally, the average top-1% threshold is $731,492 in 2025. The top 1% comprises about 1.5 million households in 2025. State thresholds range from $416,310 in West Virginia to over $1 million in Connecticut. Thresholds were calculated using 2022 IRS individual tax return data adjusted to May 2025 dollars via the Consumer Price Index. The analysis also counted the number of 2022 tax returns per state that meet the top-1% threshold, producing a state-by-state ranking of required incomes.
Read at Business Insider
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