Much debate has centered around income inequality in the U.S. and the amount of wealth owned by the top 1%. According to statistics from the Federal Reserve, as of the fourth quarter of 2021, the top 1% of households amassed $45.9 trillion in wealth. The bottom 50% held about $3.7 trillion. (These are America’s cities with the widest income gaps.)
But how much earnings actually put someone in the top 1%? SmartAsset estimates that a family would need an income of $597,815 to classify in the top 1% of earners nationwide. That is 2.48 times greater than the $240,712 required to break into the top 5%. SmartAsset drew the stats from IRS and the Bureau of Labor Statistics data.
Nationwide figures fail to highlight the differences between states. The income a person needs to be in the top 1% in one state could be significantly higher than in another state.
To identify how much you need to make to be in the 1% in every state, 24/7 Wall St. ranked states by the income floors of the 1%, using the adjusted gross income by percentile from the IRS Statistics of Income – Tax Stats for 2019, the most recent data available. All other data also came from the IRS except for poverty rates, which came from the American Community Survey 2020 and are five-year estimates.
To see the wide disparity between states, look at West Virginia versus Connecticut. To be considered in the 1% in West Virginia you would need an average income of $664,181, or at least $319,925, both the lowest of all states. The next state is also Southern. In Mississippi, where the average income of the top one-percenters is $741,206 or at least $327,111.
Meanwhile, in Connecticut, the top one-percenters earn an average income of $2.68 million, or at least $815,592, both tops among all states. In general, people living in coastal states need the highest incomes to qualify for 1% status. Following Connecticut, Massachusetts, New Jersey, New York, and California round out the top five. (These are states with the highest per capita income.)
Click here to see the income you need to be in the 1% in every state
50. West Virginia
> Top 1% earned at least: $319,925
> Avg. income of top 1%: $664,181 (the lowest)
> Share of all income earned by the 1%: 11.2% (the lowest)
> Avg. income among all tax filers: $59,192 (2nd lowest)
> Poverty rate: 17.1% (4th highest)
[in-text-ad]
49. Mississippi
> Top 1% earned at least: $327,111
> Avg. income of top 1%: $741,206 (2nd lowest)
> Share of all income earned by the 1%: 13.3% (6th lowest)
> Avg. income among all tax filers: $55,916 (the lowest)
> Poverty rate: 19.6% (the highest)
48. New Mexico
> Top 1% earned at least: $357,712
> Avg. income of top 1%: $947,082 (5th lowest)
> Share of all income earned by the 1%: 15.1% (12th lowest)
> Avg. income among all tax filers: $62,619 (3rd lowest)
> Poverty rate: 18.6% (3rd highest)
47. Arkansas
> Top 1% earned at least: $381,026
> Avg. income of top 1%: $1,120,065 (16th lowest)
> Share of all income earned by the 1%: 17.4% (16th highest)
> Avg. income among all tax filers: $64,228 (4th lowest)
> Poverty rate: 16.1% (6th highest)
[in-text-ad-2]
46. Kentucky
> Top 1% earned at least: $381,960
> Avg. income of top 1%: $918,959 (4th lowest)
> Share of all income earned by the 1%: 14.3% (8th lowest)
> Avg. income among all tax filers: $64,482 (5th lowest)
> Poverty rate: 16.6% (5th highest)
45. Alabama
> Top 1% earned at least: $398,480
> Avg. income of top 1%: $1,002,365 (10th lowest)
> Share of all income earned by the 1%: 15.2% (13th lowest)
> Avg. income among all tax filers: $65,963 (7th lowest)
> Poverty rate: 16.0% (7th highest)
[in-text-ad]
44. Indiana
> Top 1% earned at least: $402,141
> Avg. income of top 1%: $972,858 (8th lowest)
> Share of all income earned by the 1%: 14.3% (9th lowest)
> Avg. income among all tax filers: $68,171 (9th lowest)
> Poverty rate: 12.9% (20th highest)
24/7 Wall St.
43. Iowa
> Top 1% earned at least: $404,833
> Avg. income of top 1%: $951,672 (7th lowest)
> Share of all income earned by the 1%: 13.0% (4th lowest)
> Avg. income among all tax filers: $73,262 (19th lowest)
> Poverty rate: 11.1% (19th lowest)
42. Oklahoma
> Top 1% earned at least: $412,898
> Avg. income of top 1%: $1,046,004 (11th lowest)
> Share of all income earned by the 1%: 15.5% (16th lowest)
> Avg. income among all tax filers: $67,484 (8th lowest)
> Poverty rate: 15.3% (8th highest)
[in-text-ad-2]
41. Maine
> Top 1% earned at least: $415,704
> Avg. income of top 1%: $916,599 (3rd lowest)
> Share of all income earned by the 1%: 13.3% (5th lowest)
> Avg. income among all tax filers: $69,161 (10th lowest)
> Poverty rate: 11.1% (18th lowest)
40. Hawaii
> Top 1% earned at least: $415,874
> Avg. income of top 1%: $949,364 (6th lowest)
> Share of all income earned by the 1%: 12.8% (3rd lowest)
> Avg. income among all tax filers: $74,267 (23rd lowest)
> Poverty rate: 9.3% (4th lowest)
[in-text-ad]
39. Louisiana
> Top 1% earned at least: $417,948
> Avg. income of top 1%: $1,049,303 (12th lowest)
> Share of all income earned by the 1%: 15.9% (20th lowest)
> Avg. income among all tax filers: $65,832 (6th lowest)
> Poverty rate: 18.6% (2nd highest)
38. Ohio
> Top 1% earned at least: $422,373
> Avg. income of top 1%: $1,056,110 (13th lowest)
> Share of all income earned by the 1%: 15.1% (11th lowest)
> Avg. income among all tax filers: $69,957 (12th lowest)
> Poverty rate: 13.6% (16th highest)
37. Missouri
> Top 1% earned at least: $427,917
> Avg. income of top 1%: $1,212,998 (24th lowest)
> Share of all income earned by the 1%: 17.0% (19th highest)
> Avg. income among all tax filers: $71,390 (15th lowest)
> Poverty rate: 13.0% (19th highest)
[in-text-ad-2]
36. Vermont
> Top 1% earned at least: $428,965
> Avg. income of top 1%: $1,141,550 (18th lowest)
> Share of all income earned by the 1%: 15.4% (15th lowest)
> Avg. income among all tax filers: $73,979 (21st lowest)
> Poverty rate: 10.8% (16th lowest)
35. South Carolina
> Top 1% earned at least: $432,441
> Avg. income of top 1%: $1,126,970 (17th lowest)
> Share of all income earned by the 1%: 16.3% (25th highest)
> Avg. income among all tax filers: $69,194 (11th lowest)
> Poverty rate: 14.7% (9th highest)
[in-text-ad]
34. Idaho
> Top 1% earned at least: $433,833
> Avg. income of top 1%: $1,177,229 (23rd lowest)
> Share of all income earned by the 1%: 16.3% (24th highest)
> Avg. income among all tax filers: $72,112 (16th lowest)
> Poverty rate: 11.9% (23rd lowest)
33. Nebraska
> Top 1% earned at least: $436,270
> Avg. income of top 1%: $1,165,078 (20th lowest)
> Share of all income earned by the 1%: 15.4% (14th lowest)
> Avg. income among all tax filers: $75,741 (25th lowest)
> Poverty rate: 10.4% (13th lowest)
32. Michigan
> Top 1% earned at least: $436,491
> Avg. income of top 1%: $1,142,504 (19th lowest)
> Share of all income earned by the 1%: 15.8% (18th lowest)
> Avg. income among all tax filers: $72,292 (17th lowest)
> Poverty rate: 13.7% (15th highest)
[in-text-ad-2]
31. Montana
> Top 1% earned at least: $438,859
> Avg. income of top 1%: $1,170,786 (21st lowest)
> Share of all income earned by the 1%: 16.4% (21st highest)
> Avg. income among all tax filers: $71,212 (14th lowest)
> Poverty rate: 12.8% (22nd highest)
30. Wisconsin
> Top 1% earned at least: $439,327
> Avg. income of top 1%: $1,228,358 (25th lowest)
> Share of all income earned by the 1%: 16.1% (23rd lowest)
> Avg. income among all tax filers: $76,460 (24th highest)
> Poverty rate: 11.0% (17th lowest)
[in-text-ad]
29. Delaware
> Top 1% earned at least: $449,826
> Avg. income of top 1%: $1,090,353 (14th lowest)
> Share of all income earned by the 1%: 14.1% (7th lowest)
> Avg. income among all tax filers: $77,189 (22nd highest)
> Poverty rate: 11.4% (20th lowest)
28. Alaska
> Top 1% earned at least: $451,934
> Avg. income of top 1%: $997,323 (9th lowest)
> Share of all income earned by the 1%: 12.4% (2nd lowest)
> Avg. income among all tax filers: $80,550 (18th highest)
> Poverty rate: 10.3% (12th lowest)
27. Tennessee
> Top 1% earned at least: $456,833
> Avg. income of top 1%: $1,320,499 (20th highest)
> Share of all income earned by the 1%: 18.6% (11th highest)
> Avg. income among all tax filers: $71,197 (13th lowest)
> Poverty rate: 14.6% (10th highest)
[in-text-ad-2]
26. Kansas
> Top 1% earned at least: $460,194
> Avg. income of top 1%: $1,247,908 (25th highest)
> Share of all income earned by the 1%: 16.4% (22nd highest)
> Avg. income among all tax filers: $76,043 (25th highest)
> Poverty rate: 11.4% (21st lowest)
25. Rhode Island
> Top 1% earned at least: $465,610
> Avg. income of top 1%: $1,254,923 (24th highest)
> Share of all income earned by the 1%: 16.1% (23rd lowest)
> Avg. income among all tax filers: $78,097 (20th highest)
> Poverty rate: 11.6% (22nd lowest)
[in-text-ad]
24. Arizona
> Top 1% earned at least: $466,850
> Avg. income of top 1%: $1,273,702 (23rd highest)
> Share of all income earned by the 1%: 17.2% (18th highest)
> Avg. income among all tax filers: $74,231 (22nd lowest)
> Poverty rate: 14.1% (13th highest)
23. South Dakota
> Top 1% earned at least: $468,892
> Avg. income of top 1%: $1,305,455 (22nd highest)
> Share of all income earned by the 1%: 17.3% (17th highest)
> Avg. income among all tax filers: $75,478 (24th lowest)
> Poverty rate: 12.8% (21st highest)
22. Oregon
> Top 1% earned at least: $470,441
> Avg. income of top 1%: $1,111,811 (15th lowest)
> Share of all income earned by the 1%: 14.4% (10th lowest)
> Avg. income among all tax filers: $77,002 (23rd highest)
> Poverty rate: 12.4% (25th highest)
[in-text-ad-2]
21. North Carolina
> Top 1% earned at least: $473,188
> Avg. income of top 1%: $1,174,018 (22nd lowest)
> Share of all income earned by the 1%: 16.1% (24th lowest)
> Avg. income among all tax filers: $72,691 (18th lowest)
> Poverty rate: 14.0% (14th highest)
20. Nevada
> Top 1% earned at least: $488,020
> Avg. income of top 1%: $1,838,635 (9th highest)
> Share of all income earned by the 1%: 23.8% (5th highest)
> Avg. income among all tax filers: $77,417 (21st highest)
> Poverty rate: 12.8% (23rd highest)
[in-text-ad]
19. Utah
> Top 1% earned at least: $492,657
> Avg. income of top 1%: $1,625,843 (12th highest)
> Share of all income earned by the 1%: 19.6% (9th highest)
> Avg. income among all tax filers: $83,031 (15th highest)
> Poverty rate: 9.1% (3rd lowest)
18. North Dakota
> Top 1% earned at least: $493,693
> Avg. income of top 1%: $1,346,172 (17th highest)
> Share of all income earned by the 1%: 16.2% (25th lowest)
> Avg. income among all tax filers: $83,290 (14th highest)
> Poverty rate: 10.5% (14th lowest)
17. Georgia
> Top 1% earned at least: $500,497
> Avg. income of top 1%: $1,337,051 (19th highest)
> Share of all income earned by the 1%: 18.1% (13th highest)
> Avg. income among all tax filers: $73,808 (20th lowest)
> Poverty rate: 14.3% (11th highest)
[in-text-ad-2]
16. Pennsylvania
> Top 1% earned at least: $505,358
> Avg. income of top 1%: $1,311,155 (21st highest)
> Share of all income earned by the 1%: 16.5% (20th highest)
> Avg. income among all tax filers: $79,499 (19th highest)
> Poverty rate: 12.0% (24th lowest)
15. Minnesota
> Top 1% earned at least: $526,213
> Avg. income of top 1%: $1,343,825 (18th highest)
> Share of all income earned by the 1%: 15.6% (17th lowest)
> Avg. income among all tax filers: $86,111 (13th highest)
> Poverty rate: 9.3% (5th lowest)
[in-text-ad]
14. Maryland
> Top 1% earned at least: $541,520
> Avg. income of top 1%: $1,427,409 (16th highest)
> Share of all income earned by the 1%: 15.9% (19th lowest)
> Avg. income among all tax filers: $90,069 (10th highest)
> Poverty rate: 9.0% (2nd lowest)
24/7 Wall St.
13. New Hampshire
> Top 1% earned at least: $541,699
> Avg. income of top 1%: $1,505,183 (14th highest)
> Share of all income earned by the 1%: 16.4% (22nd highest)
> Avg. income among all tax filers: $91,715 (8th highest)
> Poverty rate: 7.4% (the lowest)
12. Wyoming
> Top 1% earned at least: $542,547
> Avg. income of top 1%: $2,561,899 (2nd highest)
> Share of all income earned by the 1%: 27.4% (the highest)
> Avg. income among all tax filers: $93,631 (7th highest)
> Poverty rate: 10.8% (15th lowest)
[in-text-ad-2]
11. Virginia
> Top 1% earned at least: $542,758
> Avg. income of top 1%: $1,446,205 (15th highest)
> Share of all income earned by the 1%: 16.1% (23rd lowest)
> Avg. income among all tax filers: $89,984 (11th highest)
> Poverty rate: 10.0% (10th lowest)
10. Texas
> Top 1% earned at least: $547,662
> Avg. income of top 1%: $1,688,644 (10th highest)
> Share of all income earned by the 1%: 20.9% (8th highest)
> Avg. income among all tax filers: $80,959 (17th highest)
> Poverty rate: 14.2% (12th highest)
[in-text-ad]
9. Illinois
> Top 1% earned at least: $568,796
> Avg. income of top 1%: $1,590,088 (13th highest)
> Share of all income earned by the 1%: 18.4% (12th highest)
> Avg. income among all tax filers: $86,254 (12th highest)
> Poverty rate: 12.0% (25th lowest)
8. Florida
> Top 1% earned at least: $579,566
> Avg. income of top 1%: $2,179,777 (5th highest)
> Share of all income earned by the 1%: 26.7% (2nd highest)
> Avg. income among all tax filers: $81,553 (16th highest)
> Poverty rate: 13.3% (18th highest)
7. Colorado
> Top 1% earned at least: $583,050
> Avg. income of top 1%: $1,628,414 (11th highest)
> Share of all income earned by the 1%: 17.9% (15th highest)
> Avg. income among all tax filers: $90,838 (9th highest)
> Poverty rate: 9.8% (7th lowest)
[in-text-ad-2]
6. Washington
> Top 1% earned at least: $628,461
> Avg. income of top 1%: $1,879,381 (7th highest)
> Share of all income earned by the 1%: 19.0% (10th highest)
> Avg. income among all tax filers: $99,158 (4th highest)
> Poverty rate: 10.2% (11th lowest)
5. California
> Top 1% earned at least: $687,744
> Avg. income of top 1%: $2,064,290 (6th highest)
> Share of all income earned by the 1%: 21.4% (7th highest)
> Avg. income among all tax filers: $96,236 (5th highest)
> Poverty rate: 12.6% (24th highest)
[in-text-ad]
4. New York
> Top 1% earned at least: $698,226
> Avg. income of top 1%: $2,481,089 (3rd highest)
> Share of all income earned by the 1%: 25.8% (3rd highest)
> Avg. income among all tax filers: $96,077 (6th highest)
> Poverty rate: 13.6% (17th highest)
24/7 Wall St.
3. New Jersey
> Top 1% earned at least: $705,200
> Avg. income of top 1%: $1,840,474 (8th highest)
> Share of all income earned by the 1%: 18.1% (14th highest)
> Avg. income among all tax filers: $101,875 (3rd highest)
> Poverty rate: 9.7% (6th lowest)
2. Massachusetts
> Top 1% earned at least: $765,791
> Avg. income of top 1%: $2,472,453 (4th highest)
> Share of all income earned by the 1%: 22.3% (6th highest)
> Avg. income among all tax filers: $111,118 (the highest)
> Poverty rate: 9.8% (9th lowest)
[in-text-ad-2]
1. Connecticut
> Top 1% earned at least: $815,592
> Avg. income of top 1%: $2,681,767 (the highest)
> Share of all income earned by the 1%: 24.4% (4th highest)
> Avg. income among all tax filers: $110,100 (2nd highest)
> Poverty rate: 9.8% (8th lowest)
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
