A new study by the personal finance website SmarttAsset shows the earnings of those in the top 1% across the United States, state by state.
The state of Connecticut has the highest earnings in the nation. There, to be among the top 1%, you need to have an adjusted gross income of at least $955,261 per year. On the other hand, in West Virginia, to be in this group, you only need to earn $374,712 annually.
For comparison, the average income of American families is less than $70,000 per year. Only 10% of American families earn more than $200,000 a year, according to SmartAsset.
Coastal states like New York and California tend to have the highest earnings.
Only 12 states require annual earnings of less than $500,000 to classify their residents among the top 1%.
Below are the earnings required to be part of the top 1% and the top 5% in the 10 highest-ranked states. The states are listed in descending order, starting with the state with the highest income threshold.
1. Connecticut:
Top 1% income: $955,261
Top 5% income: $336,866
2. Massachusetts:
Top 1% income: $896,932
Top 5% income: $349,737
3. New Jersey:
Top 1% income: $825,965
Top 5% income: $338,884
4. New York:
Top 1% income: $817,796
Top 5% income: $287,752
5. California:
Top 1% income: $805,519
Top 5% income: $317,791
6. Washington:
Top 1% income: $736,084
Top 5% income: $312,907
7. Colorado:
Top 1% income: $682,897
Top 5% income: $288,694
8. Florida:
Top 1% income: $678,816
Top 5% income: $243,617
9. Illinois:
Top 1% income: $666,202
Top 5% income: $271,049
10. Texas:
Top 1% income: $641,449
Top 5% income: $258,369
To see the list of all states, visit: http://bit.ly/3Hx3ztu
Source: Cnbc.com