The income threshold to become a part of the 1% really depends on where you live, according to a new study from Go Banking Rates. Unsurprisingly, in California, that income threshold starts at over $1 million.
Researchers for the finance website sought to figure out how much a person would have to make to become a top earner in each state. Connecticut, home to various financial services and wealthy hedge funds, had the highest income threshold of about $1.2 million.
Massachusetts and California rounded out the top three with the 1% earning over $1.1 million and $1 million, respectively.
In five states, Connecticut, Massachusetts, California, Washington and New Jersey, residents need to make over $1 million to be apart of the 1%
In contrast, West Virginia had the lowest income requirement, with residents making $435,302 to be a 1% earner.
Here are the income thresholds for each state in alphabetical order:
- Alabama: $577,017
- Alaska: $642,707
- Arizona: $713,264
- Arkansas: $550,469
- California: $1,072,248
- Colorado: $896,273
- Connecticut: $1,192,947
- Delaware: $640,330
- Florida: $882,302
- Georgia: $725,284
- Hawaii: $631,383
- Idaho: $728,859
- Illinois: $811,004
- Indiana: $572,403
- Iowa: $591,921
- Kansas: $674,225
- Kentucky: $532,013
- Louisiana: $608,143
- Maine: $609,173
- Maryland: $767,688
- Massachusetts: $1,152,992
- Michigan: $625,158
- Minnesota: $755,880
- Mississippi: $456,309
- Missouri: $610,837
- Montana: $741,182
- Nebraska: $651,641
- Nevada: $804,627
- New Hampshire: $839,742
- New Jersey: $1,010,101
- New Mexico: $493,013
- New York: $999,747
- North Carolina: $688,506
- North Dakota: $708,284
- Ohio: $601,685
- Oklahoma: $559,981
- Oregon: $707,296
- Pennsylvania: $720,778
- Rhode Island: $673,902
- South Carolina: $632,805
- South Dakota: $752,849
- Tennessee: $702,934
- Texas: $789,003
- Utah: $811,929
- Vermont: $645,255
- Virginia: $787,471
- Washington: $1,024,599
- Washington, D.C.: $1,250,029
- West Virginia: $435,302
- Wisconsin: $631,993
- Wyoming: $872,896
The complete study can be found here.