To be a member of the elusive 1%, you might need to make more than $1 million this year.
But it depends on what state you live in: You could also make it into the group if your adjusted gross household income is just over $416,000.
That’s according to a July study by SmartAsset, which calculated income thresholds for the top 1% in each state using the latest IRS tax return data from 2023, adjusted for inflation to 2025 dollars.
Of the 1.5 million households who fall into the top 1% of earners, the national average annual income to be part of the group is $731,492. In 2023, the latest year we have data for, the median household income in the U.S. was $80,610, according to the Census Bureau.
The state with the highest income threshold is Connecticut, where the 1% make at least $1,056,996 in household income. West Virginia has the lowest threshold at $416,310.
Here are the top 10 states where you need to earn the most to be in the 1%:
- Connecticut: $1,056,996
- Massachusetts: $965,170
- California: $905,396
- New Jersey: $901,082
- New York: $891,640
- Florida: $859,381
- Washington: $819,101
- Colorado: $772,989
- Wyoming: $771,369
It takes less to be in the 1% than last year
Overall, it takes less money to be part of the 1% this year compared with last year: The national average threshold is down about $60,000.
Income requirements fell in all but three states — North Dakota, Florida and Oklahoma — with North Dakota seeing the largest increase of $11,634. California, Massachusetts and Connecticut previously had 1% thresholds above $1 million, but only Connecticut remains above that mark this year.
While the study didn’t examine the specific reasons behind the shifts in the income thresholds, the overall decline appears to align with easing inflation in consumer goods and housing markets, says Jaclyn DeJohn, director of economic analysis at SmartAsset and author of the report.
“The dust seems to be settling after the monetary and economic activity of the pandemic years, with markets finding their ways to some local equilibriums after many sudden shocks,” DeJohn says.
Below are the thresholds for each state, in alphabetical order:
- Alabama: $532,600
- Alaska: $586,381
- Arizona: $641,262
- Arkansas: $517,761
- California: $905,396
- Colorado: $772,989
- Connecticut: $1,056,996
- Delaware: $578,580
- Florida: $859,381
- Georgia: $662,821
- Hawaii: $561,147
- Idaho: $627,839
- Illinois: $731,202
- Indiana: $531,332
- Iowa: $554,046
- Kansas: $609,946
- Kentucky: $496,281
- Louisiana: $551,125
- Maine: $550,936
- Maryland: $677,543
- Massachusetts: $965,170
- Michigan: $561,582
- Minnesota: $671,408
- Mississippi: $439,479
- Missouri: $559,043
- Montana: $656,830
- Nebraska: $603,899
- Nevada: $703,713
- New Hampshire: $735,374
- New Jersey: $901,082
- New Mexico: $451,639
- New York: $891,640
- North Carolina: $640,783
- North Dakota: $695,759
- Ohio: $550,724
- Oklahoma: $544,679
- Oregon: $603,006
- Pennsylvania: $655,636
- Rhode Island: $603,162
- South Carolina: $580,600
- South Dakota: $687,190
- Tennessee: $638,299
- Texas: $743,955
- Utah: $690,548
- Vermont: $583,559
- Virginia: $701,792
- Washington: $819,101
- West Virginia: $416,310
- Wisconsin: $566,711
- Wyoming: $771,369
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