BELOW SUPERNAV drop zone ⇩

How much do you need to be a ‘one-percenter’ in your state?

MAIN AREA TOP drop zone ⇩

MAIN AREA TOP drop zone ⇩

Mortgage Calculator

This calculator helps you estimate your monthly mortgage payment. It adds up the loan payment (principal + interest), property tax, and insurance. The loan payment is spread out over the years of your loan term.

This is the total amount you're borrowing from the bank.
This is the yearly interest rate on your loan.
This is how long you'll take to repay the loan.
This is the yearly tax you pay on your property.
This is the yearly cost to insure your home.

Monthly Payment Breakdown

Principal and Interest: $

Property Tax: $

Homeowners Insurance: $

Total Estimated Monthly Payment: $

maylen

https://digital-stage.newsnationnow.com/

AUTO TEST CUSTOM HTML 20241114185800

AUTO TEST CUSTOM HTML 20241115200405

AUTO TEST CUSTOM HTML 20241118165728

AUTO TEST CUSTOM HTML 20241118184948

(NEXSTAR) — Data shows the wealthiest 1% of Americans control over a third of nation’s total wealth. But what it takes to be a “one-percenter” can vary based on where you live, a new analysis has found. 

Personal finance website SmartAsset reviewed data from the IRS and the Bureau of Labor Statistics to calculate how much income it takes to be among the top earners in each state. 

Nationally, households earning just over $652,650 are considered the wealthiest. When it comes to individual states, SmartAsset found the requirement to be among the top 1% ranging from $368,000 to nearly $1 million. 

States with the highest floor to be a one-percenter were primarily along the coasts while those with the lowest floors were primarily in the center of the country. 

Technically, it was our capital that had the highest 1% threshold, not a state. The top earners in Washington, D.C. earn at least $1,013,698, SmartAsset found. When it comes to just states, nearby Connecticut topped out the list, with a one-percenter cut-off at $952,902. 

If you earn $50,000 less, you’d rank among the top 1% in Massachusetts, which had the second-highest income threshold. 

These five states require the most income to be among their wealthiest residents, according to SmartAsset: 

  1. Connecticut: $952,902
  2. Massachusetts: $903,401
  3. California: $844,266
  4. New Jersey: $817,346
  5. Washington: $804,853

With the exception of Washington, these states also have the highest tax rate for top earners, all over 26%. 

West Virginia has the lowest income threshold for its top earners, SmartAsset found. At $367,582, the benchmark is nearly one-third of Connecticut’s floor. 

Only one other state, Mississippi, had a one-percenter threshold below $300,000. 

These five states require the least income to rank among its wealthiest residents, SmartAsset determined: 

  1. West Virginia: $367,582
  2. Mississippi: $381,919
  3. New Mexico: $411,395
  4. Kentucky: $445,294
  5. Arkansas: $450,700

Three of these states — Arkansas, Mississippi, and West Virginia — had the lowest tax rates for its top earners. All three fell below 24%, with Arkansas reporting the lowest rate in the U.S. at 21.11%.

You can view SmartAsset’s full list, as well as its methodology, here.

Two of the states with the highest one-percenter requirements are also home to some of the wealthiest people in the U.S. Jeff Bezos and Bill Gates, who both call Washington state home, ranked as second and third on Forbes’ latest list of Americans with the most net worth. Also landing among the top 10 on Forbes’ list was Washington resident Steve Ballmer, and two California residents: Larry Page and Sergey Brin.

Walmart’s Jim Walton, who calls Arkansas home, was the tenth-wealthiest American on Forbes’ list. 

Even if you share one-percenter status with any of the aforementioned figures, you’ll likely never surpass them — they all sport net worths in the billions.

Your Money

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

Site Settings Survey

 

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

AUTO TEST CUSTOM HTML 20241119133138

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Fair

la

54°F Fair Feels like 54°
Wind
3 mph NE
Humidity
70%
Sunrise
Sunset

Tonight

Clear to partly cloudy. Low 46F. Winds light and variable.
46°F Clear to partly cloudy. Low 46F. Winds light and variable.
Wind
2 mph NNE
Precip
2%
Sunset
Moon Phase
Waning Gibbous