These salaries will get you into the 1 percent.
What does it take to be truly rich in America these days?
In some ways, wealth is all relative. Feeling “financially comfortable” means different things to different people, and factors like your health, the size of your family, and your propensity for buying sports cars all influence whether you feel like you’ve got enough to go around.
But we can all agree that there’s quite a significant gap between being secure in one’s finances and being seriously wealthy. As the New York Times recently explored in a fascinating piece about “quiet luxury,” the richest of the rich lead lives filled with products like $15,000 coffee brewers and $700 bath towels — not exactly the kinds of things you’d expect to find in the home of even your most impressive neighbor.
The perception of wealth also depends significantly on geography. The median household income in the United States, according to the most recent numbers from the U.S. Census, is $70,784. But that varies widely on a state-by-state basis, ranging from as low as $46,248 in Mississippi to as high as $84,972 in Connecticut.
But what about the biggest earners around the country? How much are the richest people in your home state pulling in per year?
To find out, the financial technology company SmartAsset analyzed economic data from the IRS and the Bureau of Labor Statistics to pin down how much income it takes to be in the top 1 percent of earners. Nationwide, your household would need to bring in $652,657 per year to hit that exclusive mark, but of course, the target is quite different depending on where you live.
What states require the highest and lowest salary to be a top earner?
If you were paying attention above, it may not surprise you that Connecticut — the state with the highest median income — also sits at the top of the heap for how much it takes to be rolling in the dough. In the Constitution State, you’ll need a whopping $952,902 per year to call yourself a one-percenter.
Rounding out the top five are a batch of costal states where one would expect the well-to-do to congregate: Massachussetts ($903,401), California ($844,266), New Jersey ($817,346), and Washington ($804,853).
As for the states where the bar is lowest? It takes “only” $367,582 per year to be in the top 1 percent in West Virginia, followed by Mississippi ($381,919), New Mexico ($411,395), Kentucky ($445,294), and Arkansas ($450,700).
And what about the middle of the pack? At the dead center of the list is North Carolina, which comes in at number 25 with a requirement of a $559,762 salary to be among the state’s biggest earners.
If you’re wondering what it takes to earn a one-percent salary in your own state, consult the alphabetical list below for a sense of how the numbers change in different parts of the country.
How much money does it take to be in the top 1 percent of earners in every U.S. state?
- Alabama: $470,341
- Alaska: $542,824
- Arizona: $564,031
- Arkansas: $450,700
- California: $844,266
- Colorado: $709,092
- Connecticut: $952,902
- Delaware: $529,928
- Florida: $694,987
- Georgia: $585,397
- Hawaii: $495,263
- Idaho: $560,040
- Illinois: $660,810
- Indiana: $473,685
- Iowa: $483,985
- Kansas: $554,912
- Kentucky: $445,294
- Louisiana: $458,269
- Maine: $502,605
- Maryland: $633,333
- Massachussetts: $903,401
- Michigan: $504,671
- Minnesota: $626,451
- Mississippi: $381,919
- Missouri: $500,626
- Montana: $559,656
- Nebraska: $535,651
- Nevada: $603,751
- New Hampshire: $659,037
- New Jersey: $817,346
- New Mexico: $411,395
- New York: $776,662
- North Carolina: $559,762
- North Dakota: $585,556
- Ohio: $500,253
- Oklahoma: $460,172
- Oregon: $571,813
- Pennsylvania: $588,702
- Rhode Island: $548,531
- South Carolina: $508,427
- South Dakota: $590,373
- Tennessee: $548,329
- Texas: $631,849
- Utah: $630,544
- Vermont: $518,039
- Virginia: $643,848
- Washington: $804,853
- West Virginia: $367,582
- Wisconsin: $517,321
- Wyoming: $656,118
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FAQs
Charles Schwab's 2023 Modern Wealth Survey provides insights into this topic, revealing that the average American equates being wealthy with a net worth of approximately $2.2 million.
How much money do you need to be in the top 1%? ›
You need more money than ever to enter the ranks of the top 1% of the richest Americans. To join the club of the wealthiest citizens in the U.S., you'll need at least $5.8 million, up about 15% up from $5.1 million one year ago, according to global real estate company Knight Frank's 2024 Wealth Report.
What is considered a high salary in 2023? ›
According to the Bureau of Labor Statistics, the average American earns $54,132, while those who have the top ten highest-earning jobs take home more than $120,000 a year or at least $10,000 a month. A number of those in the top tier are in the field of health care.
What is the top 5 percent income in 2023? ›
What are the annual wages of top earners?
| Bracket | Average annual wages |
|---|
| Top 0.1% | $3,212,486 |
| Top 1% | $823,763 |
| Top 5% | $342,987 |
| Top 10% | $173,176 |
Apr 30, 2024
Upper middle class: Households in the 60th to 80th percentile, with incomes between $89,745 and $149,131. Upper class: The top 20% of earners, with household incomes of $149,132 or more.
What income is considered upper class? ›
Upper middle class: Anyone with earnings in the 60th to 80th percentile would be considered upper middle class. Those in the upper middle class have incomes between $89,745 and $149,131. Upper class: Finally, the upper class is the top 20% of earners and they have incomes of $149,132 or higher.
What salary is considered rich for a single person? ›
Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year. The top 5% of income earners make $335,891 per year.
What income is middle class? ›
As of 2022 (the most recent Census data), the average median household income in the U.S. was $73,914, meaning the national range for the middle class is roughly $49,271 to $147,828.
What is the top 1 earners in the US? ›
For 2022, the average wage for working Americans was $61,136. The average wages of those in the top 1 percent of wage earners were $785,968 that year. In the rarefied top 0.1 percent, the average earnings were more than $2.8 million in 2022.
What is a good monthly pay? ›
How Much Do Hourly Jobs Pay per Month?
| Annual Salary | Monthly Pay |
|---|
| Top Earners | $87,500 | $7,291 |
| 75th Percentile | $58,000 | $4,833 |
| Average | $55,788 | $4,649 |
| 25th Percentile | $52,000 | $4,333 |
In most parts of the country, a $100,000 salary is considered good; maybe even very, very good. It can be more than enough for an individual or even a small family to live comfortably.
Is $80,000 a good salary 2023? ›
An $80,000 annual salary might sound like a decent pile of money — and in fact it's about $10K higher than the national median household income of $70,784. However, a recent Bankrate study found that financial distress can strike even those making $80,000 per year.
What is considered wealthy in 2023? ›
U.S. wealth percentiles provide clearer picture of where you rank. According to Schwab's 2023 Modern Wealth Survey, its seventh annual, Americans said it takes an average net worth of $2.2 million to qualify a person as being wealthy. (Net worth is the sum of your assets minus your liabilities.)
How much net worth to be in top 1? ›
In the U.S., it may take you $5.81 million to be in the top 1%, but it takes a minimum net worth of $30 million to be considered among the ultra-high net worth crowd.
What is the average American income in 2023? ›
How much does the average American make a year? According to the U.S. Bureau of Labor, the average U.S. annual salary in Q4 of 2023 was $59,384. This is up 5.4% from the same time period in 2022 when the average American was making $56,316 per year.
What is considered a lot of money in 2023? ›
$2.2 million
That's how much net worth an American needs to be considered wealthy in 2023, according to the Charles Schwab Modern Wealth Survey. The survey, which polled more than 1,000 adults online in March, asked Americans how much money a person in their area would need to be wealthy.
What is the average net worth in 2023? ›
Household net worth by age
| Age of head of family | Median net worth | Average net worth |
|---|
| Less than 35 | $39,000 | $183,500 |
| 35-44 | $135,600 | $549,600 |
| 45-54 | $247,200 | $975,800 |
| 55-64 | $364,500 | $1,566,900 |
2 more rowsAccording to Schwab's 2023 Modern Wealth Survey, Americans perceive an average net worth of $2.2 million as wealthy. Knight Frank's research indicates that a net worth of $4.4 million is required to be in the top 1% in America, a figure much higher than in countries like Japan, the U.K. and Australia.
At what point are you considered rich? ›
Someone who has $1 million in liquid assets, for instance, is usually considered to be a high net worth (HNW) individual. You might need $5 million to $10 million to qualify as having a very high net worth while it may take $30 million or more to be considered ultra-high net worth.
