How much money do you need to make to be number 1 in the US?

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Analysis to date from the IRS shows how much money you need to make to be in the top one percent in the US. While you'll need to earn more than half a million dollars a year to enter the elite club nationally, you can be the crème de la crème in some states for significantly less.

However, that more modest income would not be even half of what is considered the one-percent in other states. This highlights the results of just another study on how much the wealth gap between the have and have not grown.

What it takes to be in the top 1% in the US

Using 2018 data from the IRS and adjusting for inflation using the Bureau of Labor Statistics' Consumer Price Index to 2021 dollars, SmartAsset found that what is considered part of the top 1% of earners nationally, an American Family income requirement is $597,815. However, in the 50 states the range approaches $900,000 in Connecticut, from a little over $350,000 in West Virginia.

It should come as no surprise that you'll find that most one percenters live in states with large metropolitan areas. Eight of the ten states with the highest threshold to enter the top 1% are located on the coast.

If you're content to be part of the top five percent nationally, you'll need to earn just under half that, or $240,712 annually.

States with highest threshold to be in the top 1%

Connecticut	$896,490
Massachusetts	$810,256
New York	$777,126
New Jersey	$760,462
California	$745,314

States with lowest threshold to be in the top 1%

West Virginia	$350,212
Mississippi	$361,462
New Mexico	$384,427
Arkansas	$411,633
Kentucky	$412,836

The rich are getting richer

Wealth distribution in the United States has been on the rise over the past few years, increasing dramatically during the pandemic. The Economic Policy Institute (EPI) analyzed wage trends for different income percentiles using data from the Social Security Administration and found that the top 1% saw more than four times as many increases as the bottom 90% over four decades. Saw it.

While the bottom 90% saw their wages increase by 28.2% between 1979 and 2020, the top 1% saw a 119.2% increase. The top 0.1% left the one-percenters in the rearview mirror, with their wage growth more than doubling at 389.1%. You'll need to earn a bit more to be among the top 1% of earners nationwide, taking home $823,763 per year, according to data analyzed by the EPI. However, their data only looked at salary income and not other sources of income that the IRS calculates for your tax burden.

EPI notes that the upward distribution of wages from the bottom 90% to the top 1.0% was particularly strong in the 2020 pandemic year. However, the wage pattern in 2020 was distorted by two factors, low inflation and rising unemployment.

The former raised average real wages, but did not affect distribution. Employment losses occurred primarily in low-paying jobs, "so the mix of jobs shifted toward higher-paying ones, artificially inflating average wages and sharply measured wage growth, especially in the bottom half." was born."