Earning $1,000,000 a year puts you in the top 1% of earners in some states
Living comfortably with an annual income of $1,000,000 is possible for most people. However, in certain states, this income level means that you have just entered the top 1% of earners.
To be in the top 1% in Connecticut, the highest threshold among all states, your household needs to earn a staggering $952,902, according to a recent analysis by SmartAsset. This is nearly three times the income required to be in the 1% in West Virginia, the state with the lowest threshold at $367,582.
Connecticut has one of the highest median household incomes in the country, standing at $90,730. This is well above the national median of $74,580, as reported by the Census Bureau.
If your household earns $700,000 a year, you would be part of the top 1% nationwide and well above the middle class. This income level is sufficient for any state in the South or Midwest. However, it falls short in seven states.
The Northeast dominates the rankings, with five out of the top 10 states with the highest 1% thresholds located in this region. The average income needed to be in the top 1% in these states is $696,358. This is higher than the national average of $652,657.
Southern states tend to have lower 1% income thresholds, with an average income of $526,592 required to be among the top earners. The Midwest has slightly higher thresholds, with an average income of $544,525 needed to crack the top 1% in those states.
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