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A study from SmartAsset shows how much a household need to make it in the top 1 percent of their respective state.
Posted July 31, 2023
The threshold for entering the top 1 percent income household varies from state to state, a study from SmartAsset shows how much it takes to climb the economic ladder in the two-state region.
The study, America’s Top 1% Is Different in Each State: From a $370k to $950K Income, analyzed data from the IRS and Bureau of Labor Statistics to determine the minimum income required to be among the top 1 percent of earners in each state.
Kansas
The Sunflower State ranked 27 with a top 1 percent threshold of $554,912 and a 1 percent tax rate of 25.03 percent.
Missouri
The Show-Me State trailed behind Its neighboring state Kansas and landed a rank of 38. The top 1 percent threshold came in at $500,626 with a 1 percent tax rate of 24.93 percent.
According to the study, households that make $652,657 are considered among the top 1 percent nationally. Furthermore, households in that group earn more than eight times as much as the median household, around $75,000.
A key insight from the study showed income thresholds vary widely in America’s four largest states California, New York, Florida and Texas.
It takes $844,266 and $776,662 to be in the top 1 percent in California and New York, respectively. However, households in Florida and Texas need less to be considered the top 1 percent as it takes $694,987 and $631,849, respectively.
View the full study, here.
