How much money you need to earn to be in the top 1% in every U.S. state

When it comes to being rich, location matters.

That's because the amount of income you need to be in the top 1% of earners can vary by more than a half million dollars depending on which U.S. state you live in, according to a new analysis by personal finance website SmartAsset, which analyzed 2020 IRS data, adjusted to 2023 dollars. 

In Connecticut, households need to earn an annual income of $952,902 or more to be part of the top 1% of earners.

That's nearly three times the amount needed to be in the top 1% of earners in West Virginia, where the threshold is $367,582.

Nationally, households making $652,657 or more are considered among the top 1% — nearly eight times the median household income, which is about $75,000, according to the study.

States with large urban hubs like California and New York tend to have higher-paid residents when compared with rural Southern and Midwestern states like Mississippi or Iowa, per SmartAsset's analysis.

While residents in more urban states tend to earn more, they also generally have a higher cost of living, which somewhat offsets those larger incomes.

Below are the household incomes needed to be part of the top 1% in each state, ranked from the highest threshold to the lowest.

1. Connecticut

• Top 1% income threshold: $952,902 

2. Massachusetts

• Top 1% income threshold: $903,401 

3. California

• Top 1% income threshold: $844,266 

4. New Jersey

• Top 1% income threshold: $817,346 

5. Washington

• Top 1% income threshold: $804,853 

6. New York

• Top 1% income threshold: $776,662 

7. Colorado

• Top 1% income threshold: $709,092 

8. Florida

• Top 1% income threshold: $694,987 

9. Illinois

• Top 1% income threshold: $660,810 

10. New Hampshire

• Top 1% income threshold: $659,037 

11. Wyoming

• Top 1% income threshold: $656,118 

12. Virginia

• Top 1% income threshold: $643,848 

13. Maryland

• Top 1% income threshold: $633,333 

14. Texas

• Top 1% income threshold: $631,849 

15. Utah

• Top 1% income threshold: $630,544 

16. Minnesota

• Top 1% income threshold: $626,451 

17. Nevada

• Top 1% income threshold: $603,751 

18. South Dakota

• Top 1% income threshold: $590,373 

19. Pennsylvania

• Top 1% income threshold: $588,702 

20. North Dakota

• Top 1% income threshold: $585,556 

21. Georgia

• Top 1% income threshold: $585,397 

22. Oregon

• Top 1% income threshold: $571,813 

23. Arizona

• Top 1% income threshold: $564,031 

24. Idaho

• Top 1% income threshold: $560,040 

25. North Carolina

• Top 1% income threshold: $559,762 

26. Montana

• Top 1% income threshold: $559,656 

27. Kansas

• Top 1% income threshold: $554,912 

28. Rhode Island

• Top 1% income threshold: $548,531 

29. Tennessee

• Top 1% income threshold: $548,329 

30. Alaska

• Top 1% income threshold: $542,824 

31. Nebraska

• Top 1% income threshold: $535,651 

32. Delaware

• Top 1% income threshold: $529,928 

33. Vermont

• Top 1% income threshold: $518,039 

34. Wisconsin

• Top 1% income threshold: $517,321 

35. South Carolina

• Top 1% income threshold: $508,427 

36. Michigan

• Top 1% income threshold: $504,671 

37. Maine

• Top 1% income threshold: $502,605 

38. Missouri

• Top 1% income threshold: $500,626 

39. Ohio

• Top 1% income threshold: $500,253 

40. Hawaii

• Top 1% income threshold: $495,263 

41. Iowa

• Top 1% income threshold: $483,985 

42. Indiana

• Top 1% income threshold: $473,685 

43. Alabama

• Top 1% income threshold: $470,341 

44. Oklahoma

• Top 1% income threshold: $460,172 

45. Louisiana

• Top 1% income threshold: $458,269 

46. Arkansas

• Top 1% income threshold: $450,700 

47. Kentucky

• Top 1% income threshold: $445,294 

48. New Mexico

• Top 1% income threshold: $411,395 

49. Mississippi

• Top 1% income threshold: $381,919 

50. West Virginia

• Top 1% income threshold: $367,582

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