Study: Here's what you have to make to be in the top 1% in every state

DENVER (KDVR) – Are you part of the top 1%? Well, it depends heavily on which state you live in, according to a new study by GoBankingRates.

The study used Internal Revenue Service data from 2021 and 2022 to determine the top 1% threshold was for all states. The amounts were adjusted for inflation.

Five states — Connecticut, Massachusetts, California, Washington and New Jersey — all require people to earn $1 million or more to be considered part of the 1%.

The 10 states with the highest incomes needed to be in the 1% of earners:

1. Connecticut - $1,192,947
2. Massachusetts - $1,152,992
3. California - $1,072,248
4. Washington - $1,024,599
5. New Jersey - $1,010,101
6. New York - $999,747
7. Colorado - $896,273
8. Florida -  $882,302
9. Wyoming - $872,896
10. New Hampshire - $839,742

West Virginia had the lowest income needed to be part of its 1%, at $435,302 a year. That's less than half of the amount required in all but nine of the top 10 states.

The 10 states with the lowest threshold to the 1% club:

GoBankingRates used the most recent IRS tax return data (2021 data pulled from 2022 returns) when calculating each state's figures. More information is available in the study.

How does the 1% compare to everyone else?

The U.S. Census Bureau found that the real median household income in 2022 was $74,580. Recent data shows that that number fluctuates dramatically, evidenced by the states on either end of the spectrum, however.

For a family with one earner, the median is $51,554 in Mississippi, compared to $85,933 in the District of Columbia.