Here's the salary you need to be in the top 1% in NY, NJ, CT
NEW YORK - What does it take to be among the top 1% in NY, NJ and CT?
Personal finance site GoBankingRates used IRS data from 2021, the most recent available tax year data, and adjusted it to reflect 2024 dollar values in order to find the top 1% income threshold for each state.
Here's where New York, New Jersey and Connecticut ranked.
New York
- New York ranked 6th overall, where you need to earn $999,747 to be a part of the top 1%.
New Jersey
- New Jersey ranked 5th overall, where you need to earn $1,010,101 to be a part of the top 1%.
Connecticut
- Connecticut ranked 1st overall, where you need to earn $1,192,947 to be a part of the top 1%.
"Somewhat surprisingly, the Northeast beats out the West Coast for the highest incomes needed to crack the top 1%," the website said.
What is the ‘top 1%?’
The "top 1%" is a term that generally refers to the wealthiest people in a population based on income or net worth.
The data from the Economic Policy Institute (EPI) shows that annual wages for the top 1% in 2021 in the U.S. reached $819,324 on average. Those considered to be in the top 0.1% earned an average of $3,312,693 annually.
Meanwhile, those in the bottom 90% earned an average income of $36,571 annually, EPI data showed.
Income needed to be in top 1% in all 50 US states
- Connecticut: $1,192,947
- Massachusetts: $1,152,992
- California: $1,072,248
- Washington: $1,024,599
- New Jersey: $1,010,101
- New York: $999,747
- Colorado: $896,273
- Florida: $882,302
- Wyoming: $872,896
- New Hampshire: $839,742
- Utah: $811,929
- Illinois: $811,004
- Nevada: $804,627
- Texas: $789,003
- Virginia: $787,471
- Maryland: $767,688
- Minnesota: $755,880
- South Dakota: $752,849
- Montana: $741,182
- Idaho: $728,859
- Georgia: $725,284
- Pennsylvania: $720,778
- Arizona: $713,264
- North Dakota: $708,284
- Oregon: $707,296
- Tennessee: $702,934
- North Carolina: $688,506
- Kansas: $674,225
- Rhode Island: $673,902
- Nebraska: $651,641
- Vermont: $645,255
- Alaska: $642,707
- Delaware: $640,330
- South Carolina: $632,805
- Wisconsin: $631,993
- Hawaii: $631,383
- Michigan: $625,158
- Missouri: $610,837
- Maine: $609,173
- Louisiana: $608,143
- Ohio: $601,685
- Iowa: $591,921
- Alabama: $577,017
- Indiana: $572,403
- Oklahoma: $559,981
- Arkansas: $550,469
- Kentucky: $532,013
- New Mexico: $493,013
- Mississippi: $456,309
- West Virginia: $435,302
Kelly Hayes, with the FOX Digital team, helped contribute to this report.