Here's the salary you need to be in the top 1% in NY, NJ, CT

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Published  July 17, 2024 12:20pm EDT
FOX 5 NY
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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. 

Here's how much money it takes to be 'rich' in NY, NJ, CT for 2024

A recent study by GOBankingRates examined the income thresholds required to be considered wealthy in every state, including NY, NJ and CT. Here's the full list.

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

  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
  11. Utah: $811,929
  12. Illinois: $811,004
  13. Nevada: $804,627
  14. Texas: $789,003
  15. Virginia: $787,471
  16. Maryland: $767,688 
  17. Minnesota: $755,880
  18. South Dakota: $752,849
  19. Montana: $741,182
  20. Idaho: $728,859
  21. Georgia: $725,284
  22. Pennsylvania: $720,778
  23. Arizona: $713,264
  24. North Dakota: $708,284
  25. Oregon: $707,296
  26. Tennessee: $702,934
  27. North Carolina: $688,506
  28. Kansas: $674,225
  29. Rhode Island: $673,902
  30. Nebraska: $651,641
  31. Vermont: $645,255
  32. Alaska: $642,707
  33. Delaware: $640,330
  34. South Carolina: $632,805
  35. Wisconsin: $631,993
  36. Hawaii: $631,383
  37. Michigan: $625,158
  38. Missouri: $610,837
  39. Maine: $609,173
  40. Louisiana: $608,143
  41. Ohio: $601,685
  42. Iowa: $591,921
  43. Alabama: $577,017
  44. Indiana: $572,403
  45. Oklahoma: $559,981
  46. Arkansas: $550,469
  47. Kentucky: $532,013
  48. New Mexico: $493,013
  49. Mississippi: $456,309
  50. West Virginia: $435,302 

Kelly Hayes, with the FOX Digital team, helped contribute to this report.