To be in the top 1% of earners in the richest U.S. states and D.C., you need an annual income exceeding $1 million.
Washington, D.C. tops the list, requiring an income of $1,250,029 to join the top 1%.
Connecticut, Massachusetts, California, Washington, and New Jersey follow, all with thresholds over $1 million.
The thresholds are based on 2022 IRS tax return data adjusted for 2024 values by GOBankingRates.
D.C.'s higher threshold is due to a smaller population and a concentration of high-income earners in government-related sectors.
Connecticut's threshold is influenced by its financial services industry and high-paying hedge funds and investment firms.
Massachusetts ranks high due to lucrative industries like financial services, education, technology, and health care.
West Virginia has the lowest threshold for the top 1%, starting at $435,302.
The median 1% income threshold nationwide is $707,296.
High thresholds reflect the concentration of wealthy individuals in specific industries and regions.
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