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Friday, 31 August 2018

The 1% club: How much you need to take home to be in the top percent of earners in each state

  • Researchers found out how much you would need to earn to count yourself among top 1 per cent in each state
  • Lowest was Mississippi, where a salary of just over $250,000 was enough to join the exclusive club 
  • Highest was Connecticut where you would need to earn $700,000 to be counted among the state's richest 
  • Study by the Economic Policy Institute revealed huge discrepancies in wealth even among the wealthiest
The top 1 per cent - it is a phrase you hear a lot, especially since politicians like Bernie Sanders began repeating it at rallies. But what does being in the exclusive club actually look like?
Researchers from the Economic Policy Institute found out the minimum a person would have to earn to count themselves among the top percent in each state, and uncovered a discrepancy even among the very richest.
Mississippi is where the bar to entry drops lowest, with someone having to earn just over $250,000 per year to qualify as among the most valuable in the state.
A map showing the discrepancy of wealth among the very richest in America. Blue and green states show where the bar to entering the 1 per cent club is lowest, while those in yellow and red show where you have to earn the most to enter
A map showing the discrepancy of wealth among the very richest in America. Blue and green states show where the bar to entering the 1 per cent club is lowest, while those in yellow and red show where you have to earn the most to enter
But in Connecticut, that salary is nowhere near the top end of the scale, with people here having to earn at least $700,000 each year to count themselves among the very richest.
The study also established what the average actual salary of the top 1 per cent was in each state.
Unsurprisingly Connecticut comes out on top again, with an average salary of $2.5million but coming in second was New York with an average of $2.2million.
That is despite the fact that New York has a minimum salary of $500,000 to join the 1 per cent club, meaning a huge discrepancy between wages paid to the very top earners.
Perhaps surprisingly, given the amount of wealth concentrated in the state, California did not rank in the top five either in terms of salary required to join the 1 per cent club, or average 1 percenter salary.
In its research, the EPI singled out Jackson, WY as the most unequal location in the entire country. The data was complied using tax returns from 2015.
Taken across the whole of America, you need to earn a salary of $421,926 to count yourself among the top 1 per cent, while the bottom 99 per cent earned an average of $50,107 per year.
An EPI spokesman told CNBC: 'In 2015, the top 1 per cent of families in the U.S. earned, on average, 26.3 times as much income as the bottom 99 per cent.' 
The richest of the rich: What does it mean to be among the wealthiest of Americans in each state? 
StateAnnual income required to be in the top 1 percent ($)Average annual income of the top 1 percent ($)
MISSISSIPPI254,362580,461
ARKANSAS255,050864,772
NEW MEXICO255,429615,082
WEST VIRGINIA258,078535,648
KENTUCKY274,818719,012
ALABAMA297,564743,644
MAINE303,897655,870
HAWAII310,566797,001
IDAHO314,532829,268
INDIANA316,756804,275
LOUISIANA318,393814,386
SOUTH CAROLINA318,463761,185
MONTANA321,849855,976
VERMONT321,969816,579
MISSOURI326,839944,804
MICHIGAN328,649917,701
ARIZONA331,074882,657
IOWA331,572788,419
TENNESSEE332,913947,021
OKLAHOMA333,139932,520
OHIO334,979858,965
DELAWARE340,770869,461
NEVADA341,3351,354,780
NORTH CAROLINA343,066902,972
RHODE ISLAND346,657928,204
WISCONSIN349,905964,358
OREGON358,937908,898
NEBRASKA363,310945,869
GEORGIA371,811995,576
UTAH374,4671,057,066
KANSAS375,3441,034,676
PENNSYLVANIA388,5931,100,962
ALASKA400,017910,059
NEW HAMPSHIRE405,2861,134,101
WYOMING405,5961,900,659
SOUTH DAKOTA407,4061,130,048
FLORIDA417,5871,543,124
VIRGINIA425,1441,109,984
TEXAS440,7581,343,897
MINNESOTA443,1181,185,581
NORTH DAKOTA445,4151,080,845
MARYLAND445,7831,135,718
WASHINGTON451,3951,383,223
ILLINOIS456,3771,412,024
COLORADO458,5761,261,053
CALIFORNIA514,6941,693,094
NEW YORK550,1742,202,480
MASSACHUSETTS582,7741,904,805
NEW JERSEY588,5751,581,829
DISTRICT OF COLUMBIA598,1551,858,878
CONNECTICUT700,8002,522,806
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1 comment:

  1. The 99% cannot afford to live on$50k a year, thanks to laws written to favor businesses owned not by the 1%(I.e. useful idiots), but the. 001%, who are actual owners of the planet.

    ReplyDelete