DALLAS (KDAF) — Money, it’s something that surrounds a majority of our lives in America and some of the most talked about people are the one-percenters, while the country is filled with rich people, just how much do you need to make in each state to be in the top 1%?
Not-so-breaking news, the vast majority of America is not anywhere close to being in the 1%, but Smart Asset released a study on just how much money you would need to make in order to be in the top 1%.
“The gap between the top 1% of earners and average Americans is stark. In fact, the average American household earns a median income of under $70,000, but in some places, the top 1% can earn as much as $974,000. Those annual earnings can seem far out of reach in a country where less than 10% of all households earn more than $200,000, according to the U.S. Census Bureau,” Smart Asset said in the study.
So, where did Texas land? Well, in the top 10, of course. To be in the top 1% you’ll need to have an income of $641.4K and to be in the top 5%, you’ll need an income of $258.4K.
Smart Asset wrote, "Roughly $374,700 will put you in the top 1% in West Virginia – the lowest threshold across the country. Mississippi follows, where taxpayers will need roughly $383,100 to be a top 1% taxpayer. There are just 11 additional states that require less than $500,000 to be in the top 1%."