What you need to earn to join the top 1% in every US state and DC
Frances Carruthers
02 May 2019
What you need to earn to join the 1% where you live
Across America there's a huge gap between how much you need to take home to be one of the top 1% of earners. Using data from the Economic Policy Institute, we’ve looked at just how much it takes to be within this elite group across all 51 states and DC. All net worth figures are from Forbes.
51) Mississippi: $254,362
Mississippi is the birthplace of the world’s first black billionaire, Oprah Winfrey. As she’s now based in California, the state’s wealthiest resident is Leslie Lampton, founder of refining and chemicals conglomerate Ergon, who’s thought to have a net worth of $760 million. The threshold for being within the top 1% of earners is lower than any other state in the US though, at just $254,362 per year.
50) Arkansas: $255,050
You need to be earning $255,050 a year to make it into the top 1% in Arkansas. The Walton family – heirs of Sam Walton who founded Walmart – reign supreme in the state, with Jim Walton (pictured) worth a staggering $46.8 billion according to Forbes.
49) New Mexico: $255,429
New Mexico is one of six US states currently without a billionaire among its citizens, although the state’s richest person Mack Chase (pictured) is getting close, with an estimated $700 million to his name. The 87-year old entrepreneur made his fortune thanks to the state’s abundant oil reserves, and currently runs Mack Energy Corp.
48) West Virginia: $258,078
The Mountain State is probably better known for its beautiful landscapes than booming businesses, so it’s no wonder there’s a low threshold for being in the top 1% of earners. West Virginia’s only billionaire is Jim Justice II (pictured), a coal magnate who has recently been elected as governor.
47) Kentucky: $274,818
As well as having two billionaires, Kentucky is home to basketball coach John Calipari (pictured), who’s widely regarded as one of the best recruiters in college basketball history and earns an impressive $6.5 million a year.
46) Alabama: $297,564
Back in 2014, Alabama lost its wealthiest resident when Margeurite Herbert passed away, leaving lumber producer Jimmy Rane (pictured), worth $950 million, as the richest man in the state. The earnings threshold for joining the 1% here is $297,564.
45) Maine: $303,897
The easternmost state is home to Stephen King (pictured), one of the world's richest authors with an estimated $400 million to his name. In Maine, edging into the richest percentile means earning at least $303,897 a year.
44) Hawaii: $310,566
This remote island state might attract wealthy vacationers, but there are far less millionaires and billionaires who choose to stay. The richest Hawaiian resident is Pierre Omidyar (pictured left), founder of eBay, who is worth an impressive $12.9 billion.
43) Idaho: $314,532
Idaho’s richest person Frank VanderSloot (pictured) is worth $4.5 billion, according to Forbes, as well as being in the top 100 landowners in America. If you’re an Idaho resident and want to join the top 1% of earners, the threshold is comparatively low at $314,532.
42) Indiana: $316,756
This Midwestern state is home to three billionaires: Carl Cook, owner of medical devices company Cook Group (worth $8.7 billion); Herb Simon, owner of basketball team the Indiana Pacers (worth $3.4 billion); and Jim Isray, Indianapolis Colts owner (worth $2.7 billion, pictured left). To make it into the 1% club here you’ll need to be earning $316,756.
41) Louisiana: $318,393
After Tom Benson (pictured) passed away, his wife Gayle became Louisiana’s richest person, with a current net worth of $2.9 billion. To fall within the 1% of top earners in the state, you need to be raking in $318,393 a year.
40) South Carolina: $318,463
South Carolina is home to two female billionaires: Anita Zucker, Chairwoman and CEO of InterTech; and Darla Moore (pictured), former president of investment firm Rainwater Inc., founded by her late husband Richard Rainwater. To become one of the state’s top-earning residents you have to take home $318,463 a year.
39) Montana: $321,849
The Treasure State’s main industries are agriculture, travel, tourism, timber and mining, and its richest resident Dennis Washington (pictured) is worth an impressive $6.1 billion. To make the top 1% you have to be earning a little over $320,000 a year.
38) Vermont: $321,969
In at number 38 is Vermont, a state probably better known for its wealth of natural beauty than wealthy people. It’s one of the six US states without a billionaire, with the richest person being John Abele (pictured), although his $630 million fortune is not to be sniffed at.
37) Missouri: $326,839
To crack the top 1% in Missouri you’ll have to be taking home $326,839 a year. Real estate and sports tycoon Stanley Kroenke, with a net worth of $8.8 billion, is the state’s richest resident.
36) Michigan: $328,649
The richest person in Michigan is Ronda Stryker, owner of Stryker Corp. medical devices company. But the state’s not short of billionaires with an impressive six, including Little Caesars Pizza founder Marian Ilitch (pictured), who is worth $4.1 billion. To make the top 1%, you need to earn almost $330,000 a year.
35) Arizona: $331,074
Arizona is home to its fair share of deep-pocketed entrepreneurs and wealthy heirs, including John Dorrance, the grandson of Campbell Soup Company founder Joseph Dorrance, as well as GoDaddy.com founder Bob Parsons (pictured). For those of us with a little less cash, the threshold to make the top 1% of earners is a slightly more achievable $331,074.
34) Iowa: $331,572
This Midwestern state is home to Dennis Albaugh, worth an estimated $1.5 billion, who also happens to own one of the largest Chevrolet collections in the world. To be among the top percentile of earners in the state, you’ll need to take home $331,572 a year.
33) Tennessee: $332,913
With a top 1% income threshold of $332,913, making it somewhere near the middle of the pack, Tennessee has surprisingly high levels of income inequality, ranking in 11th place according to a 2018 survey by Zippia. Among the highest earners is Jimmy Haslam (pictured), CEO of Pilot Flying J, who is worth $2.8 billion.
32) Oklahoma: $333,139
The combined net worth of Oklahoma’s six billionaires is $37.7 billion, although the state lost one of its super-rich residents back in 2016 with the death of Aubrey McClendon (pictured left). If you’re an Oklahoman and want to get in the 1% club, you’ll need to be earning $333,139 a year.
31) Ohio: $334,979
The threshold for being in the top 1% of earners in Ohio is $334,979. The wealthiest Ohioan is Les Wexner (pictured), CEO of L Brands, owner of Victoria’s Secret. He’s worth $4.6 billion according to Forbes.
30) Delaware: $340,770
Another of the six states without a billionaire, Delaware is home to centi-millionaire Robert Gore (pictured) who is credited with inventing the waterproof fabric Gore-Tex. To join him in the top 1% of earners you need to take home at least $340,770.
29) Nevada: $341,335
Home to the notorious Sin City, it’s no surprise that Nevada’s richest person made his fortune through casinos. Self-made billionaire Sheldon Adelson (pictured) is worth a mind-boggling $39 billion, although the amount you’d need to earn to crack the top 1% of earners is far lower at $341,335 a year.
28) North Carolina: $343,066
Coming in at 12 places higher on the list than its Southern neighbor, North Carolina’s four billionaires made their fortunes in the tech and drug testing industries. Jim Goodnight (pictured), worth $10.2 billion, is the wealthiest resident, meanwhile the rest of the top percentile earn at least $343,066 a year.
27) Rhode Island: $346,657
This small New England state sits near the middle of the pack in terms of its highest earners. If you’re a resident and earn $346,657 or more, you’d be within the top 1%, along with Rhode Islanders like Jonathan Nelson (pictured right), the CEO of Providence Equity Partners, who's worth $1.8 billion.
26) Wisconsin: $349,905
Slap-bang in the middle of the rankings is Wisconsin, a Midwestern state home to nine billionaires. Among them is Judy Faulkner (pictured), the founder of America’s leading medical record software company Epic Systems, who has a personal net worth of $3.6 billion. To make it into the 1% club you need to earn at least $349,905.
25) Oregon: $358,937
Among Oregon’s wealthiest people is Nike co-founder and chairman Phil Knight (pictured), an octogenarian with a net worth of $34.6 billion. To join him in the top 1% you have to earn at least $358,937 a year.
24) Nebraska: $363,310
You’re likely to recognize Nebraska’s richest resident – the investment mogul Warren Buffett, who made his $89.4 billion fortune via his company Berkshire Hathaway. The state was ranked as the fifth-best US state for business by Forbes last year, while the threshold for being in the top 1% of earners is $363,310.
23) Georgia: $371,811
This southeastern state has nine billionaires, including Spanx founder Sara Blakely, media mogul Ted Turner and Jim Kennedy (pictured), who is chairman of Cox Enterprises and is worth $9.8 billion. If you want to make it into the 1% club, you’ll need to earn $371,811.
22) Utah: $374,467
In at number 22 is Utah, whose richest resident is Gail Miller (pictured), owner of Utah Jazz, with a personal net worth of $1.4 billion. The top 1% of earners in the state bring home at least $374,467 a year.
21) Kansas: $375,344
This Midwestern state is home to just one billionaire, Garmin co-founder Min Kao (pictured), who has the GPS technology firm to thank for his $3.8 billion fortune. As for the rest of the top percentile, they all earn at least $375,344.
20) Pennsylvania: $388,593
The Keystone State counts anyone earning more than $388,593 among its top 1% of earners. Michael Rubin (pictured), who is CEO of e-commerce company Kynetic, is one of the state’s wealthiest people with a net worth of $3 billion.
19) Alaska: $400,017
Alaska might not be the richest state but it’s the most equal. The top 1% earned an average of 12.7 times the national average household income, which is staggering when compared to the least equal state, New York, where the top 1% earned 44 times the average income. As for breaking into that top percentile, Alaskans need to earn just over $400,000. Pictured are its richest residents: Leonard Hyde (left) and Jonathan Rubini (right) of JL Properties.
18) New Hampshire: $405,286
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Among the richest residents of New Hampshire is Martin Trust, founder of Brandot International and the Martin Trust Center for MIT Entrepreneurship, who has a reported net worth of around $600 million. The top 1% of earners take home at least $405,286 a year.
17) Wyoming: $405,596
The richest person in Wyoming made his fortune from the nation’s sweet tooth: John Mars, worth $26.6 billion, is heir to candy giant Mars, which was founded by his grandfather. Meanwhile Wal-Mart heiress Christy Walton (pictured) is another of the state's wealthiest residents. Any Wyoming residents who earn at least $405,596 can join them in the 1% club.
16) South Dakota: $407,406
While the state is not as wealthy as its oil-rich northern neighbor, South Dakotans still need to earn a hefty $407,406 a year to be within the top percentile. Among the more well-known wealthy residents is T. Denny Sanford (pictured), founder of First Premier Bank.
15) Florida: $417,587
The Sunshine State is the second most unequal state, with the top 1% of people earning 40 times the average income. If you’re wondering whether you’d make the top percentile for earnings, the threshold is fairly high at $417,587. Wealthy Floridians include business tycoon Shahid Khan (pictured), who owns several sports clubs and is worth $7.2 billion.
14) Virginia: $425,144
Virginia is home to another member of the Mars family, Jacqueline Mars, who is worth $26.6 billion. Residents can expect to be within the top 1% of earners if they make $425,144 or more each year.
13) Texas: $440,758
With an abundance of wealthy ranchers, it comes as little surprise that Texas is high up on the list, with Texans having to earn at least $440,758 a year to make it into the 1% club. Wal-Mart heiress Alice Walton (pictured) is among its richest people with a net worth of $46.6 billion.
12) Minnesota: $443,118
Minnesota is home to the heirs of the world’s biggest agriculture business Cargill, one of whom is Martha MacMillan (pictured). Along with John and Whitney MacMillan, she’s in Minnesota’s 1% club – you need to earn $443,118 a year to join.
11) North Dakota: $445,415
Despite the fact you’d have to rake in $445,415 a year to make the top 1% of earners in North Dakota, it’s one of just six US states without a single billionaire resident. The richest person is Gary Tharaldson (pictured), property mogul and investor with a net worth of $900 million.
10) Maryland: $445,783
Conversely, Maryland isn’t short of billionaires: it has nine, to be precise. One of whom is David Rubenstein (pictured), co-founder of investment firm Carlyle group with a net worth of $2.8 billion, while the rest of the top 1% earn at least $445,783 a year.
9) Washington state: $451,395
The richest man in the world Jeff Bezos lives in Washington state, as do Microsoft founder Bill Gates, Starbucks founder Howard Schultz and Trident Seafoods founder Chuck Bundrant. Making it into the top percentile of earners requires you to take home $451,395 a year or more.
8) Illinois: $456,377
There are 11 billionaire heirs to the Hyatt Hotels fortune, among which is Illinoisan Gigi Pritzker (pictured). People in the state’s top earnings percentile pocket at least $456,377 a year.
7) Colorado: $458,576
Who’s in the 1% club in Colorado? Philip Anschutz (pictured), an oil and entertainment magnate worth $11.1 billion, and Charles Ergen, a satellite TV mogul worth $10.3 billion, although the threshold for joining the elite club is $458,576.
6) California: $514,694
Containing tech hub Silicon Valley, it’s little surprise that California has a number of big earners. Among them are the likes of Facebook’s Mark Zuckerberg, with a staggering $71.7 billion to his name. In California earning $514,694 a year would put you in the top 1%.
5) New York: $550,174
New York City is home to more billionaires than any other city on the planet (fashion legend Ralph Lauren pictured), but it’s also situated within the most unequal state in the nation. With the top percentile earning 44 times the average income, there’s a huge income gap between the richest and poorest New Yorkers. To reach the top 1% of earners here you need to take home at least $550,174 a year.
4) Massachusetts: $582,774
There are a massive 34 billionaires in Massachusetts, with the threshold for being in the top 1% of earners at $582,774 a year. One of the state’s wealthiest residents is Abigail Johnson, CEO of Fidelity Investments, who is worth $17.6 billion.
3) New Jersey: $588,575
In third place, if you live in New Jersey you must earn at least $588,575 a year in order to be in the top 1%. With a net worth of $12.4 billion, Donald Newhouse (pictured), the president of Advance Publications – the company that owns Vanity Fair, The New Yorker and Vogue – is the state’s richest man.
2) District of Columbia: $598,155
With billionaire President Donald Trump currently sitting in the White House, it’s little surprise that the capital is also one of the wealthiest parts of the US. To join him in the top percentile of earners, you need to bring home the best part of $600,000.
Find out which city attracts more ultra-rich people than any other
1) Connecticut: $700,800
At the top of the pile, Connecticut residents must earn almost three times as much as Mississippians in order to make it into the top 1% in their state. It’s home to Ray Dalio (pictured), founder of the world’s biggest hedge fund firm Bridgewater Associates.
Now discover the average household's wealth in every state and DC
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