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How much do you need to be a ‘one-percenter’ in your state?

(NEXSTAR) – Data shows that the richest 1% of Americans control one-third of the country’s total wealth. But what it takes to be “one percent” can vary depending on where you live, a new analysis finds.

Personal finance website SmartAsset looked at data from the IRS and the Bureau of Labor Statistics to calculate the income needed to be a top earner in each state.

Nationally, households earning just over $652,650 are considered the richest. As for individual situations, smart asset The requirement was found to be in the top 1% from $368,000 to nearly $1 million.

The states with the highest 1 percent center floors were mainly along the coast, and those with the lowest floors were mainly in the center of the country.

Strictly speaking, it was the capital, not the state, that set the highest 1% threshold. According to SmartAsset research, Washington DC’s top earners earn at least $1,013,698. State-wise, neighboring Connecticut topped the list, with a 1 percent cutoff of $952,902.

A $50,000 reduction in income would put you in the top 1% in Massachusetts, which has the second highest income threshold.

According to SmartAsset, these five states need more income to be the richest residents.

  1. Connecticut: $952,902
  2. Massachusetts: $903,401
  3. California: $844,266
  4. New Jersey: $817,346
  5. Washington: $804,853

With the exception of Washington, these states have the highest tax rates for high-income earners, all at 26% or higher.

Smart Assets found that West Virginia has the lowest income threshold for high-income earners. The base value of $367,582 is almost a third of the floor in Connecticut.

Only one remaining state, Mississippi, had a 1 percent threshold of less than $300,000.

SmartAsset determined that these five states needed the lowest incomes to rank among the richest residents.

  1. West Virginia: $367,582
  2. Mississippi: $381,919
  3. New Mexico: $411,395
  4. Kentucky: $445,294
  5. Arkansas: $450,700

Three of these states—Arkansas, Mississippi, and West Virginia—have the lowest tax rates for high-income earners. All three states are below 24%, with Arkansas reporting the lowest in the United States at 21.11%.

You can view the full list of SmartAssets and their methodology. here.

The two states with the highest 1 percent requirements are also home to some of America’s richest people. Jeff Bezos and Bill Gates, both of whom call Washington state home, are ranked second and third on Forbes magazine’s latest list of net worth Americans. Also in the top 10 of Forbes’ list are Washington’s Steve Ballmer and California’s Larry Page and Sergey Brin.

Walmart owner Jim Walton, who calls Arkansas home, is the 10th richest American on the Forbes list.

Even if you had the same 1 percent stats as any of the numbers above, you’d probably never exceed them. They all boast net worths in the billions.

Copyright 2023 Nexstar Media Inc. All rights reserved. You may not publish, broadcast, rewrite or redistribute this material.

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