HOW MUCH DO YOU HAVE TO MAKE TO BE IN THE TOP 1% BY STATE?September 21, 2018
The Top One Percent Income Levels By State
The Economic Policy Institute came out with a interesting report that chronicles the top one percent income levels by State. To save you the hassle of reading the whole report, let me share with you some of their charts, and my own thoughts on the subject for your review.
Key Takeaways From The Top 1% Map:
1) The top five highest one percent income states all reside on the East Coast! Connecticut ($678K), DC ($555K), New Jersey ($539K), Massachusetts ($532K), and New York ($506K). Connecticut, New York, and New Jersey are explainable due to Manhattan being one of the largest financial centers in the world. Massachusetts has top tier universities, research centers, and large money managers. But MA is somewhat surprising given real estate is so much cheaper than in many parts of New York, New Jersey, DC, and California. DC is also explainable because there are so many private industries just feeding off tax payer money. If you want to make big money, move to the northeast.
BIG DIFFERENCE BETWEEN TOP 1% AND TOP 0.1%
There are plenty of occupations that allow for people to earn top one percent income with a tremendous amount of education, longevity, and hard work. But the real money is not in being a working class citizen. Take a look at the chart below of the difference between the top 1% income threshold and the top 0.01% income threshold. The top 0.01% income threshold is outrageous!