Here's the income it takes for a family to be part of the 1% in every state

The feeling of being wealthy is largely relative. One man's "rich" may be another man's "broke." 

Economically, however, the delineation is clear. A family in the United States needs a minimum annual income of $421,926 to be in the top 1% of earners, according to data adapted from an Economic Policy Institute report originally published in July 2018.

The average income for families in the top 1%? $1,316,985.

"In 2015, a family in the top 1 percent nationally received, on average, 26.3 times as much income as a family in the bottom 99 percent," the researchers, Estelle Sommelier and Mark Price, wrote.

In this data, the term family is used to represent one tax unit — either a single adult or married couple who files taxes and may or may not have dependents — and all figures are from 2015. The minimum income needed to be in the top 1% in every state ranges from $255,000 in Arkansas to more than $700,000 in Connecticut.

Below, find out how much annual income it takes to be part of the 1% in every state, plus the average annual income of families in the 1%. The states and Washington, DC, are ranked in ascending order by annual income.

51. ArkansasWikimedia Commons

Minimum income to be in the top 1%: $255,050

Average income in the top 1%: $864,772



50. MississippiSean Pavone/Shutterstock

Minimum income to be in the top 1%: $254,362

Average income in the top 1%: $580,461



49. New MexicoJimack/Shutterstock

Minimum income to be in the top 1%: $255,429

Average income in the top 1%: $615,082



48. West VirginiaSteve Heap/Shutterstock

Minimum income to be in the top 1%: $258,078

Average income in the top 1%: $535,648



47. Kentuckyf11photo/Shutterstock

Minimum income to be in the top 1%: $274,818

Average income in the top 1%: $719.012



See the rest of the story at Business Insider

See Also:

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.