Can You Guess Which State Requires The Lowest Income To Join The Top 1%? You May Be Surprised At How Little It Takes To Be Rich Here

If someone told you that earning $435,000 a year would make you one of the top 1% of earners in a U.S. state, you might scoff and guess somewhere obscure. But the real answer? It's West Virginia, where earning nearly half what's required in places like Connecticut or California can secure a spot among the financial elite.

Don't Miss:

• Can you guess how many Americans successfully retire with $1,000,000 saved? The percentage may shock you.
• Are you rich? Here’s what Americans think you need to be considered wealthy.

In West Virginia, an annual income of $435,302 gets you into the exclusive top 1% club. Compare that to Connecticut, where you'd need a whopping $1,192,947 or California at $1,072,248. The disparity is striking, but it highlights a deeper conversation about regional living costs, economic opportunities and what it means to feel "rich" in America.

How Does West Virginia Compare to Other States?

While West Virginia tops the charts for the lowest income threshold to join the top 1%, a few other states also have relatively "affordable" entries into the elite bracket:

• Mississippi: $456,309
• New Mexico: $493,013

These figures pale in comparison to states like New York, Massachusetts or even Texas, where top earners require closer to – or over – a million dollars annually.

See Also: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here’s how you can earn passive income with just $100.

What's the Average Salary in West Virginia?

As of 2024, the average salary in West Virginia is roughly $55,560 per year, significantly lower than the national average of around $74,000. This gap speaks volumes about the state's economic makeup. Many industries in West Virginia, like mining, manufacturing and health care, don't offer the kind of high salaries seen in tech or finance-driven states.

This contrast between average and elite incomes shows that while $435,000 might make you a top dog, most West Virginians live in a much more modest income range.

Trending: Groundbreaking trading app with a ‘Buy-Now-Pay-Later' feature for stocks tackles the $644 billion margin lending market – here’s how to get equity in it with just $100

Why Does It Take Less to Be Wealthy Here?

The reasons for West Virginia's lower threshold are pretty straightforward:

Cost of Living: West Virginia's cost of living is among the lowest in the nation. Essentials like housing, groceries and utilities cost significantly less than in coastal states.

Housing Market: Zillow reports the average home value in West Virginia is just $168,172, compared to the national median of $412,000. That's an enormous gap – and a huge factor in what a top salary can get you here. 

Economic Landscape: The state lacks industries with high-paying jobs, like tech or investment banking. Fewer massive salaries mean the bar for the 1% stays lower.

Trending: Can you guess how many retire with a $5,000,000 nest egg? The percentage may shock you.

Does This Mean a Better Quality of Life?

Maybe. With a lower cost of living, $435,000 goes much further in West Virginia than in Connecticut or California. That money can buy a beautiful home, cover all your expenses and leave plenty for savings and vacations. For many, that's the dream.

But it's not all roses. The state's economic challenges mean fewer opportunities for upward mobility and fewer options for high-paying careers. The trade-off for affordability can be fewer chances to earn more.

See Also: These five entrepreneurs are worth $223 billion – they all believe in one platform that offers a 7-9% target yield with monthly dividends

Would You Feel Rich Here?

Wealth is relative. A $435,000 salary in West Virginia is undeniably "rich." Still, it might not come with the same perks as being wealthy in a bigger city – fewer Michelin-starred restaurants, no bustling nightlife and fewer big-name career opportunities.

Would you trade the hustle of a high-cost state for the affordability and natural beauty of West Virginia? It all comes down to your priorities. If you're looking for a place where your money stretches further, West Virginia makes a strong case – especially for high-paid remote workers who aren't limited by the state's average income levels. It might just be the perfect blend of opportunity and simplicity.

Read Next:

• Many are using this retirement income calculator to check if they’re on pace — here’s a breakdown on what’s behind this formula.
• Studies show 50% of consumers think Financial Advisors cost much more than they do — to debunk this, this company provides matching for free and a complimentary first call with the matched advisor.