Are You A Top 1% Earner? Here's What You Need to Rake In To Be Among the Richest

Making six figures might feel impressive, but does it actually put you among the wealthiest in the country? If you're aiming for the top 1%, you'll need more than just a cushy salary—you'll need serious income power.

According to data from the Social Security Administration analyzed by Go Banking Rates, the income threshold to break into the top 1% in the U.S. is $794,129 per year. That means pulling in around $66,178 per month or $15,272 per week just to barely make the cut.

While that's an elite group, the numbers show that high earners actually saw a 3.3% decline from the previous year, meaning the top 1% isn't as untouchable as it once was. But even if you're not hitting those numbers, earning six figures could still land you in the top 5% or 10%—a ranking that's more attainable but still exclusive.

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How Much Do You Need To Be in the Top 1%?

Breaking into the top 1% isn't the same everywhere. In states like Connecticut and Massachusetts, the bar is set sky-high, while in places like West Virginia, you'll need significantly less to achieve elite status.

Top 10 States With the Highest 1% Income Thresholds:

1. Connecticut – $1,192,947
2. Massachusetts – $1,152,992
3. California – $1,072,248
4. Washington – $1,024,599
5. New Jersey – $1,010,101
6. New York – $999,747
7. Colorado – $896,273
8. Florida – $882,302
9. Wyoming – $872,896
10. New Hampshire – $839,742

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If you're earning less than $800,000 per year in Connecticut, you're still a long way from the top. In contrast, some states require far less to reach 1% status.

Top 10 States With the Lowest 1% Income Thresholds:

1. Ohio – $601,685
2. Iowa – $591,921
3. Alabama – $577,017
4. Indiana – $572,403
5. Oklahoma – $559,981
6. Arkansas – $550,469
7. Kentucky – $532,013
8. New Mexico – $493,013
9. Mississippi – $456,309
10. West Virginia – $435,302

That means the income needed to be in the 1% in Connecticut is more than $750,000 higher than in West Virginia. In other words, earning $800,000 in Mississippi might make you feel like royalty, while the same paycheck in California barely secures your spot at the table.

What About the Top 5% and 10%?

If you're not making $794,129 a year, you're not alone. But you might still rank among America's wealthiest, even if you don't crack the top 1%.

To be in the top 5%, you'll need an annual income of at least $342,987, while the top 10% starts at $173,176. These numbers vary by state but serve as a benchmark for high-income earners across the country.

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Wealthy, But Not Wealthy Enough? Here's What to Do Next

If your goal is to break into the 1%—or stay there—you'll need more than just a high salary. Wealth accumulation comes down to smart investing, tax planning, and asset protection. Many high earners fail to convert their income into lasting wealth because they don't structure their finances efficiently.

This is where a financial advisor can make all the difference. High-income earners often face complex tax situations, investment strategies, and wealth preservation issues that require expert guidance. Whether it's maximizing tax advantages, diversifying income streams, or estate planning, working with a professional can help ensure your earnings work for you in the long run.

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