This divide is primarily created by two factors: the ability of one class of people through hereditary or earned wealth to invest in the stock market; and the coronavirus, which disproportionately affects those near the bottom of the economic ladder. (JAMES PIERCE / Shutterstock), Minimum net worth of the states top 1%: $922,903 (410.9% more than median net worth) | Median net worth of all Indiana homeowners: $180,654 | Homeowners with net worth of $1 million or more: 57,800 | 2019 total population: 6,732,219. - 2019 total population: 2,976,149. Taylor owns stakes in the United FC soccer club, theWNBA's Lynx, and the NBA's Timberwolves. . Residents of the island, whose average income lies well north of $500,000 annually, can enjoy the resort-like amenities in their free time. - Minimum net worth of the state's top 1 percent: $1,657,975 (399.5 percent more than median net worth) Gore & Associates. Investing and budgeting app Empower (formerly Personal Capital) aggregated net worth data from its 2.8 million users who had connected retirement accounts, and it found that there are vast differences in median net worth from state to state. To determine the income needed to be in the top 1% of earners in each state, SmartAsset used 2018 data from the IRS for tax units (i.e. (romakoma / Shutterstock), Minimum net worth of the states top 1%: $1,498,043 (475.2% more than median net worth)| Median net worth of all North Dakota homeowners: $260,449 | Homeowners with net worth of $1 million or more: 14,946 | 2019 total population: 762,062. A large portion of Vermonts wealthiest residents live in Chittenden County, primarily in Shelburne, Vermont. While there are no billionaires in Delaware, the richest people in the state are siblings Elizabeth Snyder and Robert Gore, who each have a net worth of $885 million. Top 1% Don't know/none of these [ Click here to skip the exercise altogether and see the answer for a family with a combined net worth of $150,000, headed by someone age 45 to 54.] Residents like Abigail Johnson, CEO of Fidelity Investments, stand apart from the crowd with net worths in the billions. - Minimum net worth of the state's top 1 percent: $3,635,565 (838.1 percent more than median net worth) Residents there benefited until very recently from the presence of a nearby Cargill plant; Pauline MacMillan Keinath, heir to the Cargill fortune, still resides in the area and has a net worth of $4.9 billion. - Minimum net worth of the state's top 1 percent: $2,334,499 (765.1 percent more than median net worth) According to one study, McLean, Virginiahome to diplomats, politicians, and executivesis the third wealthiest city in the country. People with the top 1% of net worth in the U.S. in 2022 had $10,815,000 in net worth. What is the top .1% household net worth? Here's. Ray Dalio, founder of one of these hedge fundsBridgewatercalls the coastal city home. - 2019 total population: 3,956,971. Betterment will create a custom portfolio based on your needs, taking into account your financial goals, timeline and risk tolerance. In 2020, Ohio's richest person Les Wexner stepped down from the retail company he founded, L Brandsthe portfolio of which includes brands like Bath & Body Works, The Limited, and Victoria's Secretfollowing coverage of and questions about his relationship with Jeffrey Epstein. A short drive from Detroit is Bloomfield Hills, one of Michigans wealthiest areas. Top 1% earners in Nevada paid the highest total income tax share (50.10%) out of all 1% earners in 50 states. Who Are the One Percent in the United States by Income and Net Worth? The analysis used population estimates from the 2019 U.S. Census Bureau and net worth estimates from Windfall's wealth database of more than 80 million households. - Minimum net worth of the state's top 1 percent: $1,740,129 (429.2 percent more than median net worth) Finding a qualified financial advisor doesnt have to be hard. - Minimum net worth of the state's top 1 percent: $2,430,515 (748.8 percent more than median net worth) The top .1% bracket started around $43,207,732. Chicago is a hub for all types of industries and acts as headquarters for more than 400 major companies36 of which are on the Fortune 500 list. For added perspective,Jeff Bezos, Elon Musk, and Bill Gates together are worth more than $1 trillion. - Homeowners with net worth of $1 million or more: 25,323 Gore also invented a type of fabric called Gore-Tex that is often used in clothing and footwear made for the outdoors. - 2019 total population: 6,732,219. Koch, who has a net worth of $44.9 billion, is the CEO and chairman of his family business Koch Industries, which is the country's second-biggest private company based on revenue. - 2019 total population: 762,062. - Homeowners with net worth of $1 million or more: 10,558 The greater Boston-area is known for the success of its medical, intellectual, and financial industries. The average one percenter in the state pays a tax rate of 21.27%, and the 1% pays 41.55% of all income taxes in Arkansas. John Abele, a co-founder of Boston Scientific and the state's richest person, is one of the city's notable residents. It can be helpful to see how your net worth compares with others', broken down by age. New York: $817,796. Formerly known for its steel production, the area is now home to thriving health care, technology, education and financial services industries. Users will be asked to link their bank accounts, investments and retirement accounts. The top 1% income earners by state: how much you need to qualify Oklahoma City is also home to the state's richest person, Hobby Lobby founder David Green, and his family. Cary residentJames Goodnight is the richest person in the state with a net worth of $6.5 billion. Billionaire Harold Hamm, the founder of Continental Resources and fracking pioneer, lives in the area and helps to drive growth in the high-paying industry. The first is centered largely in the Las Vegas area, where many one-percenters, including the states richest man Sheldon Adelson, live and play. Net Worth of the 10%, 1%, and .1% Households. Al Gore and Thomas F. Frist Jr. live in two of the areas mega-mansions, but both likely earn far more than the median household income of $230,000. Comparatively, the top 5% pays an average tax rate of 18.45% and accounts for 48.03% of West Virginia's total income taxes. - Homeowners with net worth of $1 million or more: 416,144 - Minimum net worth of the state's top 1 percent: $3,330,527 (559.5 percent more than median net worth) - Median net worth of all Iowa homeowners: $208,306 Many assume that mansion-filled Newport, Rhode Island, would be home to the majority of the small state's wealthy residents. Chase lives in Artesia, a small town that is also home to Rep. Candy Ezzell, pro golfer Steve Jones, and football quarterback Landry Jones. In the district itself, Wards 2 and 3, in particular, have the highest concentration of millionaires and billionaires, boasting residents like DonaldTrump'sdaughter Ivanka Trump and Mars heiress Jacqueline Mars. Bloomington, Indiana, is home to the state's wealthiest person, Carl Cook. - Median net worth of all Alaska homeowners: $296,411 Omidyar, who has net worth of $20 billion, immigrated to the U.S. from France with his Iranian parents when he was 6 years old. Wealth is truly the measure of the highest classes. Salt Lake City is the home to Gail Miller, the state's wealthiest person, who, with her late husband Larry, turned a Toyota dealership into a multibillion-dollar company. Rane, aka the "Yella Fella" of Great Southern Wood Preserving, made his fortune by building the modest family business into a billion-dollar company with his brother. (1000 Words / Shutterstock), Minimum net worth of the states top 1%: $2,002,334 (690.5% more than median net worth) | Median net worth of all Pennsylvania homeowners: $253,313 | Homeowners with net worth of $1 million or more: 385,047 | 2019 total population: 12,801,989. Net worth represents an individuals assets like homes, cars, and investments, less their liabilities like mortgage and other debt. He is also the owner ofthe Minneapolis Star Tribune. Wexner is worth $5.4 billion and lives in one of the wealthiest towns in Ohio, New Albany, which Wexner played no small part in turning into a suburban hub for the uber-rich. Average Retirement Savings: How Do You Compare? Once a mining town, Park City, Utah, has transformed into a resort town and the chosen residence for many of the states wealthy. Maryland has a number of famously affluent cities, including Potomac and Bethesda, both a hop, skip, and a jump from the nation's capital. - Minimum net worth of the state's top 1 percent: $912,709 (359 percent more than median net worth) Located about an hour from New York City, the town has been dubbed the "hedge fund capital" thanks to the several billion-dollar funds that occupy one-third of the area's office space. Health care and financial services are the dominant industries in this bite-sized state. - Minimum net worth of the state's top 1 percent: $1,439,149 (639.6 percent more than median net worth) All investing involves risk, including loss of principal. - Homeowners with net worth of $1 million or more: 38,495 Its wealthiest residents typically live in Edgeworth, a neighboring suburb that is home to famous faces like Sidney Crosby and Thomas Tull. (Canva), Minimum net worth of the states top 1%: $3,330,527 (559.5% more than median net worth) | Median net worth of all Oregon homeowners: $504,971 | Homeowners with net worth of $1 million or more: 267,425 | 2019 total population: 4,217,737. NEW MEXICO | Minimum net worth of the states top 1%: $1,126,122 (399.2% more than median net worth) | Median net worth of all New Mexico homeowners: $225,564 | Homeowners with net worth of $1 million or more: 25,323 | 2019 total population: 2,096,829 | - 2019 total population: 11,689,100. The Average Net Worth of Americans. Keep reading to find out what life is like for the top 1% in each state, from where they live to how they got there to who they are. MISSISSIPPI | Minimum net worth of the states top 1%: $766,205 (299.6% more than median net worth) | Median net worth of all Mississippi homeowners: $191,736 | Homeowners with net worth of $1 million or more: 17,035 | 2019 total population: 2,976,149 | In 2020, Ohio's richest person Les Wexner stepped down from theretail company he founded, L Brandsthe portfolio of which includes brands like Bath & Body Works, The Limited, and Victoria's Secretfollowing coverage of and questions about his relationship with Jeffrey Epstein. Gore & Associates. Cary resident James Goodnight is the richest person in the state with a net worth of $6.5 billion. For more information on our sources and how we ranked states, read our Data and Methodology section below. - Minimum net worth of the state's top 1 percent: $1,534,319 (636.6 percent more than median net worth) - Minimum net worth of the state's top 1 percent: $2,701,801 (555.3 percent more than median net worth) Let's try to clear it up today:who are the top one percent by income and who are the top one percent by net worth in the United States? Users of Empower rave about its dashboard interface and other helpful tools, like a free retirement planner. To be top 1% in 2020, a household needed a net worth of $11,099,166. You may also like: Billionaires that live in the smallest American towns (Canva), Minimum net worth of the states top 1%: $1,694,186 (466.1% more than median net worth) | Median net worth of all Wyoming homeowners: $299,279 | Homeowners with net worth of $1 million or more: 11,083 | 2019 total population: 578,759. (Kit Leong / Shutterstock), Minimum net worth of the states top 1%: $1,740,129 (429.2% more than median net worth). Alabama, on the other hand, requires an annual paycheck of just $297,564 to be in the top 1% of earners, while Mississippi's threshold is just $254,362 annually. Home Depot founder Bernie Marcus resides there, as does media mogul Tyler Perry. In the state known for diamonds, residents will need to earn at least $446,276 to fall into the top 1% of taxpayers. Gore also invented a type of fabric called Gore-Tex that is often used in clothing and footwear made for the outdoors. Maryland has a number of famously affluent cities, including Potomac and Bethesda, both a hop, skip, and a jump from the nations capital. (Canva), Minimum net worth of the states top 1%: $3,635,565 (838.1% more than median net worth) | Median net worth of all Florida homeowners: $387,564 | Homeowners with net worth of $1 million or more: 1,325,560 | 2019 total population: 21,477,737. New Mexico is one of just seven states without any billionaires. Earnings of just over $447,300 are needed to be considered a top 1% taxpayer in the Bluegrass State, and just under $200,000 is required to be in the top 5%. To be in the top 1% globally, you'd need a . This is not an offer to buy or sell any security or interest. Both men and their families live in Anchorage. You may also like: Billionaires that live in the smallest American towns. Wealth inequality in the United States - Wikipedia Omaha has a high concentration of millionaires and boasts a diverse economy and culture, 11 higher education institutions; many nationally significant historic places; and a variety of artistic venues, including those that birthed jazz music's Omaha Sound. - Homeowners with net worth of $1 million or more: 162,927 App is free, but users have option to add investment management services for 0.89% of their money (for accounts under $1 million), A budgeting app and investment tool that tracks both your spending and your wealth, Yes, bank and credit cards, as well as IRAs, 401(k)s, mortgages and loans, Offered in both the App Store (for iOS) and on Google Play (for Android), Data encryption, fraud protection and strong user authentication. The country music scene and well-known medical facilities in Nashville make it a popular choice for folks whose financial circumstances allow them to live in a city with a high cost of living. State by state, the incomes the top 1% of earners in the U.S. bring in vary by over a half million dollars, according to a new analysis of 2022 incomes by personal finance website. Graph and download economic data for Total Net Worth Held by the Top 1% (99th to 100th Wealth Percentiles) (WFRBLT01026) from Q3 1989 to Q1 2022 about net worth, wealth, percentile, Net, and USA. The top 1% of taxpayers in the Empire State are taxed at an average rate of 27.48%, which is the second-highest across the country. In recent years, Teton County, Wyoming, has become increasingly filled with the ultra-wealthy who flock to the Yellowstone area for the sense of normalcy it provides as well as the 0% personal and business tax rates. Mississippi. Sponsored Content . For each state, the minimum net worth required to qualify in the top 1 percent for that state is included, along with the median net worth of all homeowners with a primary residence in that state, and total homeowners with a net worth of $1 million or more. VERMONT | Minimum net worth of the states top 1%: $3,105,232 (449.1% more than median net worth) | Median net worth of all Vermont homeowners: $565,563 | Homeowners with net worth of $1 million or more: 55,926 | 2019 total population: 623,989 | - 2019 total population: 39,512,223. - Homeowners with net worth of $1 million or more: 343,316 Who are the top one percent by net worth? For a single earner, the cutoff is $401,622. - Median net worth of all Oklahoma homeowners: $182,466 Figures were adjusted to 2022 dollars using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the Bureau of Labor Statistics. The state relies primarily on agriculture and startups to fuel its economy. Among the richest cities in Arkansas is Bentonville, home to Walmart and Jim Walton, who currently holds, with his siblings, about half of Walmarts stock. (Canva), Minimum net worth of the states top 1%: $4,365,167 (540.7% more than median net worth) | Median net worth of all Massachusetts homeowners: $681,345 | Homeowners with net worth of $1 million or more: 581,742 | 2019 total population: 6,892,503. Net worth represents an individual's assets like homes, cars, and investments, less their liabilities like mortgage and other debt. The number of residents worth $5 million to $30 million jumped by 17.5% between 2018 and 2019, according to an analysis by Charles Shwab. The Betterment IRA allows users to open an account with no minimum deposit. Most of the states affluent residents live in and around the major city, including T. Denny Sanford, owner of rival First Premier Bank. Net worth is a better way to rank the top one percent than income. Bloomington, Indiana, is home to the state's wealthiest person, Carl Cook. - Median net worth of all South Carolina homeowners: $269,865 IOWA | Minimum net worth of the states top 1%: $1,534,319 (636.6% more than median net worth) | Median net worth of all Iowa homeowners: $208,306 | Homeowners with net worth of $1 million or more: 68,234 | 2019 total population: 3,155,070 Retirement planning is important no matter your income level. (Canva), Minimum net worth of the states top 1%: $1,376,750 (654.5% more than median net worth) | Median net worth of all Oklahoma homeowners: $182,466 | Homeowners with net worth of $1 million or more: 68,417 | 2019 total population: 3,956,971. CONNECTICUT | - Minimum net worth of the states top 1%: $3,603,629 (875.8% more than median net worth) | Median net worth of all Connecticut homeowners: $369,295 | Homeowners with net worth of $1 million or more: 196,032 | 2019 total population: 3,565,287 | You don't have to be an expert investor to participate. Home to the famed Cranbrook School, the city attracts professional athletes, executives from the automotive industry, and other Fortune 500 leaders with its quiet, private feel. Washington Top 1% income threshold: $685,128 Top 5% income threshold: $283,574 Colorado Top 1% income threshold: $632,277 Top 5% income threshold: $264,313 Illinois Rounding out the bottom five . Mississippi has the lowest requirement of all 50 states for entering the top 1 percent, with a minimum net worth of $766,000. - Median net worth of all Mississippi homeowners: $191,736 Aside from its picturesque mansions, the neighborhood is now home to a number of world-class restaurants, shopping centers, and celebrities including Sandra Bullock and Drew Brees. - Homeowners with net worth of $1 million or more: 78,732 Are You in the Top 1% of Income or Net Worth? - SmartAsset Taylor owns stakes in the United FC soccer club, the WNBA's Lynx, and the NBA's Timberwolves. WEST VIRGINIA | Minimum net worth of the states top 1%: $1,412,586 (549.8% more than median net worth) | Median net worth of all West Virginia homeowners: $217,402 | Homeowners with net worth of $1 million or more: 33,835 | 2019 total population: 1,792,147 | Called the Beverly Hills of Arizona, Paradise Valley has become one of the wealthiest and most exclusive neighborhoods in the state. Visit thestacker.com for similar lists and stories. If this amount seems somewhat disconnected from your financial reality, that's because . Net Worth It Takes to Be Richer Than 80% of US Population at - Insider - 2019 total population: 8,882,190. Aretha Franklin lived in the neighborhood until her death in 2018. A spokesperson with Empower tells us that the app's dashboard users vary from low to high net worth. - 2019 total population: 2,913,314. In another study from the EPI that looks at income inequality in 2015. Residents, who largely work in the tech and business industries in neighboring Phoenix and Scottsdale, bring in an average income of $328,000 and enjoy luxury amenities like access to a handful of resorts. Home to several higher education institutions and professional sports teams, the citys largest industries are technology, manufacturing and recreation. - 2019 total population: 7,614,893. Using net worth to decide on the one percent threshold is even better. California residents earning beyond this threshold are taxed at an average rate of 26.78% (fifth-highest) and account for roughly 39% of total income tax in the state. Windfall used its 2020 consumer financial database to determine the net worth required to rank in the top 1% of each state. - Minimum net worth of the state's top 1 percent: $2,207,434 (689.9 percent more than median net worth) The collective fortune of the country's 10 richestbillionaires to $4 trillion. NORTH CAROLINA | Minimum net worth of the states top 1%: $2,430,515 (748.8% more than median net worth) | Median net worth of all North Carolina homeowners: $286,351 | Homeowners with net worth of $1 million or more: 415,134 | 2019 total population: 10,488,084 | Its proximity to the capital, CIA headquarters, and the Pentagon, as well as private companies like Capital One and Booz Allen Hamilton, makes it an ideal place for the state's one-percenters to escape the hubbub of city life while remaining close to the office. The second takes place in more rural sections like Elko County, where the states wealthiest town, Spring Creek is located. (Canva), Minimum net worth of the states top 1%: $1,412,586 (549.8% more than median net worth) | Median net worth of all West Virginia homeowners: $217,402 | Homeowners with net worth of $1 million or more: 33,835 | 2019 total population: 1,792,147. What Is The Average Net Worth Of Americans? - Forbes Advisor For each state, the minimum net worth required to qualify in the top 1% for that state is included, along with the median net worth of all homeowners with a primary residence in that state, and total homeowners with a net worth of $1 million or more. While the cost of living is reasonable in Wisconsin, Kiplinger ranks the state as one of the least friendly states for taxes because of its high property and income taxes. - Minimum net worth of the state's top 1 percent: $1,762,640 (334 percent more than median net worth) The richest person in Hawaii is Honolulu resident and self-made billionaire Pierre Omidyar, the founder of eBay. That number represents more than 30% of all household wealth in . - Median net worth of all Ohio homeowners: $203,726