How Much Wealth Do You Need In WA, OR, & CA To Be Considered 1%?
When the topic of wealth and the 1% comes up, it can be a very decisive conversation. Bringing it up can cause feelings of inequality, laziness, greed, etc. to fester. Whether you're pro or con, both sides have strong opinions. When I was talking to my co-worker about this article, he brought up a quote that rang true in my head for many aspects of life, not just with wealth...
"You hate them, because you ain't them!" - Unknown.
Sure, I've heard this saying mainly in sports, but it still holds true when it comes to money, those who have it, and those who do not.
So how much must you have coming into your bank account (or under your mattress if you feel the banking industry is part of the 1% problem) to be considered in the one percent?
The hard workers at investing firm, Smart Asset, have crunched the numbers and figured out how much you have to earn to be included in the 1%. The real eye-opener for me is how varied it is throughout the United States. The amount that is needed to be top of the top in Washington State is roughly three hundred thousand more than the other corner of the U.S. in Maine.
The Richie Rich of Maine would only be in the roughly 4% if they moved to Washington and possibly not even raise an eyebrow in California, figuratively speaking. How did Smart Asset figure these rankings out? With IRS data as well as calculations from the Bureau of Labor Statistics CPI Index, they were easy to break down salary thresholds for each state.
HOW MUCH DO YOU NEED TO MAKE TO BE IN THE 1%?
You would need to bring in $736.1K annually to be considered in the 1% in Washington State.
Oregon requires a little less wealth. Only $551.0K annually to be in the top tier of money makers.
California is among the highest, at $805.5K annually for the 1%. (Ranking in the 5th spot for 1% status.
Are you curious where the 1% of the 1% is located in the United States (which state is the highest)? That top spot is Connecticut. Regarding being in the top 1%, Connecticut requires $896.9K annual income to make the grade. To see the full break down and their easy to read map, check out SmartAsset.com.
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