Unless you have shunned any and all forms of social media, television, and print news over the last couple of years, odds are “the 1 percent” has become a part of your vocabulary. But what does this term actually mean? It has become so ubiquitous that it carries about as much weight as seeing the words “All Natural” on food packaging or “Great Deals” in the subject line of your email inbox.
What it means, in fact, differs greatly based on where you live. While it takes around $390,000 per year for a family to be considered in the Top 1 percent, those in Connecticut will need to make quite a bit more while those in New Mexico will require much less.
As CNN Money reports, to be considered among the top one percent in Connecticut requires a larger annual income than anywhere else in the country at $659,979. Connecticut is followed by Washington, D.C., ($554,719), New Jersey ($547,737), and Massachusetts ($539,055).
New Mexico requires the lowest annual income to be considered in the top 1 percent with $231,276. Arkansas ($237,428), West Virginia ($244,879), and Mississippi ($264,952) are next on the list.
Additionally, the top 1 percent of households, across the country, made 25.3 times as much as the bottom 99 percent. In 1979 that number was 10.9. New York was the most unequal state as its top 1 percent made 45.4 times more than the rest of state’s population. Alaska had the smallest gap as its highest earners made 13.2 times what the rest of the residents made annually.
To view complete lists and accompanying infographics, follow the link below.
PB Topical Ref
