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Honored Contributor
Posts: 9,632
Registered: ‎07-29-2014

crazy monetary wealth FYI

[ Edited ]

 

Image result for meh cat face

 

The 1% club: How much you need to take home to be in the top percent of earners in each state

 

  • Researchers found out how much you would need to earn to count yourself among top 1 per cent in each state
  • Lowest was Mississippi, where a salary of just over $250,000 was enough to join the exclusive club 
  • Highest was Connecticut where you would need to earn $700,000 to be counted among the state's richest 
  • Study by the Economic Policy Institute revealed huge discrepancies in wealth even among the wealthiest

 

The top 1 per cent - it is a phrase you hear a lot. But what does being in the exclusive club actually look like?
 

Researchers from the Economic Policy Institute found out the minimum a person would have to earn to count themselves among the top percent in each state, and uncovered a discrepancy even among the very richest.

 

Mississippi is where the bar to entry drops lowest, with someone having to earn just over $250,000 per year to qualify as among the most valuable in the state.

 

But in Connecticut, that salary is nowhere near the top end of the scale, with people here having to earn at least $700,000 each year to count themselves among the very richest.

 

The study also established what the average actual salary of the top 1 per cent was in each state.

 

Unsurprisingly Connecticut comes out on top again, with an average salary of $2.5million but coming in second was New York with an average of $2.2million.

 

That is despite the fact that New York has a minimum salary of $500,000 to join the 1 per cent club, meaning a huge discrepancy between wages paid to the very top earners.

 

Perhaps surprisingly, given the amount of wealth concentrated in the state, California did not rank in the top five either in terms of salary required to join the 1 per cent club, or average 1 percenter salary.

 

In its research, the EPI singled out Jackson, WY as the most unequal location in the entire country. The data was complied using tax returns from 2015.

 

Taken across the whole of the U.S., you need to earn a salary of $421,926 to count yourself among the top 1 per cent, while the bottom 99 per cent earned an average of $50,107 per year.

 

An EPI spokesman told CNBC: 'In 2015, the top 1 per cent of families in the U.S. earned, on average, 26.3 times as much income as the bottom 99 per cent.' 

 

State
Annual income required to be in the top 1 percent ($)
Average annual income of the top 1 percent ($)

          

MISSISSIPPI254,362580,461       
ARKANSAS255,050864,772       
NEW MEXICO255,429615,082       
WEST VIRGINIA258,078535,648       
KENTUCKY274,818719,012       
ALABAMA297,564743,644       
MAINE303,897655,870       
HAWAII310,566797,001       
IDAHO314,532829,268       
INDIANA316,756804,275       
LOUISIANA318,393814,386       
SOUTH CAROLINA318,463761,185       
MONTANA321,849855,976       
VERMONT321,969816,579       
MISSOURI326,839944,804       
MICHIGAN328,649917,701       
ARIZONA331,074882,657       
IOWA331,572788,419       
TENNESSEE332,913947,021       
OKLAHOMA333,139932,520       
OHIO334,979858,965       
DELAWARE340,770869,461       
NEVADA341,3351,354,780       
NORTH CAROLINA343,066902,972       
RHODE ISLAND346,657928,204       
WISCONSIN349,905964,358       
OREGON358,937908,898       
NEBRASKA363,310945,869       
GEORGIA371,811995,576       
UTAH374,4671,057,066       
KANSAS375,3441,034,676       
PENNSYLVANIA388,5931,100,962       
ALASKA400,017910,059       
NEW HAMPSHIRE405,2861,134,101       
WYOMING405,5961,900,659       
SOUTH DAKOTA407,4061,130,048       
FLORIDA417,5871,543,124       
VIRGINIA425,1441,109,984       
TEXAS440,7581,343,897       
MINNESOTA443,1181,185,581       
NORTH DAKOTA445,4151,080,845       
MARYLAND445,7831,135,718       
WASHINGTON451,3951,383,223       
ILLINOIS456,3771,412,024       
COLORADO458,5761,261,053       
CALIFORNIA514,6941,693,094       
NEW YORK550,1742,202,480       
MASSACHUSETTS582,7741,904,805       
NEW JERSEY588,5751,581,829       
DISTRICT OF COLUMBIA598,1551,858,878       
CONNECTICUT700,800
"Smart people learn from everything and everyone, average people only from their own experiences."
Respected Contributor
Posts: 3,530
Registered: ‎05-01-2010

Re: crazy monetary wealth FYI

If you google 1%er, you will find it as a definition of outlaw motorcycle gangs like the Hell's Angels.

Honored Contributor
Posts: 9,632
Registered: ‎07-29-2014

Re: crazy monetary wealth FYI

[ Edited ]

I saw that, @chessylady, when I Google'd the definition for "the 1%".

Interesting, though.

"Smart people learn from everything and everyone, average people only from their own experiences."
Esteemed Contributor
Posts: 6,785
Registered: ‎03-11-2010

Re: crazy monetary wealth FYI

[ Edited ]
 
Wrong is still wrong just because you benefited from it.
Valued Contributor
Posts: 936
Registered: ‎09-05-2014

Re: crazy monetary wealth FYI

I was watching "Buying Hawaii" last night. The people on that episode were looking for a place that they could set up gardens in..they were saying that by having a garden in Hawaii, one could save and average of $150 per month in groceries...yikes!

Esteemed Contributor
Posts: 6,527
Registered: ‎03-10-2010

Re: crazy monetary wealth FYI

And...?

 

Various states are various sizes with various industries which would account for the various salaries.

 

I don't get the whole point of this thread.  Or why the UK/Daily mail is even interested.  

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Honored Contributor
Posts: 8,024
Registered: ‎03-10-2010

Re: crazy monetary wealth FYI

[ Edited ]

@esmerelda wrote:

And...?

 

Various states are various sizes with various industries which would account for the various salaries.

 

I don't get the whole point of this thread.  Or why the UK/Daily mail is even interested.  


Tad confused about the point of this thread as well.  Secondly, why the photo of the weird cat?