Want to be in the top 1 percent? Here’s what you have to earn in your state
The United States is enjoying an era of unprecedented wealth and prosperity. Economic output and household incomes are at all-time highs, while unemployment is at its lowest level in well over a decade. However, the growth has not benefited all Americans equally, and in much of the country, wealth is becoming increasingly concentrated in the hands of a few.
From the end of World War II through the early 1970s, the average income growth of the bottom ninety-nine percent of earners roughly tripled the 34 percent growth rate among the wealthiest one percent.
Since, however, the strengthening of the middle class has ground nearly to a halt, while the wealth of the one percent has grown exponentially.
The average income for the top one percent spiked by 216.4 percent from 1973 to 2007, but it increased by just 15.4 percent for all other earners. From 2009 to 2015, the average income for the wealthiest Americans grew by 33.9 percent, more than triple the income growth of 10.3 percent among the remaining ninety-nine percent.
Today, more so than in the decades immediately following World War II, being among the top earners not only helps ensure a comfortable life, but also greatly increases earning potential and the ability to amass a fortune.
Any family earning at least $422,000 a year ranks among the top one percent of earners nationwide. However, as income levels vary by state so too does the amount it takes to be a one-percenter.
24/7 Wall Street reviewed data compiled by the Economic Policy Institute, a nonprofit nonpartisan think tank, to identify the minimum income threshold of the top one percent of earners in each state.
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