Height Percentile Calculator for Men and Women in the United States, Age Difference Calculator: Compute the Age Gap, S&P 500 Return Calculator, with Dividend Reinvestment, Month Calculator: Number of Months Between Dates, Years Calculator: How Many Years Between Two Dates, Household Income Percentile Calculator for the United States, Net Worth by Age Calculator for the United States, Average, Median, Top 1%, and all United States Household Income Percentiles, Income Percentile by Age Calculator for the United States, Net Worth Percentile Calculator for the United States, Stock Total Return and Dividend Reinvestment Calculator (US), Least to Greatest Calculator: Sort in Ascending Order, Average, Median, Top 1%, and Income Percentile by City. By remaining on this website, you indicate your consent. The most populous state in the country has the fifth-highest threshold to be a top 1% taxpayer ($805,519, which is also the last state to exceed $800,000). South Carolina's richest person is CEO of InterTech Anita Zucker, who lives in Charleston and has a net worth of $1.9 billion. 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. For example, Betterment doesn't require clients to maintain a minimum investment account balance, but there is a ACH deposit minimum of $10. Calculating your net worth is easy: simply add up your assets, which is what you own, and subtract from it your liabilities, or what you owe. The state's wealthiest person, Glen Taylor, is worth $2.5billion. Thanks to the abundance of high-paying government, legal and international posts in Washington D.C., the metro area surrounding the nations capital consistently ranks as one of the wealthiest in the nation. Banking is a major driver in South Dakota's economy, with CitiBank holding a significant portion of its operations in the Sioux Falls area. - 2019 total population: 5,758,736. At what point are you considered a millionaire? - 2019 total population: 1,415,872. 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? The Average Net Worth of Americans. - Median net worth of all Montana homeowners: $328,842 The top 5% pay 56.23% of all income taxes in the Garden State. - Homeowners with net worth of $1 million or more: 14,946 St. Charles, Missouri, is home to the biggest concentration of wealthy individuals in the state. - 2019 total population: 6,137,428. Ray Dalio, founder of one of these hedge fundsBridgewatercalls the coastal city home. Kansas' richest person, Charles Koch, lives about three hours away in Wichita. - 2019 total population: 3,205,958. INDIANA | 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 | Montana has no Fortune 500 companies and no links to high-paying sectors like finance and government. Keep reading to find out what life is like for the top 1 percent in each state, from where they live to how they got there to who they are. To be in the top 5%, meanwhile, youll need to earn at least $311,589. Many assume that mansion-filled Newport, Rhode Island, would be home to the majority of the small states wealthy residents. Johnson County, Kansas, which lies just outside of Kansas City, Missouri, holds the title of the states largest andwealthiest county. Menard resides in Eau Claire. A large portion of Vermonts wealthiest residents live in Chittenden County, primarily in Shelburne, Vermont. . Montana's wealthiest resident, Dennis Washington, is a self-made billionaire (worth $6.2 billion) who made his fortune in the construction and mining industries. While much of South Carolinas economy is centered in Charleston, where there are many tech, tourism, and higher education jobs, the largest conglomeration of wealthy residents exists on Hilton Head Island. - Minimum net worth of the state's top 1 percent: $1,498,043 (475.2 percent more than median net worth) - Homeowners with net worth of $1 million or more: 38,495 St. Charles, Missouri, is home to the biggest concentration of wealthy individuals in the state. Bay State residents need to earn $810,256 annually to be in the top 1% of all earners and $314,389 to land in the top 5%. - Homeowners with net worth of $1 million or more: 57,800 The state's richest person, John Overdeck, a co-founder of Two Sigma Investments, lives in the Essex County town of Milburn. Many of the city's most affluent residents, including Citadel founder Ken Griffin, work in industries like tech and finance andtypically live just outside of the city proper in a range of small suburban communities like Kenilworth, Glencoe, and Winnetka. 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 | For example . Stephen Bisciotti, who owns the NFL's Baltimore Ravens, is the state's richest person. Theres an exceptionally large cluster of high-paying industries in Raleigh, including advanced manufacturing, technology, life sciences, and clean technology, which helps this southern town attract educated and wealthy residents. SmartAssets free tool matches you with up to three financial advisors in your area, and you can interview your advisor matches at no cost to decide which one is right for you. Alabama'swealthiest man, Jimmy Rane, has a net worth of $900 millionthe state is one of seven that have no billionaires. (Knmata / Shutterstock), Minimum net worth of the states top 1%: $1,657,975 (399.5% more than median net worth) | Median net worth of all Idaho homeowners: $331,927 | Homeowners with net worth of $1 million or more: 39,749 | 2019 total population: 1,787,065. Though retirement accounts are just one of many factors in your net worth calculation, they play a crucial role in ensuring your financial stability in the long term. - Median net worth of all Washington D.C. homeowners: $974,364 - Median net worth of all Minnesota homeowners: $353,390 (This net worth threshold is as of 2019, with a few surveys in 2020. While the five states with the highest net worth aren't all concentrated in the same region of the U.S, we noticed that most of the states with the lowest net worth fell in the Southeast. In fact, the average American household earns a median income of under $70,000, but in some places, the top 1% can earn as much as $955,000. The top 1% of Americans have a combined net worth of $34.2 trillion, according to Federal Reserve data last updated Oct. 19, 2020. In Silicon Valley, where tech companies dominate local industry, one in every four households earns $200,000 a year or more, making it the wealthiest metro area in the entire United States. - 2019 total population: 1,059,361. The threshold to be a top 1% taxpayer in the Garden State is $825,965. - Homeowners with net worth of $1 million or more: 415,134 Both cities are filled with folks who work in Washington D.C. as politicians, judges and lawyers, as well as executives at nearby Fortune 500 companies, including Marriott and Lockheed Martin. according to Forbes. Rounding out the bottom five . Mars, Incorporated isthe sixth biggest privately held company in the U.S., and John Mars, who is worth $24.7 billion, inherited roughly a third of thebusiness. Formerly known for its steel production, the area is now home to thriving health care, technology, education and financial services industries. State by State. Chase lives in Artesia, a small town that is also home to Rep. Candy Ezzell, pro golfer Steve Jones, and football quarterback Landry Jones. - Minimum net worth of the state's top 1 percent: $1,412,586 (549.8 percent more than median net worth) - Minimum net worth of the state's top 1 percent: $1,740,129 (429.2 percent more than median net worth) (Canva), 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. - 2019 total population: 4,217,737. For net worth, you sum all of your assets and subtract all of your debts to come up with a number of dollars you would have if you liquidated everything. Connecticut To be in the top 1% of taxpayers in Connecticut, you'll need to earn at least $896,490. Wealthy residents in the city truly have everything at their fingertips, including some of the worlds most recognizable museums, restaurants and shopping districts. Of all of Oklahoma's larger cities, Oklahoma City stands out as the most affluent. Household income also reflects transfer payments, while the government isn't (really) in the business of transferring wealth. - 2019 total population: 973,764. The self-made billionaire lives in Millersville, roughly 20 miles from Baltimore. - Median net worth of all Louisiana homeowners: $208,740 Philip Anschutz, the richest person in the state, lives in nearbyDenver and is worth $11 billion. - 2019 total population: 8,882,190. Mississippi. . VanderSloot had humble beginnings as the child of a poor farming family; in 1985 he founded wellness company Melaleuca. St. Charles, Missouri, is home to the biggest concentration of wealthy individuals in the state. Americas most millionaire-dense zip code is Fisher Island, Florida, a 216-acre, man-made island thats just off the coast of Miami. - Homeowners with net worth of $1 million or more: 41,801 In actuality, it's more of a vacation town, and the affluentlike Providence Equity Partners CEO Jonathan Nelsonlive year-round in the state's capital and economic hub of Providence. New York: $817,796. Windfall releases data on what it takes to be in the top 1% of every state WASHINGTON D.C. |Minimum net worth of the states top 1%: $5,403,750 (454.6% more than median net worth) | Median net worth of all Washington D.C. homeowners: $974,364 | Homeowners with net worth of $1 million or more: 68,303 | 2019 total population: 705,749 | Two of the country's 100 richest townsOrono and Medina are in Minnesota. Contact press@smartasset.com. 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. Home to several higher education institutions and professional sports teams, the citys largest industries are technology, manufacturing and recreation. Sponsored Content . Only about 650 families own land on the property, including famous faces like Gloria Estefan and billionaires like Phillip Frost. - 2019 total population: 731,545. ILLINOIS | Minimum net worth of the states top 1%: $1,895,250 (676.1% more than median net worth) | Median net worth of all Illinois homeowners: $244,217 | Homeowners with net worth of $1 million or more: 343,316 | 2019 total population: 12,671,821 | OKLAHOMA | 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 | - Median net worth of all Hawaii homeowners: $1,139,027 - Median net worth of all North Dakota homeowners: $260,449 Being a millionaire means you have accumulated one million dollars in net worth, it doesn't mean you earn one million dollars a year. 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. Dunbar / Shutterstock), Minimum net worth of the states top 1%: $1,967,866 (675.7% more than median net worth) | Median net worth of all Michigan homeowners: $253,696 | Homeowners with net worth of $1 million or more: 308,760 | 2019 total population: 9,986,857. . When it comes to net worth, the top 1% of Americans have a minimum net worth of around $11.1 million. - Median net worth of all Mississippi homeowners: $191,736 Chart: Wealth of Top 1%, Billionaires, and the Average - Insider The Net Worth Of Every American President From Washington To Biden VIRGINIA I p>Minimum net worth of the states top 1%: $2,807,791 (655.3% more than median net worth) | Median net worth of all Virginia homeowners: $371,756 | Homeowners with net worth of $1 million or more: 416,144 | 2019 total population: 8,535,519 | (Nagel Photography / Shutterstock), Minimum net worth of the states top 1%: $1,508,803 (428.1% more than median net worth) | Median net worth of all Maine homeowners: $285,696 | Homeowners with net worth of $1 million or more: 26,395 | 2019 total population: 1,344,212. This website stores data such as cookies to enable essential site functionality, as well as marketing, personalization, and analytics. WHAT IT TAKES TO BE IN THE TOP 1% OF EVERY STATE | The top 1% of Americans have a combined net worth of $34.2 trillion, according to Federal Reserve data last updated Oct. 19, 2020. - Homeowners with net worth of $1 million or more: 98,823 - Median net worth of all Idaho homeowners: $331,927 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. The greater Boston-area is known for the success of its medical, intellectual, and financial industries. $570,003 is the cutoff for a top 1% household income in the United States in 2022. Nationally, the top 1% of earners contribute to 35.79% of all individual income taxes paid. Boasting Dartmouth College, the Dartmouth Hitchcock Medical Center, and U.S. Army Corps of Engineers, Hanover, New Hampshire, is a booming town despite its small size. The top 5% had $1,030,000. The top one percent of household net worth starts at$11,099,166. - 2019 total population: 6,732,219. - Median net worth of all Vermont homeowners: $565,563 What is net worth and why is it important? - Homeowners with net worth of $1 million or more: 1,325,560 Consumer prices up 4.9 percent from April 2022 to April 2023. She lives in Scarborough, a Portland-area suburb that is home to many of the state's other wealthy residents. I've done my best to address the most common questions around the American top 1% here. With a net worth of $3.8 billion, self-made man Harry Stine is Iowa's richest person and resides in the city of Adel. 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 areas office space. If you do use income to determine the top one percent of individuals, individual income is the best choice for determining the one percent. Notable faces in the Teton crown include Christy Walton and Dick Cheney, who, like almost all of the other one-percenters, make their fortunes in business investments outside of the state. (Canva), Minimum net worth of the states top 1%: $3,158,259 (658.2% more than median net worth) | Median net worth of all Nevada homeowners: $416,550 | Homeowners with net worth of $1 million or more: 162,927 | 2019 total population: 3,080,156. Household income disguises the true income figure when there are multiple earners in a household. (Canva), Minimum net worth of the states top 1%: $2,420,821 (585% more than median net worth) | Median net worth of all Minnesota homeowners: $353,390 | Homeowners with net worth of $1 million or more: 270,438 | 2019 total population: 5,639,632. However, it's Bell Meade, an independent township surrounded by Nashville, where the area's true one-percenters choose to live. - 2019 total population: 1,068,778. 130,567. To do so, we used data from the IRS and Bureau of Labor Statistics. Levels of Wealth by Wealth Percentile Groups - FRED | St. Louis Fed Net worth tends to have an even more extreme spread than income does. The good news? Anschutz made his wealth through investments in various industries including real estate, entertainment, railroads, and oil. Kansas' richest person, Charles Koch, lives about three hours away in Wichita. Coastal states have the highest 1% income threshold. - Median net worth of all Washington homeowners: $589,410 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.