The rich should “pay their fair share.” If we had a dime for every time that phrase is uttered on TV or social media, we’d actually be pretty damn rich!
But what does it mean to be “rich?” The answer depends on where you live, but just for fun, let’s take a look at it. You know, since we're probably all in the club...
Here are Five Fast Facts about what it takes to be rich:
- 🚢 All Boats - The median household income rose by almost 20% between 2020 and 2023, up to almost $81k per year. It’s unfortunate that inflation rose even faster, but it’s still good to see that the tide is rising in general!
- 🤯 Quite The Range - The top 1% looks really different depending on where you live. In West Virginia, you're in if you make $420k. In some other states, though, you’d need almost three times that! Guess the saying’s true: location, location, location! Whether or not you want to move is up to you. If you’re rolling in that kind of cash, you could probably “live” in a few places at once! 😉
- 🥇 Top States - The top five states where you’d need the highest salary to crack the top 1% are Connecticut ($1.15M), Massachusetts ($1.11M), California ($1.04M), Washington State ($990k), and New Jersey ($976k). And you thought everything was dumpy in New Jersey. Well, it might be, but it still costs a lot for it to be dumpy there. #winning
- 👍 Bottom States - The bottom five states where the lowest salaries get you into the top 1% are Arkansas ($532k), Kentucky ($514k), New Mexico ($476k), Mississippi ($441k), and West Virginia ($420k). Wait, this is actually good news, right? Look how (relatively) attainable it is in these places!
- 🤔 Wage Factoids - There are some interesting things to note on salaries and the top 1%. Three of the top 10 states (Florida, Washington, and Wyoming) don’t have income tax, which means you keep around 6-7% more of your salary. The top five states all lost population between 2020 and 2023, and three of the lowest gained. Connect your own dots there.
🔥Bottom line: Across the U.S., you’d need about $788k to make it into the top 1%. Pretty wild, right? The top 5% is a bit easier at $290k. The top 10%? Just $235k—no sweat! Sure, money can’t buy happiness, but it does make life a bit smoother, especially if you want to be a “top” earner. Most of us aren’t anywhere near these numbers, but it’s fun to know where the line is. And if this info inspires you to pack your bags, hey, happy to help! 😁
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