Map: How much money you need to make to be in the top 1% in every U.S. state—it's nearly $1 million in Connecticut  (2024)

FAQs

What is considered high income in CT? ›

In the U.S., it may take you $5.81 million to be in the top 1%, but it takes a minimum net worth of $30 million to be considered among the ultra-high net worth crowd. As of the end of 2023, this ultra-high net worth population is on the rise, reaching 626,000 globally, up from just over 600,000 a year earlier.

Your household needs to bring in a whopping $952,902 to crack the top 1% in Connecticut, the highest threshold for any state, according to a recent SmartAsset analysis.

The threshold for being in the top 5% of earners highlights even more stark contrasts. For example, in Connecticut, you'd need to make $602,707 to be in this elite group, the highest among all states. This is due to Connecticut's concentration of high-income jobs and proximity to New York's financial industries.

For 2022, the average wage for working Americans was $61,136. The average wages of those in the top 1 percent of wage earners were $785,968 that year. In the rarefied top 0.1 percent, the average earnings were more than $2.8 million in 2022.

Over one-third of American families earn $100,000 or more

The U.S. Census Bureau found that 37.1% of U.S. households earned at least $100,000 in 2022. Here's a more detailed breakdown of six-figure income brackets and the percentage of households in each one: $100,000 to $149,999: 16.9%

As the American middle class shrinks, you may wonder where you stand. According to the Pew Research Center report, the median 2022 household income for a three-person household is as follows for each income tier: Upper-class household: $256,920, a 78% increase from 1970.

Household wealth or net worth is the value of assets owned by every member of the household minus their debt. The terms are used interchangeably in this report. Assets include owned homes, vehicles, financial accounts, retirement accounts, stocks, bonds and mutual funds, and more.

What net worth is considered wealthy? ›

Upper-Middle Class (Next 20%): The median net worth is $201,800. This group often enjoys more discretionary income and benefits from long-term investments. Wealthy (Top 20%): The median net worth is $608,900. This group often represents older individuals who have accumulated significant savings and investments.

Super wealthy (99th percentile): $16.7 million. Wealthy (95th percentile): $3.2 million. Well off (90th percentile): $1.9 million. Middle class (50th percentile): $281,000.

Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year.

For example, individuals with $1 million in liquid assets are generally classified as having a high net worth. To be considered very high net worth, one might need assets ranging from $5 million to $10 million, while an ultra-high net worth status could require $30 million or more.

While some wealthy Americans drive luxury vehicles, an Experian Automotive study found that a whopping 61% of wealthy people with household incomes of more than $250,000 don't drive luxury brands. Instead, they drive less showy cars, such as Hondas, Toyotas and Fords, Ramsey said in an article.

According to this report, in order to be middle class in Connecticut, you must have a household income ranging from $60,142 to $180,426 a year.

The average high paying salary in Connecticut is $97,500 per year or $46.88 per hour.

According to the Pew Research Center report, the median 2022 household income for a three-person household is as follows for each income tier: Upper-class household: $256,920, a 78% increase from 1970. Middle-class household: $106,092, a 60% increase from 1970.