Here’s how much you need to earn to be in the top 1% in New Jersey
Just about everybody dreams about being rich; but, what constitutes “rich” , especially in a high income state like New Jersey? It turns out that where you live has a great deal to do with what is considered rich.
The folks at Smart Asset crunched the numbers and determined how much annual income you would need to be in the top 5% and 1% of earners in each state; the updated numbers were reported by CNBC.
The median income for U.S. households overall is under $70,000, with only 10% of households earning more than $200,000, according to SmartAsset. To calculate these numbers, the analysis updated 2018 income data from the Internal Revenue Service using 2022 Consumer Price Index data to account for inflation.
Not surprisingly, New Jersey has one of the highest income requirements to join the 1% club; only CT and MA are higher.
In New Jersey, to be in the top 1% of earners, you need $825,965. That’s a lot of money. To be part of the top 5% of earners, in New Jersey you would need to make $338,884 per year.
Compare that to West Virginia, where the threshold for being in the top 1% is only (comparatively speaking) $374,712 and the threshold for 5% status is $1833,973.
Connecticut has the highest 1% threshold at $955,261, although their 5% threshold is slightly lower than ours at $336,866.
Mississippi, New Mexico, and Arkansas are at the bottom with West Virginia.
Opinions expressed in the post above are those of New Jersey 101.5 talk show host Bill Doyle only.
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