How much income do you need to make the top 1% in your state?

SmartAsset analyzed 2020 IRS data to find out.

Connecticut topped the list, with households needing an annual income of close to $1 million to make the top 1%.

Massachusetts came in second, with $903,401 needed to make the cut.

California was third, with $844,266 needed.

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Other high-ranking states include New Jersey ($817,346), Washington ($804,853), and New York ($776,662).

The average across the US is $652,657 to be classed as part of the top 1%.

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The data also shows that the wealth gap is widening in the US. In 2020, the top 1% of earners owned 32.2% of all wealth in the country.

This is up from 22.5% in 1960.

The bottom 50% of earners, on the other hand, saw their share of wealth drop from 12.3% to 7.5% over the same period.

What do you think about these findings?

Let me know in the comments!