What it takes to join Michigan's 1% of earners

Making $504,671 a year puts you among the top 1% of earners in Michigan, according to a recent SmartAsset analysis of IRS tax filer data.

• That's less than the national household figure of $652,657.

The big picture: The top 1% of U.S. families held more than a third of the country's total wealth, according to the Congressional Budget Office, Axios' Alex Fitzpatrick reports.

• Meanwhile, "families in the bottom half...held only 2% of total wealth" in 2019, per the CBO report.

Zoom in: For the top 1% of earners in Michigan like Dan Gilbert — the Quicken Loans founder and the state's richest man — the effective tax rate is 25%.

Zoom out: Nationally, joining the 1% club is most expensive in Connecticut, where residents need to make at least $952,902 to be a member.

• It's cheapest in West Virginia, where residents need to make $367,582.

Yes, but: Connecticut is also home to the highest effective tax rate for high earners, at 28.4%.

• Of course, the ultra-wealthy have myriad means of reducing their actual tax burdens.

The bottom line: The states with the highest 1% floors — Connecticut, Massachusetts, California, New Jersey and Washington — tend to be either home to or in commuter range of major tech and finance hubs.