What it takes to join Florida's top 1% of earners

You need to make at least $694,987 annually to be among the top 1% of earners in Florida, according to a recent SmartAsset analysis of IRS tax filer data.

• That's $42,330 more than the national household figure of $652,657.

The big picture: The top 1% of U.S. families by wealth held more than a third of the country's total wealth in 2019, the Congressional Budget Office reported last year.

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

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.

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.