Aug 15, 2023 - Business
What it takes to join Florida's top 1% of earners
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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.