Dec 12, 2024 - News
How much Virginians need to make to be in the top 1%
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The cut to be one of Virginia's one-percenters is now just over $770,000 a year.
Why it matters: You're likely not one of the 38,483 Virginians who made that 1% earning threshold, per IRS data.
- If you are ... hey there. Call us. Let's be besties.
Driving the news: The Old Dominion's 1% threshold is lower than the national average of nearly $800,000, but the bar varies considerably by state.
How it works: These figures are based on adjusted gross income (AGI) reported on tax filings in the 2021 tax year, adjusted to 2024 dollars.
By the numbers: Washington, D.C., has the highest threshold for one-percenters, at about $1.22 million.
- Connecticut ($1.17 million), Massachusetts ($1.13 million) and California ($1.05 million) follow.
- West Virginia has the lowest. There, one needs to make about $426,000 to be in the 1%.