What it takes to be in the 1% in D.C., Maryland and Virginia
Add Axios as your preferred source to
see more of our stories on Google.
It's getting pricier to be a 1 percenter in D.C., where Washingtonians now need to earn $1.21 million to reach that status.
The big picture: Just over 3,300 D.C. residents make the 1%, according to an analysis of IRS tax filer data from SmartAsset.
- And this small but mighty contingent could help explain local luxe trends from the boom in amenities (see: the ritzy Wharf) to all-cash real estate transactions.
By the numbers: D.C.'s 1 percenter club is more exclusive than the national threshold of $787,712.
- In Virginia, it's $760,610 (ranked No. 15 nationwide).
- In Maryland, it's $741,501 (No. 16).
Zoom in: The numbers come from the most recent IRS filings available from tax year 2021, which were adjusted for 2024 dollars, says SmartAsset.
- D.C.'s threshold went up about 19% from last year. It's still higher than Connecticut, which has the highest threshold among states at $1.15 million.
Reality check: D.C.'s median household earns about $108,000, per census data from 2023.
- D.C. was on top of a list of "most intensely gentrified" cities for the period from 2000 to 2012.
Meanwhile, the Maryland and Virginia suburbs have grown more affluent over the past decade as jobs in government contracting, life sciences and tech increase.
- Most of the wealth in the Commonwealth is concentrated in Northern Virginia.
Virginia's median household income is nearly $90,000. In Maryland, it's $98,700.
Zoom out: After Connecticut, the next five states with the highest thresholds to make the 1% are:
- Massachusetts: $1,113,662
- California: $1,035,673
- Washington: $989,649
- New Jersey: $975,645
- New York: $965,645