$404,101 in annual income gets you into Texas’s top 1% club

Bring in at least $404,101 in yearly income, and you’ll be among the top 1 percent of earners in Texas, according to a Wall St. 24/7 analysis of the ultra wealthy in every state.

The $404,101 threshold was the 12th highest among the 50 states, according to the analysis. The average income of the top 1 percent in the state is $1,139,760, and the median income among the state’s residents is $26,525, 24/7 Wall St. reported.

The share of residents in Texas with bachelor’s degrees is 18.8 percent.

24/7 Wall St. examined data published by the Internal Revenue Service to calculate the minimum income level to be in the top 1 percent of earners in each state. States with prominent economic centers or several resort locations tend to have higher thresholds to reach the top 1 percent level, the analysis said.

Between the years 2009 and 2015, the earnings of those in the top 1 percent increased by nearly 34 percent, according to the Economic Policy Institute, while the earnings of the remaining 99 percent grew at only 10.3 percent. This has widened income inequality in the nation, according to the institute.

State-by-State: Minimum Income to Reach Top 1 Percent

Rank State Top 1% Earn at Least: Avg. Income of Top 1% Median Income Adult Bachelor’s Degree Attainment
1 Connecticut $663,009 $2,178,625 $43,490 21.5%
2 Massachusetts $584,022 $1,812,907 $43,631 23.4%
3 New Jersey $570,745 $1,509,794 $28,522 23.4%
4 New York $555,569 $2,058,789 $27,190 19.9%
5 California $526,427 $1,690,208 $27,861 20.4%
6 Washington $453,422 $1,437,517 $43,783 21.7%
7 Illinois $447,860 $1,304,046 $27,526 20.5%
8 Colorado $439,756 $1,228,432 $28,650 24.8%
9 Maryland $432,960 $1,104,925 $43,823 21.0%
10 Virginia $422,484 $1,073,199 $28,450 21.5%
11 Minnesota $413,794 $1,118,885 $28,712 23.0%
12 Texas $404,101 $1,139,760 $26,525 18.8%
13 Florida $396,548 $1,351,722 $25,533 18.2%
14 New Hampshire $389,178 $1,138,971 $43,522 22.3%
15 Pennsylvania $384,447 $1,043,478 $27,252 18.3%
16 Georgia $382,393 $982,757 $25,852 18.6%
17 North Dakota $377,234 $935,001 $43,036 21.1%
18 Oregon $368,575 $941,053 $27,676 20.1%
19 Wyoming $363,393 $1,560,589 $28,089 17.4%
20 Utah $362,674 $1,090,667 $27,931 21.5%
21 South Dakota $362,205 $1,056,647 $27,516 19.5%
22 Kansas $360,218 $952,615 $27,313 20.6%
23 North Carolina $359,624 $907,995 $26,397 19.2%
24 Alaska $357,908 $800,026 $28,520 18.6%
25 Rhode Island $355,143 $935,856 $27,267 19.8%
26 Louisiana $354,778 $898,976 $25,522 15.3%
27 Delaware $353,663 $824,115 $27,784 18.0%
28 Arizona $353,305 $925,678 $26,896 17.8%
29 Nevada $350,199 $1,567,761 $27,162 15.6%
30 Tennessee $343,980 $1,005,412 $26,091 16.5%
31 Nebraska $341,353 $894,390 $27,782 20.4%
32 Wisconsin $338,328 $945,321 $27,639 19.2%
33 Michigan $335,576 $979,666 $26,165 17.1%
34 South Carolina $333,718 $822,021 $25,944 17.2%
35 Ohio $331,200 $832,833 $27,029 17.0%
36 Missouri $328,307 $943,017 $26,522 17.5%
37 Oklahoma $325,824 $865,654 $26,512 16.6%
38 Iowa $320,582 $756,424 $28,140 18.7%
39 Montana $319,468 $802,220 $26,328 20.6%
40 Vermont $318,783 $787,357 $27,299 21.8%
41 Hawaii $313,419 $801,742 $28,238 21.2%
42 Alabama $313,170 $802,225 $25,703 15.4%
43 Idaho $308,265 $866,847 $26,783 18.2%
44 Indiana $308,232 $814,884 $26,524 16.1%
45 Maine $302,124 $727,410 $26,997 19.3%
46 Kentucky $288,860 $752,547 $26,125 13.6%
47 Arkansas $268,412 $992,874 $25,493 14.1%
48 Mississippi $265,138 $648,830 $24,580 13.3%
49 West Virginia $259,702 $533,534 $25,557 12.0%
50 New Mexico $256,168 $643,395 $25,346 15.1%

Source: Wall St. 24/7

This article was first published by The Center Square.

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