HENDERSON, Ky (WEHT) – You might have heard the term top 1% at some point, but have you wondered many households are in that top economic tier?
According to a Congressional Budget Office report from 2022, the top 1% of families hold over one-third of the total wealth in the U.S., up from 27% in 1989.
That means households that make $652,657 are considered among that top 1% or eight times as much as households making the median, around $75,000.
So where does Indiana rank? According to Smartasset, analyzing data from the IRS and Bureau of Labor Statistics, to be among the top 1% in Indiana, household income has to be $473,685 or more. That is the eighth lowest (42nd) when comparing all 50 states.
There are other factors that considers where the top 1% ranks including tax rate, property values, etc.
Smartasset concluded Connecticut had the highest dollar value where the top 1% ranks with a household income needing to match or exceed $952,902. West Virginia was ranked with the lowest income amount of the top 1% at $367,582.
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