How Much Do You Need To Make To Be Among Colorado’s Top 1%?
Everybody likes to say that money can't buy you happiness.
Maybe that's true, but the right amount of money can grant you access to an elite group that only a select few individuals will ever be invited into in their lifetime
What elite group am I talking about, you might ask?
There's rich, and there's rich rich - the 1% fits the mold of the latter.
They're the ones with the most money within their community; according to a recent study conducted by SmartAsset, an American family needs to bring home $597,815 in earnings to secure their place in the top 1% of earners nationwide.
That number, however, varies per state.
For instance -
In Connecticut, you’ll need to be making no less than $896,490 to be considered a part of the state's 1%.
But in West Virginia, you only need to be making $350,212 to be considered part of the state's 1%.
So, How Was The Study Conducted?
For this particular study, SmartAsset analyzed data from the IRS and Bureau of Labor Statistics to determine the minimum income required to be among the top 1% of earners in each state.
To do this, researchers looked to 2018 data from the IRS for tax units (i.e. single, married, or head of household). Figures were then adjusted to reflect current dollars using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the Bureau of Labor Statistics.
How Much Money Do You Need To Make To Be Among Colorado's Top One Percent?
In Colorado, you need to be earning a minimum of $632,000 to be among the state's 1%, according to SmartAsset's data from the study.
While the minimum income threshold in Colorado isn't the highest in the country, it does rank among the states requiring the highest income to crack the top one percent.
Although Washington, D.C., which isn’t a state, has the highest adjusted gross income (AGI) to be considered one of the area's highest earners - at $918,000 - the top five states with the highest AGIs to be considered among the top one percent are as follows:
- Connecticut: $896,490
- Massachusetts: $810,256
- New York: $777,126
- New Jersey: $760,462
- California: $745,314
On the other hand, the five states with the lowest AGIs to be considered among the top one percent are as follows:
- West Virginia: $350,212
- Mississippi: $361,462
- New Mexico: $384,427
- Arkansas: $411,633
- Kentucky: $412,836
At this point in time, I could only dream of coming home with that kind of money - good thing nobody's stopping me from dreaming.
One day *sighs*.
If You're Among Colorado Top 1%, You Could Probably (Okay, Definitely) Afford These Homes In Fort Collins
While You're At It, Check Out This $7.5 Million Greeley Home You Can Also Afford