North Carolina and South Carolina’s Wealthiest Make a Certain Income
It takes a lot to get to the top 1% of income earners in North Carolina and South Carolina or any state. Getting into that top 1% is a hurdle that only a few can get past. If you’ve ever wondered if you’re among the top 1% of income earners in the state, a new study explains exactly how much income it takes to get past that threshold. This number could be a bit jarring, but remember that it’s really the top percentage of income earners, so it’s not like getting into just the upper-middle class.
Income of the Wealthiest Residents in North Carolina and South Carolina
The experts at SmartAsset have put together a tally of the top 1% of income earners across America in each state. They complied the information into a handy map, where you can look at your state and see what those top earners make per year. It really varies per state, as they point out that “what it takes to be considered a top 1% income earner can differ by over $500,000 from state to state.”
As for methodology, SmartAsset looked at 2021 IRS data for individual tax filers and adjusted those numbers to June 2024 dollars using the Bureau of Labor Statistics’ Consumer Price Index for All Urban Consumers (CPI-U) U.S. city average series for all items, not seasonally adjusted.
One of the key findings in this study is that, according to SmartAsset, “It takes over $1 million per year in income to be in the top 1% in three states.” Those states are Connecticut, which has the highest mark to reach the top 1% of earners at $1.15 million, as well as Massachusetts at $1.11 million and California at $1.04 million or more. The lowest threshold for being in the top 1% in a state is $420k in West Virginia. Mississippi comes in as the second lowest threshold at $440,744, and New Mexico is third at $476,196.
So, what do you have to make to be among the top 1% of income-earners in North Carolina and South Carolina? For North Carolina, that number is $665,021 and puts the state at No. 27 on the tally, compared to other states. For South Carolina, that number is $611,219 and puts the state at No. 34, in comparison to other states. Sure, those numbers may seem high, but perhaps you can make it a New Year’s resolution to hit one of these marks. What do you think of these numbers? Contact me and let me know how you are saving this year. Here’s to a profitable and fruitful new year for you.
