What It Takes to Join the Top 1% of Income Earners in North and South Carolina

Climbing into the top 1% of income earners is a rare achievement in North Carolina, South Carolina, or any other state. A new study by SmartAsset outlines the income thresholds required to reach this elite category, offering insights into the earnings needed to surpass that benchmark.

SmartAsset’s analysis shows that income requirements for the top 1% vary significantly across states, with differences exceeding $500,000 in some cases. Using 2021 IRS data adjusted to June 2024 dollars through the Bureau of Labor Statistics’ Consumer Price Index, the study highlights just how steep the climb is in certain areas.

According to the study, three states require an income of more than $1 million annually to join the top 1%: Connecticut leads with a threshold of $1.15 million, followed by Massachusetts at $1.11 million and California at $1.04 million. In contrast, West Virginia has the lowest threshold, where earning $420,000 places one in the top 1%. Mississippi follows at $440,744, with New Mexico ranking third-lowest at $476,196.

For North Carolina, the income required to join the top 1% is $665,021, ranking the state 27th in the nation. South Carolina’s threshold is slightly lower at $611,219, placing it 34th among the states.

SmartAsset’s findings provide a state-by-state breakdown of the top 1% of income levels, noting how much these figures can vary. The study offers a stark reminder of how challenging it is to enter this elite group, far surpassing what is typically needed to be considered upper-middle class. For those curious about where they stand, the report provides a detailed look at the financial bar for reaching the pinnacle of income earners in every state.

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