Here's the salary you need to be in the top 1% in Minnesota
MINNEAPOLIS (FOX 9) - What does it take to be a top 1% income earner in Minnesota? A new study is offering some insight.
A study by GOBankingRates looked at IRS data for Tax Year 2021 — the latest data available — and adjusted its figures into 2024 dollars to compile a nationwide ranking.
The results found that in Minnesota a person needs to make $755,880 annually to rank in the top 1% — good for No. 17 on the list, behind Maryland ($767,688), but ahead of South Dakota ($752,849). In Wisconsin, a person needs to make $631,993 annually to rank in the top 1%.
READ MORE: Here's the salary you need to be in the top 1% in all 50 states
Residents of Connecticut took the top ranking at $1,192,947, while West Virginia ranked at the bottom at $435,302.
Although politicized in the last decade, the term "top 1%" refers to the wealthiest residents in a population based on income or net worth.
Annual wages for the top 1% in 2021 in the U.S. reached $819,324 on average, according to data from the Economic Policy Institute (EPI). The wealthiest 0.1% of people made $3,312,693 annually.
Meanwhile, those in the bottom 90% earned an average income of $36,571 annually, according to EPI data.