What you need to earn to be in Washington State's top 1%.

I'm not pulling down a ton of money, but I do admit that I am comfortable. But what does it take to actually be in the top 1% of money earners in the state of Washington? When you think about it, that's probably a lot of money, right?

Well, let's find out.

According to axios.com,
‘To be among the top 1% of earners in Washington state, you need to make at least $1 million per year — well above the threshold to be in the top 1% nationally, according to an Axios analysis of IRS data. Why it matters: Income inequality has increased in recent years, with wealth becoming more concentrated at the top, per a report released this month by the Congressional Budget Office.’

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$1 million a year to get you in the top 1%, that's a lot of money. I have to admit, there's a couple of members of my extended family that might fall into that category, but again, that's the top 1% of all money earners in Washington state. That's pretty a small group of individuals. To put this all into context, in the state of West Virginia. You only need to earn $426,000 a year to make it to the top of that states1%.

The average household income, or median income if you will, runs at about $120,000 a year. It's also tragically considered to be well below what you need to earn in order to get a starter home for your family.

Jose Luis Pelaez Inc

More and more it seems that the wealth of this country and this state is trickling up rather than trickling down. Don’t get me wrong, I'm all for free enterprise and I'm all for people being paid what they're worth. If somebody comes up with a new widget and everybody wants it. They deserve to earn that money.

I think the whole idea of wanting to be in the top 1% is actually not a healthy mindset. Let's face it. Unless you're very special. You're not going to get there.

Ingram Publishing

You need to tap into that all American entrepreneurial spirit. Create your own market, and to coin a phrase, Build a better mousetrap.

Good luck to you. You may need a little of it to get into that top 1%.

How much you need to make to be in Washington state's top 1% - Axios Seattle
How much Americans need to earn to hit top 1% in each state
Trends in the Distribution of Family Wealth, 1989 to 2022 | Congressional Budget Office

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Filed Under: top 1% of money earners