How much money do you need to make to be in Arizona’s top 1%?

You don't have to be a millionaire to be among our state's financial elite. But you do have to make a lot.

July 17, 2024

You don't need to make a million bucks to be among Arizona's top 1%, but you do need to rake in a lot of dough. PublicDomainPictures.net

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Arizona’s economy has been steadily improving over the past few years and is expected to continue to do so, according to forecasts by The University of Arizona. But what does it take to be among the state's highest earners?

The top 1% of earners in the U.S. made an average yearly wage of $819,324 in 2021, according to data from the Economic Policy Institute. But that income threshold varies by state.

According to GOBankingRates, your income must be greater than $1 million in the top five states in order to crack into the top 1%. On the other end of the spectrum, in three states – New Mexico, Mississippi and West Virginia – you’d need to earn only half of that, $500,000, to be among the financial elite.

Arizona lands in the middle of the pack, according to GOBankingRates’ analysis, which is based on IRS data for 2021 and adjusted into 2024 dollars. The Grand Canyon State ranks 23rd on the list, with an income of $713,264 needed to reach the top 1% of all earners in the state. That’s about $106,000 less than what it takes to be in the top 1% in the U.S. as a whole.

Georgia and Pennsylvania slightly lead Arizona, with roughly $720,000 required to be in the 1%, while North Dakota and Oregon trail with a threshold of about $708,000 a year.

Here are the five states with the highest income thresholds to be considered in the top 1%:

1. Connecticut: $1,192,947
2. Massachusetts: $1,152,992
3. California: $1,072,248
4. Washington: $1,024,599
5. New Jersey: $1,010,101

Morgan Fischer joined Phoenix New Times as a staff writer in July 2024, covering all things Phoenix and Arizona news. Before joining New Times, Morgan has worked as a national politics intern at The Arizona Republic and as a reporter for News21, among other positions. She holds degrees in journalism and mass communication and political science from Arizona State University, where she also attended Barrett, The Honors College.

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