What do you need to make in GA to be the 1%? It's less than you think

In days when it seems prices only continue to climb, it may be hard to imagine what it would actually take to be part of the nation's 1% of earners.

There are fewer than 2 million American households that qualify, and the threshold of annual income needed to meet the designation in each state can vary widely.

Despite being home to business giants like Coca-Cola, Chick-fil-A, Home Depot and other Fortune 500 companies, Georgia is in the middle of the pack in terms of what income is needed to bump elbows with the state's richest. The state was ranked 23rd nationally in a new report from financial advisor SmartAsset.

So what do you really need to make in Georgia to be part of the 1%? It's less than you might think.

Less than 50,000 Georgians in top 1%

According to the SmartAsset report,

there are roughly 46,200 Georgians who are part of the 1% across the state.

Those in the club make at least $714,243 in annual income, which may be a lot compared to the state's average individual income (around $40,000), but is much lower than many other states.

To meet the 5% threshold, the annual income needed is $288,746. To meet the top 10% threshold, the income is only $196,438.

SmartAsset calculates the values based on tax returns from the Internal Revenue Service as of 2022, the last year that was available. The values are then adjusted based on personal income growth data for the last four years.

Which states have the "richest" 1%?

Here are the states at the top of the list for the highest income needed to qualify for the top 1%:

1. Washington, D.C. — $1.15 million
2. Connecticut — $1.14 million
3. Massachusetts — $1 million
4. California — $987,325
5. New Jersey — $969,976
6. New York — $959,562
7. Florida — $956,449
8. Washington — $903,303
9. Colorado — $828,772
10. Wyoming — $819,014

Where do you need to make the least to be in the 1%?

Here are the states where you can make the least amount of money and still be part of the 1%:

1. Ohio — $591,894
2. Oklahoma — $591,698
3. Iowa — $578,240
4. Alabama — $574,000
5. Indiana — $561,871
6. Arkansas — $558,009
7. Kentucky — $540,116
8. New Mexico — $492,703
9. Mississippi — $445,892
10. West Virginia — $445,892

Irene Wright is the Atlanta Connect reporter with USA Today’s Deep South Connect team. Find her on X @IreneEWright or email her at [e-mail].

This article originally appeared on USA TODAY: What do you need to make in GA to be the 1%? It's less than you think