Here’s How Much You Need to Make to Be in RI’s Top 1%
GoLocalProv Business Team
Here’s How Much You Need to Make to Be in RI’s Top 1%
Well, the state is ranked #28 in the country for how much it takes to be super rich.
To be in Rhode Island's top 1%, you need to make $548,531, according to the website Smart Asset. In contrast, In 2021, the median household income in Rhode Island was $74,982.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“American wealth is becoming increasingly concentrated at the very top of the economic ladder. The top 1% of families hold over a third of the total wealth in the U.S. – up from 27% in 1989 – according to a Congressional Budget Office report from 2022. The bottom half of all households, meanwhile, control just 2% of the total wealth,” wrote Patrick Villanova for Smart Assets.
“But who’s in this group of ultra-wealthy taxpayers? Nationally, households that make $652,657 are considered among the top 1%. They earn more than eight times as much as the median household, which sits around $75,000,” he continued.
Tops in U.S.
Connecticut has the highest floor for the top 1%. You need to earn a whopping $952,902 to be in the top 1% of households in Connecticut – more than any other state in 2023. Massachusetts ($903,401) and California ($844,266) have the second-and third-highest thresholds for entering the top 1%, respectively.
New England Ranking
Of course, Connecticut — the top state in New England. Massachusetts #2.
New Hampshire is ranked third -- you need to make $659,037. Rhode Island comes in fourth in New England. Vermont is $518,309 and ranked #5. Last is Maine is $502,605.
The Bottom Nationally
Mississippi is second to last at $381,919; West Virginia is at the bottom at $367,582.
See the full report here.