LAS VEGAS (KLAS) — What’s it take to join the 1-percenter club? Try at least a half-million dollars.
That’s what you’ll have to earn in a year to be a 1-percenter in Nevada. To be exact, you’ll need to earn $540,025 or more. According to personal finance website smartasset.com, that’s going put you in an elite club, earning more than 99% of the rest of the Silver State’s population.
If that's a little too rich for your blood but you still want to be in a top tier, you can aim a little lower ... like the 5-percenter club. That only requires $205,028 in Nevada.
SmartAsset's study reports some bad with the good for those elite earners.
Nevada's 1-percenters pay the highest total income tax share -- 50.1% -- of all 1-percenters in the 50 states. Nationally, the top 1% of earners contribute to 35.79% of all individual income taxes paid.
The study is based on IRS income data from 2018, with numbers adjusted to 2021 dollars using the Consumer Price Index from the Bureau of Labor Statistics.
Nationally, an American family needs a gross income of $597,815 to fall in the top 1% of earners. Those in the top 1% in the U.S. earn twice as much as those in the top 5% – $240,712.
At the top of the scale, you'll find the 1-percenters with the highest incomes in the Northeast: Connecticut ($896,490), Massachusetts ($810,256), New York ($777,126) and New Jersey ($760,462) are at the top, with California rounding out the Top 5 at $745,314.
Nevada comes in at No. 19 on the list.
The bottom five: West Virginia ($350,212), Mississippi ($361,462), New Mexico ($384,427), Arkansas ($411,633) and Kentucky ($412,836).