If you’re wondering how close you are to being in the 1% in Georgia, a recent report has your answer.
Nationally, you need an annual income of $538,926 to be among the top 1%. About 1.4 million taxpayers meet this threshold, with the median annual income being around $1.7 million, according to 24/7 Wall St. However, wealth is significantly more concentrated in certain parts of the country compared to others. That means there are varying amounts needed to be among the top 1% in each state.
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Georgia is no exception.
To determine what it takes to crack the top 1% in the Peach State and other states, 24/7 Wall St. gathered adjusted gross income percentile data for the 2017 tax year from the IRS. The yearly income required to be in the 1% ranges from under $350,000 in some states to more than double that in others.
The website also calculated the average incomes and average income taxes for earners in the top 1% using the number of returns data, total adjusted gross income and total federal income taxes from the IRS.
Consumer price index data for 2017 and 2019 came from the U.S. Bureau of Labor Statistics and all income data was adjusted for inflation. The site used the U.S. Census Bureau’s 2018 American Community Survey for supplemental data on the poverty rate, the median income for all earners age 16 and older and the percentage of adults with at least a bachelor’s degree.
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So how did Georgia fare on the list? The top 1% earn at least $501,914 annually, the 15th highest in the nation. Their average income is $1,420,732 and there's a 19.0% share of all income earned by the 1%. The average income among all tax filers is $74,744 and 36.3% of all federal income taxes come from the 1%, which is the 12th largest such share in the U.S.
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