To Join New York‘s Ultra-Wealthy, You’d Need to Earn Over Seven Times the State’s Average Wage
new York has the highest income requirement in the nation to qualify as “ultra-wealthy,” demanding an annual income of $619,178, according to recent data. This figure is more than seven times the average household income in the state, highlighting the widening wealth gap and the increasingly exclusive nature of high-income brackets.
The data, compiled by analyzing income thresholds for the top 1% and 20% of earners, reveals a stark disparity in wealth distribution across the U.S. While some states offer a relatively lower bar to entry into the ultra-wealthy club – West Virginia, such as, requires $330,270 – the concentration of wealth remains heavily skewed towards the top earners nationwide. This trend underscores the challenges faced by middle-class Americans striving for financial security and upward mobility, as the top 20% control over 70% of U.S. wealth.
Nationally,reaching the top 1% requires an adjusted gross income of at least $561,523,while the top 5% starts at $169,466 and the top 10% at $99,971. In comparison, the average U.S. household income in 2024 is approximately $83,730 – less than 15% of the income needed to enter the top 1%.
New Jersey follows closely behind New York with an income requirement of $616,334 to be considered ultra-wealthy. The growing concentration of wealth means the top one percent holds nearly a quarter of the nation’s wealth-nearly three times as much as the entire middle class.