Connect with us

Business & Money

Location Matters: The Top 1% Differs By State

Published

1 year ago

on

Bolanle Media – Recent analysis conducted by the personal finance website SmartAsset has shed light on the significant role location plays in determining financial success in the United States. The study, which analyzed 2020 IRS data adjusted to 2023 dollars, reveals that “Location Matters: The Top 1% Differs By State,” as the income needed to be part of the top 1% of earners can vary by over half a million dollars depending on which U.S. state individuals reside in.

Connecticut takes the lead with the highest threshold, requiring households to earn an annual income of $952,902 or more to join the top 1%. In stark contrast, West Virginia has the lowest threshold, with residents needing an income of $367,582 or more to be considered part of the nation’s wealthiest elite.

Nationwide, households making $652,657 or more are classified within the top 1%, which is nearly eight times the median household income of approximately $75,000, as reported in the study.

Advertisement

The Disparities and Influencing Factors

SmartAsset’s analysis showcases significant income disparities across states, largely attributed to various influencing factors:

  1. Cost of Living: States with larger urban hubs like California and New York showcase how “Location Matters: The Top 1% Differs By State,” as they tend to boast higher-paid residents; however, they also have higher costs of living, somewhat offsetting their larger incomes.
  2. Industry and Job Opportunities: Diverse state economies driven by different industries can greatly impact average incomes, with tech-heavy states typically reporting higher earnings.
  3. Taxation Policies: Varied state tax structures can influence disposable income, directly affecting the overall income required to reach the top 1%.
  4. Population Density: States with larger populations may experience higher levels of income competition, which can influence salary ranges across industries.

The Top 1%: Aspirations and Realities

Location Matters: The Top 1% Differs By State

Implications for Financial Planning

Understanding the income disparities by location can significantly impact individuals’ financial planning decisions. Relocating to states with lower income thresholds might offer greater wealth-building opportunities for those aspiring to join the top 1%.

Advertisement

When it comes to being rich, location matters.

That’s because the amount of income you need to be in the top 1% of earners can vary by more than a half million dollars depending on which U.S. state you live in, according to a new analysis by personal finance website SmartAsset, which analyzed 2020 IRS data, adjusted to 2023 dollars.

Below is a list of household incomes needed to be part of the top 1% in each state, ranked from the highest threshold to the lowest:

1. Connecticut

  • Top 1% income threshold: $952,902 

2. Massachusetts

  • Top 1% income threshold: $903,401 

3. California

  • Top 1% income threshold: $844,266

4. New Jersey

  • Top 1% income threshold: $817,346 

5. Washington

  • Top 1% income threshold: $804,853 

6. New York

  • Top 1% income threshold: $776,662 

7. Colorado

  • Top 1% income threshold: $709,092 

8. Florida

  • Top 1% income threshold: $694,987 

9. Illinois

  • Top 1% income threshold: $660,810 

10. New Hampshire

  • Top 1% income threshold: $659,037 

11. Wyoming

  • Top 1% income threshold: $656,118 

12. Virginia

  • Top 1% income threshold: $643,848

13. Maryland

  • Top 1% income threshold: $633,333

14. Texas

  • Top 1% income threshold: $631,849

15. Utah

  • Top 1% income threshold: $630,544

16. Minnesota

  • Top 1% income threshold: $626,451

17. Nevada

  • Top 1% income threshold: $603,751

18. South Dakota

  • Top 1% income threshold: $590,373

19. Pennsylvania

  • Top 1% income threshold: $588,702

20. North Dakota

  • Top 1% income threshold: $585,556

21. Georgia

  • Top 1% income threshold: $585,397

22. Oregon

  • Top 1% income threshold: $571,813

23. Arizona

  • Top 1% income threshold: $564,031

24. Idaho

  • Top 1% income threshold: $560,040

25. North Carolina

  • Top 1% income threshold: $559,762

26. Montana

  • Top 1% income threshold: $559,656

27. Kansas

  • Top 1% income threshold: $554,912

28. Rhode Island

  • Top 1% income threshold: $548,531

29. Tennessee

  • Top 1% income threshold: $548,329

30. Alaska

  • Top 1% income threshold: $542,824

31. Nebraska

  • Top 1% income threshold: $535,651

32. Delaware

  • Top 1% income threshold: $529,928

33. Vermont

  • Top 1% income threshold: $518,039

34. Wisconsin

  • Top 1% income threshold: $517,321

35. South Carolina

  • Top 1% income threshold: $508,427

36. Michigan

  • Top 1% income threshold: $504,671

37. Maine

  • Top 1% income threshold: $502,605

38. Missouri

  • Top 1% income threshold: $500,626

39. Ohio

  • Top 1% income threshold: $500,253

40. Hawaii

  • Top 1% income threshold: $495,263

41. Iowa

  • Top 1% income threshold: $483,985

42. Indiana

  • Top 1% income threshold: $473,685

43. Alabama

  • Top 1% income threshold: $470,341

44. Oklahoma

  • Top 1% income threshold: $460,172

45. Louisiana

  • Top 1% income threshold: $458,269

46. Arkansas

  • Top 1% income threshold: $450,700

47. Kentucky

  • Top 1% income threshold: $445,294

48. New Mexico

  • Top 1% income threshold: $411,395

49. Mississippi

  • Top 1% income threshold: $381,919

50. West Virginia

  • Top 1% income threshold: $367,582

 

The findings from SmartAsset’s analysis present a compelling portrait of the economic diversity across the United States. Location indeed matters when it comes to achieving financial success and becoming part of the nation’s top 1% of earners. As individuals set their financial goals and navigate their paths to success, they must consider these income disparities and the unique opportunities and challenges that different states present.

Advertisement

 

For media inquiries, please contact: Hello@BolanleMedia.com

 

Advertisement
Bolanle Media Staff
Author: Bolanle Media Staff

Related Topics:
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advice

10 Tips To Creating Quality YouTube Content on a Budget

Published

2 weeks ago

on

October 4, 2024

By

Producing engaging YouTube videos doesn’t have to break the bank. With the right strategies and tools, you can create high-quality content that resonates with your audience without overspending.

Define Clear Objectives
Before you start filming, establish your goals. Are you aiming to increase brand awareness, drive traffic to your website, or boost video views? Your objectives will guide your content strategy and help you measure success.

Batch Content Creation
Dedicate a day to shoot multiple videos, saving time and streamlining editing. This approach maintains a consistent posting schedule, crucial for audience engagement and algorithm favorability.

Create Compelling Content
Invest time in developing high-quality video concepts. According to Analytics Partners, video content has twice the lasting impact of non-video content. Focus on creating content that resonates with your audience and aligns with your brand messaging.

 

Leverage Smartphone Technology
Modern smartphones offer excellent video quality. For example, the iPhone 12 Pro can shoot 4K video at 60 fps, rivaling many dedicated cameras. Pair your smartphone with a basic tripod and external microphone for professional-looking results.

Advertisement

Optimize Lighting
Good lighting is crucial for video quality. Natural light is free and effective. Position yourself near a window or invest in affordable lighting options like ring lights, which typically cost between $20-$100.

Post-Production and Optimization

Use Free Editing Software
Take advantage of free or low-cost editing tools. DaVinci Resolve, for instance, offers professional-grade editing capabilities at no cost for its basic version.

Optimize for SEO
YouTube’s algorithm considers factors like view count, engagement, watch time, and relevance when recommending videos[2]. Use keywords in your titles, descriptions, and tags to improve discoverability. For example, including relevant keywords in your title can increase views by up to 20%.

Advertisement

 

 

Engagement Strategies

Prioritize Community Engagement
Respond to comments and interact with your audience. YouTube puts recent comments front-and-center in your analytics dashboard, encouraging timely responses. This engagement can lead to higher watch times and subscriber growth.

Advertisement

Experiment with YouTube Shorts
YouTube Shorts are amassing tens of billions of views daily. Creating Shorts content can increase your channel’s visibility and engagement without requiring significant production resources.

Budget-Friendly Marketing Tactics

Leverage Remarketing
Implement remarketing campaigns to re-engage viewers who have already interacted with your content. This targeted approach can be more cost-effective than broad audience targeting.

A/B Testing
Experiment with different video formats, thumbnails, and titles. YouTube’s own data shows that 90% of top-performing videos have custom thumbnails. A/B testing can help you identify what resonates best with your audience without additional production costs.

Advertisement
Engage with Your Audience
Respond to comments, ask for feedback, and encourage viewers to engage with your content. This interaction helps understand what your audience enjoys and guides future content creation.

Real-Life Example

Consider the case of Peter McKinnon, a photographer and filmmaker who started his YouTube channel in 2010. Using primarily his smartphone and basic editing software, he grew his channel to over 5 million subscribers. His success came from consistently delivering valuable content, engaging with his audience, and gradually improving his production quality as his channel grew.

By implementing these strategies, you can create engaging YouTube content that resonates with your audience without overspending. Remember, the key is to focus on delivering value and consistently improving based on audience feedback and performance metrics.

Creating high-quality YouTube content on a budget requires resourcefulness and strategy. By planning effectively, utilizing available tools, and engaging with your audience, you can produce compelling videos that resonate with viewers without overspending. Focus on delivering value, and your channel will grow!

Bolanle Media Staff
Author: Bolanle Media Staff

Advertisement
Continue Reading

Business

The Republic of Liberia and Fulton County Georgia Officials Meet to Strengthen Ties

Published

1 month ago

on

September 6, 2024

By

In a significant move to revitalize a nearly two-century-old connection, President of Liberia, Joseph Nyumah Boakai, and his cabinet members met with key Fulton County officials on Wednesday, August 21st. This historic meeting was made possible due to the efforts of Aaron Faulkner, film director, and Dr. Clarice Ford-Kulah, President of Providence Preservation Foundation Inc., who played a crucial role in facilitating the discussion. Dr. Ford-Kulah and her team were instrumental in bringing everyone together, and she will be orchestrating the return visit in December of the Fulton County delegation. The meeting, which took place in Atlanta, Georgia, focused on potential partnerships aimed at addressing Liberia’s current challenges and marked a significant step towards strengthening the historic ties between Liberia and Fulton County.

President Joseph Nyumah Boakai met privately with Fulton County officials to discuss strengthening historic ties and exploring new collaborations between Liberia and Fulton County, Georgia.

The relationship between Liberia and Fulton County dates back to the early 19th century when freed African Americans, many from Georgia, settled in Liberia. This connection has endured for nearly two centuries, creating a unique bond between the two regions.

High-profile figures, including the President of Liberia, members of his cabinet, Chief Probate Judge Kenya Johnson of Fulton County, and Fulton County Chairman Robb Pitts, attended the meeting. The discussions focused on exploring ways to strengthen economic ties, foster educational and cultural exchanges, and address healthcare challenges in Liberia.

President Joseph Nyumah Boakai met privately with Fulton County officials to discuss strengthening historic ties and exploring new collaborations between Liberia and Fulton County, Georgia.

Potential areas of collaboration include trade partnerships, investment opportunities in Liberian infrastructure, technology transfer programs, scholarship programs for Liberian students, cultural exhibitions, medical training programs, and telemedicine partnerships.

Chief Probate Judge Kenya Johnson provided insight into the historical ties between Fulton County and Liberia, referencing documents from the Fulton County Probate Court that shed light on the complex history of slavery and emancipation in the region.

Advertisement

Chairman Robb Pitts emphasized the potential for mutual benefit in this partnership, stating, “By leveraging our shared history and combining our resources, we can create meaningful change and opportunities for both Liberia and Fulton County.”

President Joseph Nyumah Boakai standing next to Her Royal Majesty Shanta Lana Hereford, Warrior Queen of The Cherut Nation.

The meeting concluded with a commitment to continue dialogue and develop concrete action plans for collaboration. Both parties expressed optimism about the potential for this partnership to address pressing issues in Liberia while strengthening the bonds between the two regions.

This historic meeting marks a significant step towards revitalizing the connection between Liberia and Fulton County, with the potential to create meaningful change and opportunities for both regions.

Learn More and Get Involved!
To discover how you can participate in this historic partnership and learn more about the efforts to revitalize the connection between Liberia and Fulton County, please visit: BirthofaNewNation.com
Stay Updated:
  • Follow us on social media for the latest news and updates on this partnership
  • Sign up for our newsletter to receive exclusive insights and information on how to get involved
Join the Movement:
  • Contact us to learn more about how you can contribute to this historic partnership
  • Share your ideas and suggestions on how to strengthen the ties between Liberia and Fulton County
Together, we can create a brighter future for both regions!

Bolanle Media Staff
Author: Bolanle Media Staff

Continue Reading

Business

PAALA Awards: Celebrating African Leadership

Published

2 months ago

on

August 29, 2024

By

In just 51 days, the city of Atlanta will play host to a prestigious event celebrating the achievements of outstanding leaders of African descent. The Pan African American Leadership Award (PAALA), an initiative of the African Women in Leadership Organisation (AWLO), will recognize individuals who have made significant contributions to the growth and development of African American and African communities worldwide.
A Celebration of Pan Africanism
The PAALA award is rooted in the principles of Pan Africanism, which seeks to promote unity, solidarity, and cooperation among people of African descent. This year’s event aims to bring together global leaders to celebrate the progress made towards achieving shared values, sustained democracy, and global competitiveness on the African continent.
Honoring Exceptional Leaders
The PAALA award will honor exceptional leaders who have demonstrated dedication and commitment to the growth and empowerment of African American communities in the United States and the African continent. These individuals have made significant contributions to promoting black heritage and advancing the resolutions of Pan African congresses.
Join the Celebration
The event is scheduled to take place in Atlanta, and attendees can look forward to connecting with other global leaders and celebrating the achievements of the award recipients. Tickets are available for purchase at (link unavailable), with options for a Table of 10 ($1,250) and VIP Table ($1,500). Payments can also be made via Zelle to awlousa24@gmail.com.

Be a Part of History
Don’t miss this opportunity to be part of a historic event that celebrates the achievements of exceptional leaders and promotes the values of Pan Africanism. All roads lead to Atlanta, so mark your calendars and join the celebration!

Bolanle Media Staff
Author: Bolanle Media Staff

Continue Reading

Trending

0
    0
    Your Cart
    Your cart is emptyReturn to Shop
    Continue Shopping