California is home to some of the most expensive zip codes in the nation. However, a new report found that it's interestingly not the state where the 1% income threshold is the highest.
"The top 1% account for 41.55% of total Golden State income taxes,” said SmartAsset.
They also found the average annual income needed to be in the top 1% national: $597,815.
That puts California at number 5 in terms of the adjusted gross income needed to be considered a top 1% earner.
These are the states that beat out California:
- Connecticut: Need to earn $896,490
- Massachusetts: Need to earn $810,256
- New York: Need to earn $777,126
- New Jersey: Need to earn $760,462