The top 1% of earners in the United States has been a topic of much discussion in recent years. This group of people makes more money each year than 99% of the rest of the country. If you’re a big earner, you may be wondering, are you in the top 1%?
In this article, we take a look at what the top 1% of American earners make, if you’re included in this group, and how to join this group of earners. We also explore the benefits of being in the top 1%. Keep reading to find out if you’re in the top 1% of American earners.
How do you calculate if you’re in the top 1% of American earners?
In order to calculate if you’re in the top 1% of American earners, you need to know what constitutes as income for the top 1%. According to Forbes Advisor, you need to bring in an annual salary of at least $597,815 to be in the top 1% nationally. However, this value can vary from state to state to be considered in the top 1% in your state. For example, to be in the top 1% of Virginia earners, you’d need to make an annual salary of $584,784.
While annual income is the most common way to calculate if you’re in the top 1% of American earners, many others consider net worth as the metric to go by. Net worth is calculated by subtracting your total liabilities from your total assets. This number gives you a snapshot of your overall financial health. To be in the top 1% of net worth in America, you would need a net worth of at least $10,374,030, according to Forbes Advisor.
Are there benefits to being in the top 1% of American earners?
There are many benefits to being in the top 1% of American earners. The most obvious benefit is that you earn more money. But money isn’t the only benefit of being in the top 1%. You’re also more likely to have a good education. More than two-thirds of the top 1% have a college degree, compared to just one-third of the rest of the population.
Another benefit is that you’re more likely to have a job. The unemployment rate for the top 1% is just 2.8%, compared to 7.9% for the rest of the population. In addition, you’re more likely to have good health. The top 1% are less likely to smoke, less likely to be overweight, and less likely to have high blood pressure.
So what are the benefits of being in the top 1%? Money, jobs, education, and health. Not bad for the years of hard work put into this category.
How can you join the top 1% of American earners?
There are a few different ways to join the top 1% of American earners. One way to join the top 1% is to find a high-paying job. The top 1% of earners in the United States tend to have jobs in the medical, legal, and financial industries. They also tend to work in management or executive positions.
Another way to join the top 1% is to have a lot of money saved up. The top 1% of earners in the United States tend to have a lot of money invested in stocks, bonds, and real estate. They also tend to have a lot of money in their savings and checking accounts.
Whatever the case, joining the top 1% of American earners is not easy, but it’s possible. If you’re willing to work hard and invest your time and money wisely, you can join this elite category.
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