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Here's how much money you need to make to be a 'top 1%' earner in Florida: study

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Updated  July 30, 2024 11:49am EDT
Money
FOX 35 Orlando

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ORLANDO, Fla. - SmartAsset, an online financial information and advice tool, has released its 2024 findings on the income required to be considered a top 1% earner in each U.S. state.

In Florida, the study found that earning over $852,206 annually is necessary to join the ranks of the state's highest earners. This figure can be measured by either annual income or net worth.

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The analysis used IRS data of individual tax filers to determine the salary needed to be part of the top 1% in various regions.

"State and local taxes can affect where high earners choose to live, but living costs vary significantly across the country," SmartAsset explained. "Therefore, the income needed to be in the top 1% can differ by over $500,000 from state to state."

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Considering these factors, SmartAsset ranked states based on the minimum pre-tax income required to be in the top 1%, based on the latest IRS tax return data from each state.

Read more here.