To be one of many highest earners in Texas, residents must make about $18,000 lower than they did final 12 months, a brand new monetary evaluation from SmartAsset has discovered. Regardless of that quantity being decrease, it nonetheless means Texans must make $743,955 to qualify as a high 1 % earner within the state in 2025.
To find out the revenue wanted to be within the high 1 % of earners, SmartAsset analyzed 2022 IRS knowledge for particular person tax filers, which is the latest 12 months the place knowledge was out there, and revenue was adjusted to Could 2025 {dollars}.
Nationwide, the revenue wanted to be within the high 1 % decreased in each state aside from North Dakota, Florida, and Oklahoma. The nationwide common revenue it takes to be thought-about part of this unique group comes out to $731,492.
Connecticut leads the nation with the best revenue threshold wanted to be within the high 1 %, with residents needing to make almost $1.06 million yearly to qualify. Connecticut can be the one state the place its residents have to make greater than $1 million to be thought-about a high 1 % earner, and solely 16,917 residents at present match the invoice for the designation.
In the meantime, Texas has the tenth highest revenue wanted to be thought-about a high earner within the U.S. SmartAsset mentioned the state’s threshold is $12,503 larger than the nationwide common.
In 2023, a Texas resident would have needed to make $631,849 to be one of many highest earners within the state.
A complete of 128,130 Texans at present make sufficient cash to be thought-about one of many highest earners statewide. That is 2,002 extra folks than final 12 months. Although the report does not present data as to the place these high earners dwell, it is totally doable some live in San Antonio. In spite of everything, the town’s inhabitants has now surpassed 1.52 million residents.
For aspiring Texans who wish to make it among the many high 5 % of earners within the state, they must make $284,661 a 12 months to qualify, or about $4,000 greater than final 12 months’s revenue threshold. There are 640,648 Texans who at present make sufficient cash to be thought-about high 5 % earners, the report mentioned.
“Practically 1.5 million households throughout america now rank among the many high 1 % of earners, based on the most recent tax return knowledge from the Inside Income Service (IRS),” the report mentioned. “Financial circumstances, tax insurance policies, and price of residing differ considerably from state to state, leading to broad disparities between what it takes to grow to be a high 1 % earner throughout the nation.”
For San Antonians who wish to make sufficient cash to be thought-about “center class,” the yearly wage ranges between $41,544 and $124,644, based on a separate 2025 SmartAsset report.
The highest 10 states with the best thresholds to be thought-about within the high 1 % of earners within the U.S. are:
No. 1 – Connecticut ($1,056,996)No. 2 – Massachusetts ($965,170)No. 3 – California ($905,396)No. 4– New Jersey ($901,082)No. 5 – New York ($891,640)No. 6 – Florida ($859,381)No. 7 – Washington ($819,101)No. 8 – Colorado ($772,989)No. 9 – Wyoming ($771,369)No. 10 – Texas ($743,955)
