Income analysis explains if you’re in Florida’s top 1%

What does it take to be a member of the top 1% (taxpayer) club in Florida? Well, definitely a lot of money, but maybe not as much as you think.

SmartAsset analyzed income data to determine the minimum income required to be among the top 1% earners in each state. To do this, he used data from the IRS and the Bureau of Labor Statistics. The report was released last week (January 24).

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In the state rankings, the Sunshine State came in at #8. According to the SmartAsset study, you’d need an annual household income of $678,800 to earn your spot in Florida’s 1% club in 2023. That’s just slightly above the national average of $645,600. And the average Florida tax rate for this group is 25.23%.

It’s much better to become a member of the Florida 5% club. A Florida resident must earn at least $243,600 to be in the top 5% with an average tax rate of 22.34%.

Household Income: Did You Know?

According to the study:

• The average US household earns a median income below $70,000
• Less than 10% of all households earn more than $200,000, according to the US Census Bureau

Household income: Which state has the highest threshold to be included in its 1% club?

Connecticut requires the highest earners to be in the top 1%. It was the only state with a minimum threshold above $900,000