In California, reaching the top 1% of earners now requires an income of over $1 million a year, a dramatic increase from previous years. While the West Coast was expected to have the highest thresholds, surprising states like Connecticut and Massachusetts top the list. Despite the high costs of living in California, where a median home price can exceed $860,000, the income needed to be considered wealthy has soared nationwide, reflecting broader economic pressures and income disparities. This startling shift underscores the intense financial strain facing even high-income residents in the Golden State.
According to research published on July 17 by the financial website Go Banking Rates, people must earn more than $1 million a year to be considered among California's highest earners.
From 2017 to 2022, the average income of the top 5 percent of households in California spiked more than 37 percent, from slightly less than $450,000 to more than $613,000. (CNN)
According to t...
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