You need to earn this much money to be in the top 1% in SC, 2024 study shows
There’s being rich, and there’s being in the top 1% of earners.
The U.S. median household income is around $75,000 — for South Carolina it’s $67,804, U.S. Census data shows. Meanwhile, the top 1% can earn 10 times more than those median incomes.
Still, the cost of living can be drastically different from state to state, so being in the top 1% can mean very different things depending on where you are.
With that in mind, a recent SmartAsset.com analysis ranked states based on the minimum pre-tax income needed to be considered a top 1% earner, using the latest IRS tax return data. Below is the findings for South Carolina. To review the data for every state, click here.
Top 1% in SC
According to the SmartAsset study, a person needs to earn at least $611,219 to be part of the top 1% in South Carolina in 2024. The study also found that there are currently 22,737 1% tax returns in South Carolina.
What about top 5% in SC?
Sure, only a select few could ever crack the top 1% of earners no matter which state they live in, but what about the top 5%?
You’d have to earn at least $242,922 to be part of the top 5% in South Carolina, the study shows.
10 states with highest income threshold to reach 1% of earners
1. Connecticut
- Floor on top 1% income in 2024 dollars: $1,152,254
- Number of top 1% returns: 16,811
2. Massachusetts
- Floor on top 1% income in 2024 dollars: $1,113,662
- Number of top 1% returns: 32,598
3. California
- Floor on top 1% income in 2024 dollars: $1,035,673
- Number of top 1% returns: 177,645
4. Washington
- Floor on top 1% income in 2024 dollars: $989,649
- Number of top 1% returns: 35,456
5. New Jersey
- Floor on top 1% income in 2024 dollars: $975,645
- Number of top 1% returns: 42,437
6. New York
- Floor on top 1% income in 2024 dollars: $965,645
- Number of top 1% returns: 92,142
7. Colorado
- Floor on top 1% income in 2024 dollars: $865,700
- Number of top 1% returns: 27,447
8. Florida
- Floor on top 1% income in 2024 dollars: $852,206
- Number of top 1% returns: 101,940
9. Wyoming
- Floor on top 1% income in 2024 dollars: $843,121
- Number of top 1% returns: 2,616
10. New Hampshire
- Floor on top 1% income in 2024 dollars: $811,098
- Number of top 1% returns: 6,742
Other key findings in study
- It takes over $1 million a year in income to be in the top 1% in Connecticut, Massachusetts and California.
- Nationwide, you must earn $787,712 to be in the top 1% of earners.
- Those who make as little as $420,000 are considered top 1% in West Virginia.
