Here’s the Income Needed to Be in the ‘Top 1%’ in Maine

This is how much you need to earn annually to be considered a 'top one percenter' in our Pine Tree State. Hint: it’s a lot.

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To be in the top 1% of earners in Maine, you need to make a lot of money each year, but it's actually much less than in many other states. When you compare Maine's threshold to places like Connecticut, Massachusetts, or California, our one-percenters don't seem nearly as wealthy. In those states, the income needed to be in the top 1% is much higher.

In Maine, being a top earner might feel more like being part of the middle class compared to those wealthier states.

But that’s part of Maine’s charm, right? It’s mostly rural, not too busy, and offers plenty of space to breathe. Plus, living here is generally much cheaper than in places like, again, Connecticut, Massachusetts, or California.

So, how is the income required to be in the 'top 1%' even determined?

To determine ‘the income needed to be in the top 1% in each state,’ GOBankingRates used the latest available IRS data from 2021 tax returns. They adjusted these figures to reflect 2024 dollars. The results vary widely by state, with some requiring over $1 million in earnings to qualify for the top 1%, while others need less than half a million. The income thresholds were ranked from highest to lowest across all 50 states, with all data compiled and updated as of July 12, 2024.

With that said, and before getting into the nitty-gritty of Maine's income requirements, what were the key findings?

To be in the top 1% of earners in the U.S., you need more than $1,000,000 in five states: Connecticut, Massachusetts, California, Washington, and New Jersey. On the lower end, three states—New Mexico, Mississippi, and West Virginia—require less than $500,000 to join the top 1%. Surprisingly, highlighting significant regional disparities in wealth across the country, the Northeast has higher income thresholds than the West Coast.

Alright, with all of that out of the way, what is the annual income needed to be in the top 1% here in Maine?

According to GOBankingRates’ report, the income threshold for Maine's top 1% is $609,173. This ranks Maine 39th highest in the country.

What are your thoughts on the annual income required to be in Maine's top 1%? Does that number surprise you at all?