If you want to make it in one of the world’s largest cities, you’re likely to face two financial realities: those who are able to amass wealth, and those who can only get by.
In New York, the divergent nature of the two economies could not be clearer. a new analysis Go bank rates It was just revealed that to be in the top 5% of the city, a household would need to earn $619,178 per year,
By comparison, the average household income in large cities apple The income is just $84,578; they need to earn more than seven times that amount to move into high-income households.
To some, making more than $80,000 a year may sound like a promising salary, but it’s hard to keep up with the cost of living in New York. For example, the average cost of a studio is estimated to be $3,795 per month, according to data from Zamper. That’s $45,540 per year, which means rent alone accounts for about 54% of gross income, well above the norm 30% affordability threshold.
West Virginia households have lowest income requirements to enter top 5%
Although New York requires top earners to make more than seven times the average wage, it’s not the highest salary on the list.
In Connecticut, a household income of $637,673 is expected to rank in the top 5%. By comparison, the average median household income is about $93,760, 580% (or nearly seven times) more than what is needed to rank in the top 5%.
This is followed by California ($619,938), Massachusetts ($691,385), New York ($619,178) and New Jersey ($616,334).
West Virginia is the easiest state to enter the super-rich club, with an income requirement of $330,270. On average, the median household income is $57,917.
Unlike New York, housing costs are about 27% lower than the national average, according to the data Cafe for rentalthough Wages are lagging behind National average.
The gap between rich and poor is growing: 20% of households control more than 70% of the wealth in the United States
Yet while some states have lower thresholds for the ultra-rich, wealth itself has become more concentrated, leaving most Americans further behind.
top one percent Controls nearly a quarter of the country’s wealth— or nearly three times the amount owned by the entire middle class. Overall, the richest 20% of households control more than 70% of the wealth in the United States, while the bottom 20% of households control less than 30%.
Currently, being in the top one percent in the U.S. means having an adjusted gross income of at least $561,523. The threshold drops to $169,466 for the top 5% and $99,971 for the top 10%. For context, the average U.S. household will earn about $83,730 in 2024, less than 15% of the income needed to peak.
Are you in the top 5% of people living in one of the states listed? Fortune wants to hear from you. Email: jessica.coacci@fortune.com