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Who Are the One Percent in the United States by Income and Net Worth?

The concept of the "one percent" has captured the American public's imagination. The phrase crops up everywhere from presidential debates to signs at protests.

But precise as the phraseseems, it's a murky term. Let's try to clear it up today:who are the top one percent by income and who are the top one percent by net worth in the United States?

Who are the top one percent by income?

$591,550is the cutoff for a top 1% household income in the United States in 2023. For a single earner, the cutoff is $407,500.

The top 1% household income is not the final word, so pick your favorite. Households might have multiple people working it is often more appropriate to break down the 1% for individual workers. (Or, even by state or city).

Let's look at some of the other ways to measure the top one percent by income.

Income of the Top 10% and Top 1% Household and Worker

You can find the original source (and methodology) in these posts:

Not enough? These next calculators and posts divide the population into even finer groups.

Since it isn't always appropriate to compare workers in different cities or workers of different ages, these posts will help answer your specific questions:

The data in these tools and posts is from the 2023 Current Population Survey survey, which means income earnedbetweenJanuary and December of 2022.

Who are the top one percent by net worth?

The top one percent of household net worth starts at$13,666,778.

(This net worth threshold is as of 2023. See below.)

Net worth tends to have an even more extreme spread than income does. While many households in the United States havezeroornegativenet worth, the same statement isn't valid for income. Household income also reflects transfer payments, while the government isn't (really) in the business of transferring wealth.

Net Worth of the 10%, 1%, and .1% Households

Looking at the one percentby net worthis more useful than income. If we had our way, a view of the top 10%, 1%, and .1% would concentrate onaccumulated wealth, not affluence.

This data comes from the2023 Survey of Consumer Financesfrom the Federal Reserve.. We calculated these breakpoints for ourAmerican wealth and net worth percentiles article.

Clarity Around the Top 1%

As you can imagine, since there are a few ways to define the top 1% the topic inspires a number of questions. I've done my best to address the most common questions around the American top 1% here.

Does top one percent mean by income or by net worth?

Net worth is a better way to rank the top one percent than income.

If you do use income to determine the top one percent of individuals, individual income is the best choice for determining the one percent.

Household income disguises the true income figure when there are multiple earners in a household. For example, a household may have two working spouses or achild living at home. Household income also doesn't account for the spending difference in household sizes.

Using net worth to decide on the one percent threshold is even better.

Household net worth sidesteps spending and cost of living questions because net worth is by definitionnot spent. Regardless of household size or location, net worth isalwaysunspent resources.

Net worth is theaccuratemeasure of how much 'extra'a household has accumulated. (Top one percent net worth households show up as a hockey stick in inequality, too.)

Is there a correlation between income and net worth?

There is some correlation between wealth and income, but it's not as high as you might suspect and it changes by age. Wealth is truly the measure of the highest classes.

One interesting stat: going from the top 10% of wealth to the top 1% requires a significant jump while income "only" requires a much smaller bump.

How many people are in the top 1%?

Depending on your preference, there are roughly1,313,064 householdsin the top one percent or1,784,529 workers.

Are millionaires in the top 1%?

No. By net worth, millionaires more than the top 10% of net worth in America, but nowhere near the top 1%.In 2023, 18% of American households were millionaire households.

A household with $1,000,000 in net worth needs to approximately 13.5x their wealth to be in the top 1%.

See more data on millionaires in America.

At what point are you considered a millionaire?

Being a millionaire means you have accumulated one million dollars in net worth, it doesn't mean you earn one million dollars a year. For net worth, you sum all of your assets and subtract all of your debts to come up with a number of dollars you would have if you liquidated everything.

You should include your primary home in your net worth.

What percentage of wealth is held by the top 1%?

In the first quarter of 2022, the top 1% of households and nonprofit organizationsheld 31.9% of all net worthin the United States.

What percentage of wealth is held by the bottom 50%?

In the first quarter of 2022, the lower 50% of households and nonprofit organizationsheld 2.5% of all net worthin the United States.

You can find the methodology behind this data in thenet worth by age calculator.

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