Top 1 percent: In S.D., here’s what it looks like
Aug. 21, 2023
How much do you have to make to fall in the top 1 percent in South Dakota?
Try a household income of at least $590,373.
That’s the conclusion of a study by fintech company SmartAsset, which looked at data from the IRS and Bureau of Labor Statistics to determine the minimum income required to be among the top 1 percent of earners in each state.
South Dakota ranks No. 18 and offers the lowest tax rate — 22.99 percent — for the top 1 percent of any states in the top 25
The SmartAsset report found the “top 1 percent of households hold over a third of the total wealth in the U.S. – up from 27 percent in 1989 – according to a Congressional Budget Office report from 2022. The bottom half of all households, meanwhile, control just 2 percent of the total wealth.”
Nationally, households that make $652,657 are considered among the top 1 percent, the report found, earning more than eight times as much as the median household, which makes about $75,000.
