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What is the definition of the 1%?

Asked by Adam Polk on October 14, 2021

Categories: Personal finance Home financing


Rating: 4.2/5 (60 votes)

noun. The 1% (one percent) are the citizens of the United States who earn the top one percent of income, with an average income of over $1.5 million in 2011 while the other 99% of the population earns a median income of $65,000. Statistics source: The Urban Institute and the Washington Post.

What is considered wealthy in the US? To be considered “rich,” Americans say you need a net worth of at least $2.3 million.

What percentage of Americans make over 100k? One half, 49.98%, of all income in the US was earned by households with an_income over $100,000, the top twenty percent. Over one quarter, 28.5%, of all income was earned by the top 8%, those households earning more than $150,000 a year. The top 3.65%, with incomes over $200,000, earned 17.5%.

What is the cutoff for the 1%? To reach the threshold of the top 1 percent of income earners in the U.S., you need to make $389,436 a year ormore, a 2013 Economic Policy Institute report finds. But the cut off varies depending on how old you are. To be in the top 1 percent of your age group as a 25-year-old, you'd need to earn $160,000 per year.