Connecticut may rate near the bottom in surveys of business-friendliness and fiscal health, but at least it’s tops in one area: the amount of annual family income needed to reach the fabled “1 percent” is $659,979, easily outpacing also-rans like the District of Columbia ($554,719), New Jersey ($547,737), Massachusetts ($539,055), and New York ($517,557).
According to a new report by the Economic Policy Institute (EPI), between 2009 and 2013, the top 1 percent captured 85.1 percent of total income growth in the United States. Over that period, the average income of the top 1 percent grew 17.4 percent, about 25 times as much as the average income of the bottom 99 percent, which grew 0.7 percent.
The EPI states that in 24 states, the top 1 percent captured at least half of all income growth between 2009 and 2013, and that in 15 of those states – including Connecticut – the top 1 percent captured all income growth during that period.
In addition, nationwide the top 1 percent took home 20.1 percent of all income in 2013 – less than 4 percentage points below the peak year of 1928, when it was 24 percent. Five states had top 1 percent income shares above 24 percent in 2013: New York (31.0 percent), Connecticut (29.7), Wyoming (28.7), Nevada (27.5), and Florida (25.6).
Meanwhile, the EPI reported that 22 metro areas had shares above 24 percent in 2013, with Bridgeport-Stamford-Norwalk’s 42.7 percent trailing only Jackson, Wyoming-Idaho (68.3 percent).
To achieve residence in the top 0.01 percent in 2013, a family’s annual income needed to reach $8.32 million. Connecticuters, however, needed $18.7 million, leading the list again, followed by Wyoming ($16.3 million), New York ($15.8 million) and Massachusetts ($12.7 million).