By AZ Business Magazine | AZBigMedia
The top 1% of Americans have a combined net worth of $34.2 trillion, according to Federal Reserve data last updated Oct. 19, 2020. That number represents more than 30% of all household wealth in the U.S.
Windfall used its 2020 consumer financial database to determine the net worth required to rank in the top 1% of each state. The analysis used population estimates from the 2019 U.S. Census Bureau and estimates from Windfall’s wealth database of more than 80 million households. For each state, the minimum fortune required to qualify in the top 1% for that state is included, along with the median net worth of all homeowners with a primary residence in that state, and total homeowners with an accumulated wealth of $1 million or more. Net worth represents an individual’s assets like homes, cars, and investments, less their liabilities like mortgage and other debt.