To rank in the top one percent of earners in Pennsylvania, residents need an income of $605,333, which is the 24th highest total in the country, write Joanne Drilling and Jeff Blumenthal for the Philadelphia Business Journal.
The ranking draws on the most recent IRS earnings data from 2022. Across the nation, the findings revealed that the income threshold for the top one percent declined by three percent compared to the previous year, falling from $699,008 in 2021 to $675,368 in 2022.
In 2022, salaries continued to climb quickly, driven by the momentum of the post-pandemic recovery and fierce competition for skilled workers. However at the same time the stock market was struggling, wiping out billions in overall value.
While Pennsylvania ranked in the middle of the list based on the earnings needed to enter the one percent, neighboring New Jersey was much nearer to the top, with a $831,946 threshold that placed it fifth nationwide. Meanwhile, Delaware came in at No. 36 with $534,188.
The cutoff to enter the top one percent in Pennsylvania grew by two percent between 2021 and 2022 and by 28 percent between 2017 and 2022.
Read more about how Pennsylvania’s top earners compare nationwide in the Philadelphia Business Journal.
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