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This Map Shows the Average Income of the Top 1% by Location

Published

7 years ago

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This Map Shows the Average Income of the Top 1% by Location

This Map Shows the Average Income of the Top 1% by Location

To be considered in a top 1% earner in the United States, the magic number that must be reached is $521,411 per household.

However, it turns out that on a county level, the income of the Top 1% varies wildly based on location. For example, if you want to be in the “1% Club” in New York City, you’re going to have work extremely hard, get very lucky, or preferably, manage some incredible combination of those two things.

Meanwhile, if you want to be in the crème de la crème of the social scene in Jackson, Kentucky or Chattahoochee, Georgia, things might seem a little more realistic. In fact, if you’re doing well for yourself, you may even be able to do it based on your income today.

The Top 1% by County

The above map by HowMuch.net, a cost information site, shows the average income of the top 1% by county.

Here’s the breakdown by county:

Richest Counties by Average Income of Top 1%

  1. Teton, Wyoming – Average Income: $28,163,786
  2. New York, New York – Average Income: $8,143,415
  3. Fairfield, Connecticut – Average Income: $6,061,230
  4. La Salle, Texas – Average Income: $6,021,357
  5. Pitkin, Colorado – Average Income: $5,289,153
  6. McKenzie, North Dakota – Average Income: $4,709,883
  7. Shackelford, Texas – Average Income: $4,585,725
  8. Westchester, New York – Average Income: $4,326,049
  9. Collier, Florida – Average Income: $4,191,055
  10. Union, South Dakota – Average Income: $4,106,670

Poorest Counties by Average Income of Top 1%

  1. Quitman, Georgia – Average Income: $127,425
  2. Taliaferro, Georgia – Average Income: $139,439
  3. Wade Hampton, Alaska – Average Income: $149,639
  4. Robertson, Kentucky – Average Income: $152,637
  5. Chattahoochee, Georgia – Average Income: $158,749
  6. Glascock, Georgia – Average Income: $169,027
  7. Shannon, South Dakota – Average Income: $174,433
  8. McCreary, Kentucky – Average Income: $177,132
  9. Menifee, Kentucky – Average Income: $177,192
  10. Jackson, Kentucky – Average Income: $178,917

Making the Top 1%

Taking the top spot by a long mile is Teton, Wyoming – the county home to the affluent Jackson Hole ski area, and 40.4% of the famous Yellowstone National Park. The Top 1% that live near Old Faithful are particularly well-off, making an average of $28.2 million each year!

New York City is another place that needs Gordon Gekko-like income to make it into the top ranks. An income of $8.1 million will put you on par with the average one percenter there.

Meanwhile, you don’t need a private jet to be one of the wealthiest people in counties in Georgia, Alaska, Kentucky, or South Dakota. If you make $180,000 per year, you are actually doing better than the average member of the Top 1% in many of those places.

The rural county of Quitman, Georgia, has the lowest average 1% income at $127,425 per year.

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GDP

Visualizing U.S. GDP by Industry in 2023

Services-producing industries account for the majority of U.S. GDP in 2023, followed by other private industries and the government.

Published

4 days ago

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November 28, 2023

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u.s. gdp by industry

Visualizing U.S. GDP by Industry

The U.S. economy is like a giant machine driven by many different industries, each one akin to an essential cog that moves the whole.

Understanding the breakdown of national gross domestic product (GDP) by industry shows where commercial activity is bustling and how diverse the economy truly is.

The above infographic uses data from the Bureau of Economic Analysis to visualize a breakdown of U.S. GDP by industry in 2023. To show this, we use value added by industry, which reflects the difference between gross output and the cost of intermediate inputs.

The Top 10 U.S. Industries by GDP

As of Q1 2023, the annualized GDP of the U.S. sits at $26.5 trillion.

Of this, 88% or $23.5 trillion comes from private industries. The remaining $3 trillion is government spending at the federal, state, and local levels.

Here’s a look at the largest private industries by economic contribution in the United States:

IndustryAnnualized Nominal GDP
(as of Q1 2023)		% of U.S. GDP
Professional and business services$3.5T13%
Real estate, rental, and leasing$3.3T12%
Manufacturing$2.9T11%
Educational services, health care, and social assistance$2.3T9%
Finance and insurance$2.0T8%
Wholesale trade$1.7T6%
Retail trade$1.5T6%
Information$1.5T6%
Arts, entertainment, recreation, accommodation, and food services$1.2T4%
Construction$1.1T4%
Other private industries$2.6T10%
Total$23.5T88%

Like most other developed nations, the U.S. economy is largely based on services.

Service-based industries, including professional and business services, real estate, finance, and health care, make up the bulk (70%) of U.S. GDP. In comparison, goods-producing industries like agriculture, manufacturing, mining, and construction play a smaller role.

Professional and business services is the largest industry with $3.5 trillion in value added. It comprises establishments providing legal, consulting, design, administration, and other services. This is followed by real estate at $3.3 trillion, which has consistently been an integral part of the economy.

Due to outsourcing and other factors, the manufacturing industry’s share of GDP has been declining for decades, but it still remains a significant part of the economy. Manufacturing of durable goods (metals, machines, computers) accounts for $1.6 trillion in value added, alongside nondurable goods (food, petroleum, chemicals) at $1.3 trillion.

The Government’s Contribution to GDP

Just like private industries, the government’s value added to GDP consists of compensation of employees, taxes collected (less subsidies), and gross operating surplus.

GovernmentAnnualized Nominal GDP
(as of Q1 2023)		% of U.S. GDP
State and Local$2.1T8%
Federal$0.9T4%
Total$3.1T12%

Figures may not add up to the total due to rounding.

State and local government spending, largely focused on the education and public welfare sectors, accounts for the bulk of value added. The Federal contribution to GDP amounts to roughly $948 billion, with 52% of it attributed to national defense.

The Fastest Growing Industries (2022–2032P)

In the next 10 years, services-producing industries are projected to see the fastest growth in output.

The table below shows the five fastest-growing industries in the U.S. from 2022–2032 in terms of total output, based on data from the Bureau of Labor Statistics:

IndustrySectorCompound Annual Rate of Output Growth (2022–2032P)
Software publishersInformation5.2%
Computing infrastructure providers, data processing, and related servicesInformation3.9%
Wireless telecommunications carriers (except satellite)Information3.6%
Home health care servicesHealth care and social assistance3.6%
Oil and gas extractionMining3.5%

Three of the fastest-growing industries are in the information sector, underscoring the growing role of technology and digital infrastructure. Meanwhile, the projected growth of the oil and gas extraction industry highlights the enduring demand for traditional energy sources, despite the energy transition.

Overall, the development of these industries suggests that the U.S. will continue its shift toward a services-oriented economy. But today, it’s also worth noticing how services- and goods-producing industries are increasingly tied together. For example, it’s now common for tech companies to produce devices, and for manufacturers to use software in their operations.

Therefore, the oncoming tide of growth in service-based industries could potentially lift other interconnected sectors of the diverse U.S. economy.

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