six-figures of wealth

Here's what it takes to be in the top 1 percent of earners in Texas

Texas has the 14th highest threshold of income needed for the exclusive classification.

It's always been said that the rich get richer as the years go on, and those who hold the most wealth are certainly making that phrase a reality. More than a third of the overall wealth in the United States is held by the top one percent of earners, who make about $652,657 a year.

But how much money does a Texan need to make to secure a place in the top one percent of earners in the state? A new study from SmartAsset, published July 17, determined that the answer is not too far off from the national amount, but is still well into the six-figure range: $631,849.

Texas has the 14th highest threshold of income needed for the exclusive classification.

Texas' latest ranking is a four-place drop from an earlier SmartAsset report from February 2023 that put Texas' one percent threshold at $641,400. SmartAsset typically publishes this report annually, but released an all-new report in July when new data from the IRS became available.

The new report further revealed that Southern states have the lowest income thresholds, with six out of the bottom 10 states being located in the Southeast.

"While Northeastern states like Massachusetts and New Jersey have some of the highest income thresholds for the one percent, it takes considerably less income to be considered in the top one percent in many Southern states," the study says.

However, holding onto that much wealth isn't without financial responsibility. Texans who are in that top one percent category have a tax rate of 25.83 percent.

The top 10 states with the highest thresholds to be considered in the top one percent of earners in the U.S. are:

No. 1 – Connecticut ($952,902)
No. 2 – Massachusetts ($903,401)
No. 3 – California ($844,266)
No. 4 – New Jersey ($817,346)
No. 5 – Washington ($804,853)
No. 6 – New York ($776,662)
No. 7 – Colorado ($709,092)
No. 8 – Florida ($694,987)
No. 9 – Illinois ($660,810)
No. 10 – New Hampshire ($659,037)

To determine the different income thresholds for every state, SmartAsset used 2020 data from the IRS and adjusted the numbers to be accurate for May 2023.

The full report can be found on smartasset.com.

SmartAsset Top 1% Earners finance reports texas

santa's favorite city

San Antonio glows as a top 10 most festive U.S. city in 2024

Holiday lights in Travis Park in San Antonio

Centro San Antonio Facebook

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San Antonio's unending love for the winter holidays is shining bright this year, as the city was just declared the No. 10 most festive city in America for 2024.

Home services provider Thumbtack revealed its annual list of the most festive cities in the nation, compiling data from millions of holiday light installation requests across all 50 states between October 2023 and October 2024.

San Antonio previously held the coveted No. 5 spot in 2023 before slipping five places in the newest report. The city previously ranked No. 10 in 2022.

San Antonians have plenty of light displays and events across the city to pull inspiration from for their own homes, including the San Antonio Botanical Garden's winter lantern show, the Light Park in Selma, and many more.

Texas cities are far merrier than many other places in the country, with Austin leading the nation as the No.1 most festive city for the third year in a row. Dallas and Houston ranked No. 2 and No. 4, respectively.

San Antonians will have to get creative when it comes to their holiday decorating, as the weather doesn't always cooperate with the classic "White Christmas" theme. But that's to be expected from one of the top five best warm-weather travel destinations nationwide.

"In the milder climates, you probably won’t find a winter wonderland, but you might see plenty of twinkling lights, tinsel, and bold colors outside the traditional red, green, and white palette," the report's author wrote. "Neon baubles, vintage plastic Santa molds, and playful LED lights keep properties festive and bright. Native eucalyptus, olive branches, and succulents are used as greenery in place of traditional pine and fir."

Outsourcing that outdoor holiday decorating will cost a pretty penny, according to Thumbtack's analysts. The study said the average cost to hire a holiday lighting specialist can range from $168-300, depending on the scope of the project and home size. Thumbtack also recommends San Antonians avoid hiring a lighting specialist during Thanksgiving weekend, which is the time period that sees the highest demand.

Thumbtack's top 10 most festive U.S. cities in 2024 are:

No. 1 – Austin, Texas
No. 2 – Dallas, Texas
No. 3 – Seattle, Washington
No. 4 – Houston, Texas
No. 5 – San Francisco, California
No. 6 – Atlanta, Georgia
No. 7 – Sacramento, California
No. 8 – Charlotte, North Carolina
No. 9 – Raleigh, North Carolina
No. 10 – San Antonio, Texas

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