Estelle Sommeiller & Mark Price:

According to state-level data, available only through 2011, the largest gaps between the top 1 percent and the bottom 99 percent are in Connecticut and New York. In both states the top 1 percent in 2011 earned on average over 40 times the income of the bottom 99 percent of taxpayers. This reflects in part the relative concentration of the financial sector in the greater New York City metropolitan area. After New York and Connecticut, the next eight states with the largest gaps between the top 1 percent and bottom 99 percent in 2011 are Florida (where the top 1 percent earned 32.2 times as much as the bottom 99 percent, on average), Massachusetts (30.2), Nevada (29.5), Wyoming (27.6), California (26.8), Texas (26.3), Illinois (24.5), and New Jersey (23.9). Even in the 10 states with the smallest gaps between the top 1 percent and bottom 99 percent in 2011, the top 1 percent earned between about 12 and 17 times the income of the bottom 99 percent. Those states include Kentucky (where the top 1 percent earned 16.7 times as much as the bottom 99 percent, on average), Idaho (16.3), Delaware (16.2), New Mexico (15.6), Nebraska (15.5), Mississippi (15.2), Maine (14.9), Iowa (13.7), Alaska (13.5), and Hawaii (12.1). Reported in Table 5 are the threshold incomes required to be considered part of the top 1 percent by state. Table 5 also includes the threshold to be included in the 1 percent of the 1 percent (or the top 0.01 percent). Finally, the average income of the top 0.01 percent (the highest one out of 10,000 taxpayers) is ranked among the 50 states. Connecticut had the highest average income in 2011 for the top 0.01 percent, $57.2 million. Wyoming’s top 0.01 per