What does it take to be rich in Alabama?
Published 2:08 pm Saturday, January 23, 2021
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 net worth estimates from Windfall’s wealth database of more than 80 million households.
Here’s what Alabama’s numbers look like:
– Minimum net worth of the state’s top 1%: $1,803,910 (686.1% more than median net worth)
– Median net worth of all Alabama homeowners: $229,475
– Homeowners with net worth of $1 million or more: 130,567
– 2019 total population: 4,903,185
Alabama’s wealthiest man, Jimmy Rane, has a net worth of $900 million—the state is one of seven that have no billionaires. Rane, aka the “Yella Fella” of Great Southern Wood Preserving, made his fortune by building the modest family business into a billion-dollar company with his brother.
For each state, the minimum net worth 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 a net worth 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.