For many Americans, the popular image of the top 1%–those Americans who are wealthier than the other 99%–is focused on Wall Street, the symbolic home of America’s financial markets, and where so much of the nation’s record wealth has accrued. In much rhetoric, New York City’s megabanks and hedge funds and private equity firms have become interchangeable with the 1%. But a new study of state-level tax data from the Internal Revenue Service shows that the story is incomplete.