The proportion of people who will be in the top 1% of annual income for at least one year of their lives is quite high. I am too lazy to look it up now but I think it's about 20%.
The majority of people who earn a top 1% income only manage to do so for a short period.
As a consequence the overlap between top 1% by income and by wealth is small. They are (broadly speaking) different groups.
The former is less meaningful as it ignores your cost of living.