There are over 350 thousand users on stack overflow. While it's nice to be considered part of the top 1%, it's a big group at over 3,500 users, and its too dilute to be a useful measure. You only need about four thousand reputation to be part of this club right now. And while I don't mean to disrespect the hard work people put in to get to 4k rep, with users holding a quarter million rep I can't exactly say that 4k should be considered the top tier.
Please consider defining some function that removes the bottom outliers from the calculation. Just removing all the users with only one reputation nearly halves the total user base, though I think the bar should be higher, at least fifty or so reputation. This would mean at least five up votes on answers, or ten up votes on questions, and that the user has most of the basic site functionality. Currently there are just under 80,000 users with above 50 reputation, which means only the top 800 users would be considered part of the top 1%. This happens to be at right around eleven thousand reputation for now.
I mean, we don't want just anyone to be able to say, "Hey babe, I've got two nines of reliability at stack overflow. Can I buy you an upvote?"
Alternately, introduce the top 0.1% and top 0.01% tiers.
Note: I'm speaking of the All time list, although it might profitably be applied to any long term list. Applying it to the short term lists needs to be carefully considered, as we want new users who are trying to get onto one of the league pages to be able to see their progress, even when they've only received a few votes. It shouldn't matter for the long term lists.