What is the top 1% in IQ?

Could you elaborate on the concept of the top 1% in IQ? What specific IQ score range would this group typically fall within? Is there any research or studies that have been conducted to confirm the validity of this classification? Furthermore, how does belonging to this elite group potentially impact an individual's cognitive abilities, career prospects, and overall life outcomes? Additionally, are there any potential drawbacks or challenges that this group may face as a result of their high IQ?