States with the most people earning $1 million or more
The United States' population of millionaires is on the up and up. According to the 2024 World Wealth Report from Capgemini, 7.43 million millionaires now reside in the U.S. as of 2023, a 7.3% increase from the year before.
Wondering where those 7.43 million live? Stacker examined tax return data from the Internal Revenue Service to see which states had the highest share of people with an adjusted gross income of $1 million or more in 2019. This analysis used individual income tax returns filed between January and December 2020, from all 50 states and the District of Columbia.
Across the nation, more than half a million Americans had an adjusted gross income of $1 million or more. That's about 0.35% of all Americans who filed their income tax. However, the data does not represent the entire population of the U.S., since many people do not need to file an individual income tax return.
Washington D.C. had the highest rate of residents earning $1 million or more in 2019, and West Virginia had the lowest rate. The states with more top earners tend to be on the coasts, which also have a higher cost of living, while states with the lowest rates are in the South. To learn more about where the most million-dollar earners live in the U.S., keep reading.
