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HomenewsPa. and N.J. are home to over 42,000 millionaires, and that number...

Pa. and N.J. are home to over 42,000 millionaires, and that number is expected to climb.

It’s possible that the proportion of millionaires in Pennsylvania and New Jersey is growing.

That’s what the IRS found when they analyzed 18,720 tax returns from Pennsylvania in 2020 that had an adjusted gross income of $1 million or more. There were 17,640 such returns filed in the Commonwealth of Massachusetts in 2019, therefore this represents an increase of over 6.
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However, between 2019 and 2020, the number of millionaires in New Jersey rose by 5.4%. The number of New Jersey tax returns reporting an AGI of $1 million or more rose to 23,950 in 2020 from 22,720 the year before, as reported by the Internal Revenue Service.

Increases in both states were much more dramatic than in 2015. Increases of 31.3% were seen in Pennsylvania and 22.
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3% were seen in New Jersey between 2015 and 2020.

The increase in the number of high-income people in this area has not been adequately explained.

However, the increasing availability of remote employment during the epidemic may have prompted some workers to relocate to the Philadelphia area from more costly areas like New York and Washington, D.C. (The number of New York City millionaires dropped by 730 between 2019 to 2020.) The influx of newcomers from outside has and will continue to, put upward pressure on housing costs in the area.

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In 2020, American families together gained $13.5 trillion in wealth. As a result of the closure, people saved more money and cut back on their spending on things like eating out and going to the movies.

In the meantime, the stock market’s strength mostly benefited the well-off.

In 2020, 608,540 Americans reported an adjusted gross income of $1 million or more, an increase of 9.8 percent from the previous year.

This was more than double the rate of growth seen in either Pennsylvania or New Jersey.

When it comes to the number of millionaires per state in the year 2020, New Jersey and Pennsylvania rank fifth and ninth, respectively.

As expected, California led the pack with 109,480 millionaires, while New York ranked second with 54,370. In third place was Florida with 53,190 millionaires, followed by Texas with 49,420. New Jersey, Illinois, Massachusetts, and Washington rounded out the top five.

Delaware, a small state towards the bottom, has 1,270 residents who reported an adjusted gross income of $1 million or more in 2020.

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Of course, millionaires only account for a tiny subset of taxpayers. There were 0.2% of them in Pennsylvania and Delaware, 0.5% in New Jersey, and 0.3% nationwide.


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