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Where Do the Millionaires Live?

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Market Data + Trends

Where Do the Millionaires Live?


February 24, 2021
Seattle, Washington
Photo: akphotograph.com

The number of million-dollar earners is on the rise, with less than three in every 1,000 taxpayers earning more than $1 million in 2018, according to IRS data. In 2013, less than two in every 1,000 taxpayers earned more than $1 million. SmartAsset analyzed tax returns for millionaires in 2013 and compared it to 2018 to identify the states with the greatest increases in millionaires. Overall, the share of million-dollar earners increased in every state, except for North Dakota. During those five years, North Dakota’s share of million-dollar earners decreased 8.49%. On the other end of the spectrum, Washington experienced a 120.76% increase in million-dollar earners from 2013 to 2018.

The biggest fortunes are out West. Eight of the top 10 states in our study are located in the West, per Census Bureau designations. Million-dollar earners in Washington, Utah, Oregon, Idaho, Arizona, Colorado, Hawaii and Nevada nearly doubled from roughly 26,000 in 2013 to almost 51,100 in 2018. The only geographical outliers in the top 10 are North Carolina and South Carolina. Both states almost doubled their millionaires in five years from roughly 8,600 in 2013 to more than 15,900 in 2018.

1. Washington

Washington State claims first place, with a 120.76% increase of million-dollar earners in five years. In 2013, the state had 7,080 tax returns filed by people making at least $1 million. In 2018, that number more than doubled to 15,630.

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