In 2022, Texas hosted 73,930 millionaire tax filers, making it the second-highest state for millionaires in the U.S. behind California. However, it ranks only 10th in terms of proportion, with 27.1 per 10,000 tax filers being millionaires, suggesting its high personal wealth is not as widespread on a per capita basis. Texas's economic strength is attributed to sectors such as energy and technology, enhancing its wealthy demographic. Meanwhile, Connecticut tops the list for millionaire proportions, highlighting the varied economic conditions across states.
According to Hennessey Digital, Texas had 73,930 millionaire tax filers in 2022, placing second in the U.S. for the highest number of millionaire taxpayers.
The study revealed Texas ranks 10th in proportion of millionaire taxpayers, with 27.1 per 10,000 filers declaring incomes of at least $1 million.
Hennessey Digital notes that the state's booming economy, driven by energy, technology, and business-friendly policies, is responsible for its growing wealthy population.
Connecticut leads in millionaire taxpayer proportions, with 44.76 per 10,000 filers, reflecting the diverse economic landscapes across the states.
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