Millions more Americans now earn at least $1 million annually compared with a decade ago. IRS income data from 2022 shows million-dollar households are concentrated in particular states, with coastal states such as Connecticut, Massachusetts and New York holding especially high numbers. Western states, including Montana and Idaho, have experienced the fastest growth in millionaire earners over the past decade. Lower state income taxes, desirable lifestyle amenities and remote-work flexibility are attracting wealthy individuals to western states. Rising demand for luxury housing in affluent and growing areas has created affordability challenges for local middle-income households.
There has been a significant increase in the number of Americans earning at least $1 million annually over the past decade. The analysis of income data from the IRS in 2022 reveals the concentration of million-dollar households in various states across the country. Coastal states like Connecticut, Massachusetts, and New York dominate the list of states with the highest number of affluent earners. However, the landscape is shifting, with western states experiencing substantial growth in millionaire earners.
Coastal states like Connecticut, Massachusetts, and New York have the highest concentration of households with incomes over $1 million. Western states such as Montana and Idaho have seen the most significant growth in millionaire earners over the past decade. Factors like lower state income taxes, lifestyle amenities, and remote work flexibility are attracting wealthy individuals to western states. The high demand for luxury housing in affluent areas is causing affordability challenges for local middle-income households in states like Montana.
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