The exclusivity of New York’s million-dollar earner club is diminishing

Between 2020 and 2021, New York saw an increase of over 21,000 tax filers reporting earnings of $1 million or more, as revealed by recent data from the Internal Revenue Service. This data encompasses various filing statuses including single filers, married couples filing jointly, and households. The surge in million-dollar earners can be attributed significantly to the stock market’s growth and escalating salaries amidst the post-pandemic labor shortage. Nationally, the number of individuals reporting an adjusted gross income of $1 million or more per year surged by 44% during this period.

New York specifically experienced a 39% rise in million-dollar earners, bringing the total count to 75,580 individuals. Despite lagging behind Texas and Florida in overall population, New York surpasses both states in terms of millionaires reporting to the IRS.

However, it’s important to note that the purchasing power of $1 million has diminished over the years due to inflation and the escalating costs of housing.

*Article courtesy of New York Business Journal

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