The Philadelphia region has a surprisingly high number of people earning a minimum of $100,000, according to recently published study by the financial technology company SmartAsset, writes Fabiola Cineas for Philadelphia magazine.
The study analyzed IRS data from 2016 to find the areas in the country that have the most six-figure earners. Researchers looked at the number of tax returns where income was above $100,000, and then compared that to the total number of tax returns from each area.
In the Philadelphia-Camden-Wilmington metro area, the total number of six-figure tax returns was 618,670 out of the total of 2,910,020 returns, or around 21.2 percent of all of the returns.
This places the Philadelphia region 14th nationwide, just behind the New York-Newark-Jersey City metro area.
However, while Philadelphia ranked high for six-figure earners, the city is also home to the nation’s third largest income gap.
The average household in the top five percent of Philadelphia’s population earned $319,400 in income. This is about eight times higher than the city’s median household income of $39,800.
The region with the most six-figure earners in the nation is San Jose-Sunnyvale-Santa Clara in California with 34.6 percent.
Read more about the study in Philadelphia magazine here.