Who Wants to be a Millionaire? Lots of Pennsylvanians

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Pennsylvania keeps adding millionaires and climbing up the list of states with the most million-dollar earners, write Ty West and Michael Potter for the Philadelphia Business Journal.

According to new data from the Internal Revenue Service, in 2020, there were 18,720 tax returns filed in the Keystone State that had adjusted gross income exceeding $1 million. That was a 6.1 percent increase from 17,640 in 2019 and the ninth-highest number in the country.

In 2020, Pennsylvania added 1,080 new filers with adjusted gross income over $1 million. In the five-year period from 2015 to 2020, the number of residents in the state at that income level went up by 4,460, or 31.3 percent. This put Pennsylvania in tenth place nationwide.

And the growth is likely to continue as the state saw a significant influx of high-income transplants during the pandemic, especially in the Philadelphia region. Thanks to the rise in remote work and the geographic flexibility it affords, many residents of affluent cities, such as New York, Los Angeles, and Washington, D.C., have moved to Philadelphia to take advantage of the region’s relative affordability. Read more about the number of millionaires in Pennsylvania in the Philadelphia Business Journal.

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