Which states have the most millionaires? NJ in the top 10

If you look around New Jersey, you can see everything from people who can barely make ends meet to people who live very lavish lifestyles with multiple homes, and what seems like money to burn.

And even though it’s very expensive to live here and salaries are relatively high, there are plenty of people who struggle. On the other hand, we’ve got plenty of millionaires, too.

In fact, we’ve got more millionaires than most places in the entire country, according to Stacker, which compared data to find exactly which states have the most, and the fewest amount of millionaires.

Stacker looked at tax return data from the Internal Revenue Service to see which states had the highest share of people with an adjusted gross income of $1 million or more in 2019, the latest data available. They analyzed the 2020 individual tax returns from all 50 states and the District of Columbia to compile this data.

According to the survey, Washington, D.C., had the highest rate of residents earning $1 million or more in 2019, which should be no surprise to anybody and West Virginia had the lowest rate. Again, no surprise.

The study found that the states with more top earners tend to be on the coasts, which also have a higher cost of living, while states with the lowest rates are in the South.

At number 6, New Jersey solidly ranks pretty high.

Here are the Garden State facts. The total number of tax returns filed was 4,513,410. There were 22,720 returns with an adjusted gross income of $1 million or more. That makes the rate of 1,000,000+ earners 50.3 out of 10,000 returns.

Here are the top 10:

Washington DC

Connecticut

Massachusetts

New York

California

New Jersey

Wyoming

Florida

Washington

Colorado

Are any of the states on the list going to surprise you? Well, considering how expensive it is to live in New Jersey and how many people live here, I thought we might be a little higher up on the list.

But then again, look at our competition. It’s not like we can compete with the old New England money in Massachusetts. Or the Silicon Valley crowd in California. And no one’s going to beat the place with the highest number of millionaires in the country, Washington DC. After all, it’s where the politics are. That’s where you can always find the money.

Opinions expressed in the post above are those of New Jersey 101.5 talk show host Judi Franco only.

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