Daily News | More than 42,000 millionaires live in Pa. and N.J. — and that number is growing
recently released Internal Revenue Service data
that looked at 18,720 tax returns filed in Pennsylvania in 2020 with adjusted gross income of $1 million or more. That marks a more than 6.1% increase over 2019, when 17,640 such returns were filed in the commonwealth. By comparison, the number of millionaires in New Jersey increased by 5.4% from 2019 to 2020. According to IRS data, 23,950 tax returns were filed in New Jersey with $1 million or more in adjusted gross income in 2020, up from 22,720 the prior year.
Both states saw even sharper increases in comparison to 2015. Pennsylvania recorded a jump of 31.3% from 2015 to 2020, while New Jersey had a 22.3% increase.It’s unclear exactly why the population of high earners has risen in this area. One potential factor, however, is the migration of people to the Philadelphia area from more expensive cities such as New York and Washington, D.C., during the pandemic due to increased availability of remote work.
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