A record number of Americans, over 1.5 million households, reported annual incomes of at least $1 million in 2022, according to IRS data released this week. This surge positions the U.S. as a nation with increasing wealth concentration, particularly in the Northeast.
The states leading this millionaire trend are Connecticut, Massachusetts, and New York. These areas not only have the highest share of millionaire households but have also seen significant growth in high-income earners since last year. Meanwhile, western states like Montana and Idaho have experienced the most substantial increase in million-dollar households over the past decade.
This shift in wealth distribution highlights a growing divide in income levels across the country. The IRS data indicates that the rise in millionaires is not just a post-pandemic anomaly but part of a broader trend of wealth accumulation in specific regions.
Experts suggest that these developments could influence local economies and housing markets, particularly in affluent areas. The concentration of wealth may lead to increased investment in luxury real estate and services, as previously reported in related coverage on economic trends. As the wealth gap continues to expand, discussions around taxation and social equity are likely to intensify.
