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How many millionaires are there in Massachusetts? The number has increased

How many millionaires are there in Massachusetts? The number has increased

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  • The number of millionaires in net assets in Massachusetts rose from around 440,000 people to more than 612,000 in 2024.
  • This increase in millionaires in the state after the so -called “millionaire tax” or an appropriate change in stock was adopted in November 2022 as the election question in Massachusetts.
  • The number of ultrarich in the state or people with a total assets of over 50 million US dollars also rose from 1,954 people to 2,642 people.

The number of millionaires in Massachusetts has increased in recent years. This emerges from a report that the Institute for Political Studies published on April 28th.

It found that the number of millionaires in the net assets of around 440,000 people in Massachusetts rose to more than 612,000 in 2024 in 2022. Their collective assets also increased significantly from US dollars from US dollars from 1.6 trillion dollars.

This increase in millionaires in the state after the so -called “millionaire taxes” or an appropriate change in stock was passed as a ballot in Massachusetts in November 2022. The law provides a further four percent tax on income over $ 1 million with generated funds for training and transport.

According to the report, the property tax has the most with “extremely high net assets” or people with over $ 50 million in total assets. However, the number of ultrarich in the state also rose by 35%: from 1,954 people to 2,642 people.

The Institute for Policy Studies is a progressive thought factory based in Washington, DC

How many millionaires are in Massachusetts? Billionaires?

According to the report, 612,000 millionaires lived in Massachusetts in 2024.

According to Forbes, there are 21 billionaires who live in Massachusetts.

More: 2 billionaires live in New Hampshire and 1 in Maine. Here is who they are

What about the taxes of the “millionaire”?

While the opponents warned that the tax of millionaires would flee Massachusetts from the state, the report found that this did not happen. Instead, the millionaire class grew by 38.6%.

“Studies show that high net assets are less mobile and have lower migration rates compared to the general public,” said Omar Ocampo, a researcher at the IPS. “Your family, companies and social networks are deeply rooted in ordinary places, so that higher income taxes do not force the vast majority of millionaires to switch across national borders.”

The state collected 2.2 billion US dollars from Surtax, more than twice as high as the originally budgeted 1 billion US dollars. The state said that the income would have transferred financial support for public university formation, investments in the MBTA and Massdot Rail projects.

Washington is another state in which a higher tax rate for 250,000 US dollars in capital gains was also adopted in its millionaire class. The millionaire class has grew by 46.9%since 2022, from around 463,000 to over 681,000 millionaires.

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