T
he number of Americans earning at least $1 million a year has more than doubled in the past decade, but these high-income households are not evenly distributed across the country. According to data from the Internal Revenue Service for 2022, coastal states dominate the list of top earners.

    Connecticut leads the way with nearly 90 millionaire tax returns per 10,000 filers, followed closely by Massachusetts and New York. Realtor.com's senior economic research analyst Hannah Jones attributes this trend to the region's expensive housing market and strong financial and tech sectors. The concentration of high-income households drives demand for luxury housing, keeping prices high in prime cities like Manhattan and Boston.

    Florida and California also have a significant number of millionaire earners, with nearly 70 returns per 10,000 filings in each state. However, the data reveals that the top earners are increasingly moving westward. Montana saw the highest growth rate in millionaire earners over the past decade, with a 254% increase since 2013.

    Jones notes that states like Montana and Idaho offer appealing features to high-income households, including lower or no state income taxes, lifestyle amenities, and remote-work flexibility. This has driven sharp home-price gains in these areas, often far above local income levels.

    The top 10 states with the highest share of millionaire earners are:

    1. Connecticut (89.51 million-dollar tax returns per 10,000 filers)

    2. Massachusetts (76.43 million-dollar tax returns per 10,000 filers)

    3. New York (71.44 million-dollar tax returns per 10,000 filers)

    4. Florida (69.78 million-dollar tax returns per 10,000 filers)

    5. California (69.72 million-dollar tax returns per 10,000 filers)

    6. New Jersey (67.67 million-dollar tax returns per 10,000 filers)

    7. Wyoming (62.69 million-dollar tax returns per 10,000 filers)

    8. Washington (57.30 million-dollar tax returns per 10,000 filers)

    9. Nevada (54.21 million-dollar tax returns per 10,000 filers)

    10. Texas (54.20 million-dollar tax returns per 10,000 filers)