NJ Has the Highest Percentage of Millionaires of All 50 States
Ever go down a Google rabbit hole for no particular reason? I was waiting in a parking lot picking my son up from work this weekend and, probably because he told me he was bringing home a mysterious document called a 1040 form (lol it’s his first job) I started thinking about taxes as I sat there.
That made me think about Murphy and his progressive tax agenda and how he had gotten his millionaire tax through the Legislature. Then I started wondering if the effect was being felt with millionaires moving out of New Jersey.
Which made me wonder, hmm, on a per capita basis, just how many millionaires do we actually have in the Garden State?
It didn’t take too long before I found several articles on this. Gobankingrates.com had an article out in March of last year showing that on a per capita basis, New Jersey actually has more millionaires than any other state. According to it, our state has 3,312,916 households and 9.76% of them are millionaire households.
I was floored. I mean, I knew we had a lot. I just didn’t realize we had the highest percentage of millionaire households of all 50 states.
I guess it can make sense though when you’re situated between two major cities and so close to the New York financial center. Choosing to live in a prettier setting than inside the big city grit makes sense.
So will the millionaire tax eventually drive out the rich to greener pastures?
Here’s a staggering statistic about the enormous wealth gap New Jersey has. The top 1% earns over 24 times more than the average earner in the lower 99%. The average income for that bottom 99%? $65,068.
What’s the average income for the top 1%? $1,581,829.
So will the millionaire tax eventually drive out the rich to greener pastures? Remains to be seen. All I know is the first year it went into effect a really tragic thing happened to Gov. Phil Murphy’s income. In 2020, his earnings fell to $982,636, just shy of the $1 million mark that would have put him in that higher tax bracket.
Weird, huh? Poor guy, his income dropped by 64% in one year. Last year his overall net worth was estimated to be around $80 million. If anyone needed a GoFundMe set up it’s this poor bastard, amiright?