Delaware County ranks fifth among all Pennsylvania counties in the number of residents who filed as millionaires in 2014, the year with the most recent data available, writes Kenneth Hilario for the Philadelphia Business Journal.
Montgomery, Allegheny, Chester, and Bucks counties comprise the top four in that order.
According to the data, Delaware County is home to 1,235 millionaires, and the average annual income for each is $2,860,067.
The county has a population of 562,960 residents, 247,849 of whom file taxes. The average income per filer is $80,111.
Delaware County has a millionaire for every 456 residents, and those millionaires pay 18 percent of the county’s tax bill. The average tax bill for those millionaires? A whopping $87,804.
The Philadelphia region’s ranking makes a “huge amount of sense,” particularly based on three reasons people become millionaires, according to T.L. Hill, associate professor of strategic management at the Fox School of Business at Temple University.
Here are his three ways to become a millionaire:
- Work in a highly paid profession, such as a lawyer or consultant, which are concentrated in financial areas, which tend to be cities.
- Generating businesses and selling businesses. Most cities are more dynamic economic engines than rural areas.
The Philadelphia area checks off all of these boxes, Hill said. Although Pittsburgh has become a more livable city, it “doesn’t have the same concentration of people, energy, and immigrants that Philadelphia does.”
Click here to read more about Pennsylvania’s millionaires in the Philadelphia Business Journal.