The number of millionaires in Pennsylvania is growing every year, with a significant share living in Chester and Delaware counties, writes Jan Murphy for the Harrisburg Patriot-News.
From 2013 to 2017, the number of millionaires in the Keystone State grew 30 percent from 13,412 to 17,484. The biggest concentration of millionaires is in southeastern Pennsylvania.
According to Nathan Benefield, vice president and chief operating officer of the Commonwealth Foundation, the increase in the number of millionaires who call Pennsylvania home is a sign of the state’s economic growth.
He speculated that the increase in eastern counties “is from millionaires fleeing New York and New Jersey, where the tax burden is higher and targeted at high-income earners.”
Chester County has 2,000 millionaires with a combined taxable income of $5,204,675,248. This comes out to an average of $2,602,338. The county’s median household income is $92,417.
Only Montgomery County, at 2,982, is home to more millionaires than Chester County.
Delaware County ranks fifth in the state with 1,388 millionaires who have a combined taxable income of $3,758,822,789, or $2,708,086 on average. The county’s median household income is $69,839.
Allegheny County ranks third, while Bucks County is fourth.
Read more about how many millionaires are living in each county in Pennsylvania in the Harrisburg Patriot-News here.