Blog

Despite ‘Exodus’ Rhetoric, New Jersey’s Still Adding Millionaires

The number of New Jersey millionaires has risen by 17 percent over 10 years.

By

Published on Mar 7, 2017 in Tax and Budget

millionaires growing 2016 update-01We hear it all the time: Hordes of wealthy New Jerseyans are packing up their Lexuses and heading to “friendlier” climates to avoid paying the Garden State’s relatively high income tax rates on the state’s most well-off families or its taxes on inherited wealth.

Yet time and time again, the facts clearly show this isn’t the case, and there is no such “exodus” of wealthy New Jerseyans.

The latest data point to confirm New Jersey’s ability to attract and retain well-off families comes from Phoenix Marketing International’s most recent annual Wealth & Affluent Monitor, which finds that the Garden State now has the third highest share of millionaires in the country, behind only Maryland and Connecticut.

New Jersey climbed to the Number Three spot in 2016 from Number Four in 2015, with the share of millionaires increasing to 7.4 percent from 7.2 percent and the number of millionaires rising to 242,957 from 237,064.

Since 2006, the number of millionaires in New Jersey has increased by more than 35,000 (or 17 percent) while the share of millionaires has risen by 14 percent.

Author

  • Jon Whiten was formerly the Vice President for NJPP. In this role, he worked with the Board and leadership team to shape and execute NJPP's mission and strategic vision. He also led NJPP’s strategic communications efforts, managed its finances and operations, researched key economic justice issues and engaged in advocacy and outreach.

    Jon's research interests include but aren't limited to: economic development, corporate taxes, the minimum wage, working family tax credits and transportation.

    Before joining NJPP in October 2011, Jon worked for a decade as an editor, writer and entrepreneur, including as the founding editor and publisher of the Jersey City Independent. He has previously served as an editor for the Association of Alternative Newsweeklies, a fact-checker for Columbia Journalism Review and an assistant editor at a community newspaper chain in Northern Virginia. His freelance work has been published in a number of national and local publications.

    Jon currently serves as the Deputy Director of State Communications at the Center on Budget and Policy Priorities.


    Follow Jon on Twitter