Everyone who has lived in Idaho for the last 10 years has seen the housing market go through the roof. Home prices in Ada county have increased over 250% in the last decade and it's not slowing down. The thing that blows me away is that my realtor friends are saying that homes are selling for more than market value. The other shocking factor is the amount of million plus dollar homes on the market. This got my curiosity going and I wondered how many millionaires live in Idaho. According to a study by kake Idaho ranks 4th on the 2021 List of Increases in Million dollar earners by state. Check out the methodology, a break down of the top 5 states by Kake and the full list below.
Data and Methodology
To find the states with the biggest increase in million-dollar earners, we used IRS data to compare the number of tax returns filed in 2013 and 2018 (for all filing statuses) indicating earned income of at least $1 million. We then found the percentage increase over the course of those five years, and ranked the states from the largest increase to the smallest.

1. Washington

Washington State claims first place, with a 120.76% increase of million-dollar earners in five years. In 2013, the state had 7,080 tax returns filed by people making at least $1 million. In 2018, that number more than doubled to 15,630.

2. Utah

Utah only had 2,010 million-dollar tax returns in 2013 (of a total of about 1.2 million total tax returns filed). But by 2018, that number grew to 3,960 (of a total of about 1.4 million total tax returns filed), an increase of 97.01%.

3. Oregon

The number of Oregonian millionaires grew 95.08% in just five years. In 2013, there were only 2,440 tax returns filed by million-dollar earners. But in 2018, they nearly doubled to 4,760.

4. Idaho

The number of tax returns filed by millionaires in Idaho grew 88.64% in just five years, nearly doubling from 880 in 2013 to 1,660 in 2018.

5. Arizona

The number of million-dollar earners in Arizona grew 87.38% in five years. In 2013, there were 4,280, and by 2018, the total of millionaire tax filers in the state grew to 8,020.

Our Arizona income tax calculator can provide a snapshot of your tax consequences if you’re a Grand Canyon State resident or thinking of relocating.

 

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