Boston's Million-Dollar Residents on the Rise

BOSTON, MA — New numbers from the state show Boston has the most millionaires of any Massachusetts city, in a state where the number of million-dollar men and women has precipitously risen in the past decade.

In Boston, the number of people who reported adjusted annual income of $1 million or more was 2,031 in the 2014 tax year, the most recent number available in newly released data from the state Department of Revenue.

That's a significant jump over the nearest municipality in the state, Newton, which had 1,284 residents who made a million-or-more in 2014. However, considering the population disparity between a Boston and a Newton, the percentage of residents is significantly lower.

Among this group of well-heeled Bostonians, the average person reported just under $5.2 million dollars per year. Statewide, the average among those making a million or more was slightly lower, at about $3.5 million dollars, according to the state data.

The total number is also a sizable leap since 2013, when a mere 1,617 Boston residents took in seven-figures or more, according to the Department of Revenue. The growing number echoes statewide trends.

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