Saxony in the millionaire rush: 499 rich and a new record!

Saxony in the millionaire rush: 499 rich and a new record!

In Saxony, the number of income millionaires has experienced a remarkable increase of almost 50 percent in the past five years. According to information from sächsische.de lived in 2022 with one Annual income of one million euros or more in the state. This section of the population together generated an annual income of 1.26 billion euros, which is a new record. Five years ago, in 2017, there were only 346 millionaires in Saxony, which together earned 756 million euros.

millionaire density and income distribution

Compared to other federal states, Saxony has most of the income millionaires among the five East German federal states (except Berlin). Nationwide, there were a total of 29,345 persons with income of at least one million euros in 2020. This number is in the context of a general development of wealth in Germany, as is listed in the report of Tax justice . In addition, an analysis shows that the number of taxpayers increases steadily with a multi -million dollar income.

The "millionaire density" is distributed differently in the federal states, with Hamburg and Bavaria being the highest rates. In 2019, the millionaire density in Hamburg was 12 out of 10,000 taxpayers, while Bavaria is also well placed with 9 out of 10,000 taxpayers. In contrast, Saxony-Anhalt and Thuringian areas have less than 2 out of 10,000 taxpayers with millions of income.

tax rates and income

The tax treatment of income millionaires is also critical, in particular with regard to the top tax rate of 42 percent, which applies from an annual income of 68,481 euros for single and 136,962 euros in the event of a joint assessment. With the highest income from 277,826 euros, an additional rich tax of 3 percent is due. Overall, it shows that over 114,500 taxpayers pay the maximum tax rate of 45 percent, which makes 6.6 percent of the total income and 13.2 percent of the tax sum, as from the figures of the Federal Statistical Office, which under Destatis . In summary, the development in Saxony shows a dynamic image of wealth and its distribution. While the number of millionaires is increasing, the discussion about the fair taxation of income is also expanding, especially with regard to the tax tests actually carried out and the use of tax revenue to promote society. It remains to be seen how political decision -makers will react to these developments.