The millionaires are here: Where the money lives in Germany!

The millionaires are here: Where the money lives in Germany!

Did you know that North Rhine-Westphalia is home to the most income millionaires in Germany? According to a survey by the Bild newspaper based on current data from the tax offices, there are an impressive 7,871 income millionaires here. The state is closely followed by Bavaria with 7,701 and Baden-Württemberg with 5,442 of high-income citizens. Hesse, Lower Saxony and Berlin can also boast high numbers of millionaires, like private-banking-magazin.de reported.

The statistics include taxpayers who earned income of over one million euros in 2021. This database was also used to determine the so-called “millionaire density”, i.e. how many millionaires live per 10,000 inhabitants. Munich is ahead in this respect, while Frankfurt is positioned more in the middle.

Income and tax revenues are rising

It is interesting that the number of income millionaires is continuously increasing in several federal states. In Hesse, for example, there was an increase of 6.5% in 2020 to 2,355 people who paid tax on more than one million euros. Here, the average income of millionaires is 2.5 million euros, which also contributes to impressive tax revenue. This shows that the upper income groups contribute a significant share of tax revenue rnd.de described in detail.

Tax revenue for this high-earning group has increased by over 10% since 2019. In Rhineland-Palatinate, 6.4% of income tax payers live as income millionaires, although they only make up 0.05% of the total number of taxpayers. This speaks volumes about the inequality that is evident in this ranking list.

Long-term trends and perspectives

As far as the federal states are concerned, an exciting picture emerges: the number of income millionaires has increased over time. In 2019, there were already around 27,400 people with an annual income of over one million euros, which corresponds to an increase of 4.6% compared to 2018. The main income of this group comes primarily from commercial enterprises and not from self-employment destatis.de explained.

Overall, this means that Germany not only has a growing number of income millionaires, but also that they are particularly concentrated in certain regions. While Hamburg continues to have the highest concentration of millionaires, Bavaria is not far behind and also shows that a lot of money is circulating in German cities.

The numbers and trends are a clear indication that there is still much to discuss regarding the issue of income and distribution. The coming years will show whether this trend will continue or whether new economic challenges may put us on a different course.