The number of people in New York who earn $1 million or more in taxable income annually jumped 8.5 percent between 2010 and 2011, the last year for which figures were available, Gannett’s Albany Bureau reported Sunday.
Statewide, the number of earners making more than $1 million in taxable income in 2011 rose to 35,705, up from 32,917 in 2010 and on par with the 35,788 millionaires in 2008, the state records showed.
New York City had 53 percent of the millionaires in 2011, a total of nearly 19,000 or 8 percent higher than in 2010. And 87 percent of them lived in Manhattan.
The second most millionaire earners in 2011 lived in Westchester County, with 6,518 – an increase of 6.7 percent from the previous year.
E.J. McMahon, president of the Empire Center for Public Policy, a fiscally conservative group, said the increase in millionaires in New York is slightly less than the national average.
Earners of $1 million or more who live in New York, not those who earn their income in New York but live elsewhere, increased 6.8 percent between 2010 and 2011, according to IRS data. Nationally, it grew by 7.7 percent, McMahon said.
The increase in New York millionaires in 2011, the most recent figures available, wasn’t as large as the increase in 2010, when it soared 19 percent from 2009.
State budget documents forecast that earners making $1 million or more are expected to pay 41 percent of the state’s total income tax in 2014, a 17 percent increase from 2011. Yet they will represent 26 percent of the state’s total earnings, an increase of 15 percent from 2011.
The total taxes paid in every other income bracket is expected to drop in 2014, the state budget showed.
Here’s a database of the millionaire earners by county: