Why so many more millions?
Well, for one thing a million dollars just isn’t what it used to be. If you were pulling in $1 million in 2022 (the most recent year for which the IRS has data), that’s the equivalent of $771,000 in 2010.
But inflation is only part of it. Income disparities are a big piece of the story, too.
In Oregon and elsewhere, wealth is accumulating at the top of the income spectrum. The share of million-dollar incomes in Oregon increased much faster between 2010 and 2022 than the share of incomes above $100,000.
That’s mostly because incomes spiked in 2021 as wealthy people cashed out their capital gains by selling stocks or other investments that were buoyed by the quick economic rebound from the pandemic and federal stimulus payments that boosted personal and corporate income.
Despite the rising numbers of wealthy Oregonians, the state remains on the low end nationally in terms of million-dollar incomes. Oregon doesn’t have many large companies based here, so the state has fewer wealthy corporate executives.
Oregon’s relatively high personal income tax, particularly for those in the top tax brackets, may play a role as well. Wealthy people looking to maximize their income might avoid Oregon for that reason.
As for the rest of us, Oregon has a higher median household income ($80,426) than the U.S. median.
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