IRS data from tax filings showing individual income through the year 2020 give us a window into how trends in the prevalence of individuals with millionaire status break down according to state. New Jersey, with its 2020 tally of 23,950 individuals, shows an increase of 5.4% in the number of millionaires per household from 2019 to 2020, lower than the national average of 9.8% but relatively high for the Northeast.

So, is New Jersey making its residents richer? Not necessarily. The millionaire statistics are an output of numerous individual streams of information, such as trends in income level disparities and migration between states. In particular, the transition toward remote work may be driving relocation to New Jersey from more expensive areas, a reality that is also reflected in rising home prices in the region.