The number of Marylanders who make $1 million or more per year in income increased significantly in 2021 as the country saw a jump in the number of top earners in the aftermath of the Covid-19 pandemic.
Maryland added 4,040 tax filers earning $1 million or more between 2020 and 2021, according to new data from the Internal Revenue Service. The data sorts the number of million-dollar filers based on adjusted gross income and includes single filers, married couples filing jointly and households.
Fueled in large part by the stock market’s surge and soaring salaries during the post-pandemic labor shortage, the number of Americans with an adjusted gross income of at least $1 million per year jumped 44% between 2020 and 2021.
Maryland posted 38% growth in the number of million-dollar earners over that same period of time, slightly below the national average. The state went from 10,590 people who earned at least $1 million in 2020 to 14,630 in 2021.
