millionaires
Hamburg has the highest density of millionaires
City villas on an Alster canal in Hamburg: The Hanseatic city has the highest density of millionaires in a federal state comparison
© IMAGO / Hanno Bode
More and more people in Germany have an income of at least 1 million euros. However, there are significant regional differences between the federal states
The number of income millionaires in Germany is increasing and increasing. A good 27,400 of all recorded wage and income taxpayers had income of at least 1 million euros in 2019, as reported by the Federal Statistical Office. That was almost 1,200 more than a year earlier. In recent years, the number of income millionaires has increased steadily. In 2010 there were just under 14,670. The data from the period before are only comparable to a limited extent, partly because of the introduction of the final withholding tax on capital gains.
For the majority (58 percent) of income millionaires in 2019, income from a commercial operation was the main source of income. In the case of a further 20 percent, they came mainly from non-self-employed work and in the case of 16 percent, they came from self-employed work. According to the information, other types of income only played a minor role. The national average income for these people was 2.7 million euros.
Most millionaires live in Bavaria
In relation to the total number of taxpayers, as in previous years, the largest number of income millionaires lived in Hamburg. There, 12 out of 10,000 people subject to unlimited income tax had annual incomes in excess of one million. In Bavaria it was 9 out of 10,000 taxpayers. Saxony-Anhalt and Thuringia had the lowest density of millionaires, each with less than 2 out of 10,000 taxpayers.
In absolute numbers, the highest income millionaires were in Bavaria (6365), followed by the most populous federal state of North Rhine-Westphalia (5959) and Baden-Württemberg (4521).
According to a Bundesbank study, in 2021 the richest ten percent of households in Germany owned 56 percent of total net assets minus debt. The bottom half of households has to be content with a meager 3 percent. When surveyed by the central bank, private households provided information about their assets. These include real estate and cars, valuable collections and jewellery, credit balances in savings accounts, home savings contracts, stocks and life insurance.
The highest tax rate of 45 percent – the so-called rich tax – had to be paid by 114,500 citizens in 2019. That was 2,200 more than the year before. They accounted for 6.6 percent of the total income and 13.2 percent of the tax total. In 2019, annual income from 265,327 euros – or from 530,654 euros for jointly assessed persons – was taxed at the maximum rate.
In total, the 42.8 million taxpayers generated income of EUR 1.9 trillion at the time, which was EUR 81 billion more than in the previous year.
2023-05-09 11:31:23
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