New data shows Massachusetts is home to more millionaires despite new surtax

A recent report reveals that Massachusetts has seen an increase in the number of millionaires, despite the implementation of a new state surtax aimed at high-income earners. According to advocates, the data suggests that the surtax has not deterred wealth growth in the state, highlighting Massachusetts’ robust economic environment and appealing living conditions. The surtax, meant to fund education and infrastructure improvements, appears to align with the state’s goals without driving away affluent residents. Economists suggest that the combination of business opportunities, a high standard of living, and the cultural allure of Massachusetts cities continue to attract wealthy individuals. This growth in millionaires reflects the state’s resilience and adaptability in maintaining its economic health, even amidst new fiscal policies. As Massachusetts continues to thrive, the expansion of millionaire households points to a sustainable and thriving economic landscape.

NBC Boston