Business
    Next Score View the next score

    Mass. ranks fourth among $1 million earners

    In Massachusetts, 42 out of every 10,000 taxpayers, or 0.42 percent, makes more than $1 million a year, the fourth-highest rate of millionaires in the country, according to a study of 2013 tax returns by the personal finance website MoneyRates.com.

    Connecticut had the highest rate, with 63 of 10,000 taxpayers earning $1 million-plus, followed by the District of Columbia and New York.

    The study also looked at the lowest earners and found that Mississippi had the highest rate of taxpayers earning less than $25,000 a year, at nearly 49 percent, followed by Florida and New Mexico.

    Advertisement

    Florida was the only state to make the top 10 list on both ends of the spectrum, with .31 percent making more than $1 million a year and nearly 47 percent making less than $25,000.

    Get Talking Points in your inbox:
    An afternoon recap of the day’s most important business news, delivered weekdays.
    Thank you for signing up! Sign up for more newsletters here

    Nationwide, million-dollar earners make up 0.27 percent of all taxpayers, while those earning less than $25,000 make up 41 percent, according to the study. In other words, for every person earning $1 million or more a year, 150 people are making $25,000 or less.

    High rollers
    States, ranked by the percentage of taxpayers who earn $1 million or more annually.
    Rank State Percentage
    1 Connecticut 0.63%
    2 District of Columbia 0.55%
    3 New York 0.47%
    4 Massachusetts 0.42%
    5 New Jersey 0.40%
    6 North Dakota 0.35%
    7 California 0.35%
    8 Texas 0.32%
    9 Florida 0.31%
    10 Illinois 0.31%
    11 Wyoming 0.30%
    12 Colorado 0.27%
    13 Maryland 0.26%
    14 Nevada 0.26%
    15 South Dakota 0.26%
    16 Minnesota 0.25%
    17 Washington 0.25%
    18 Virginia 0.24%
    19 Oklahoma 0.24%
    20 Louisiana 0.23%
    21 Pennsylvania 0.22%
    22 Kansas 0.21%
    23 Nebraska 0.21%
    24 Utah 0.21%
    25 New Hampshire 0.21%
    26 Georgia 0.20%
    27 Arkansas 0.19%
    28 Wisconsin 0.19%
    29 Delaware 0.19%
    30 Tennessee 0.18%
    31 Rhode Island 0.18%
    32 Missouri 0.18%
    33 Arizona 0.18%
    34 Michigan 0.17%
    35 Ohio 0.17%
    36 Iowa 0.17%
    37 Montana 0.16%
    38 North Carolina 0.16%
    39 Oregon 0.16%
    40 Idaho 0.15%
    41 Vermont 0.15%
    42 Indiana 0.15%
    43 Alaska 0.14%
    44 South Carolina 0.14%
    45 Arkansas 0.14%
    46 Hawaii 0.13%
    47 Maine 0.13%
    48 New Mexico 0.13%
    49 Kentucky 0.13%
    50 Mississippi 0.12%
    51 West Virginia 0.10%
    SOURCE: MoneyRates.com
    Bennie DiNardo/Globe Staff

    Scraping by
    States, ranked by the percentage of taxpayers who earn $25,000 or less annually.
    Rank State Percentage
    1 Mississippi 48.57%
    2 Florida 46.52%
    3 New Mexico 45.07%
    4 Arkansas 44.96%
    5 Georgia 44.72%
    6 Alaska 44.67%
    7 South Carolina 44.60%
    8 Tennessee 44.38%
    9 Louisiana 44.35%
    10 Michigan 43.92%
    11 West Virginia 43.43%
    12 Kentucky 43.38%
    13 Montana 43.31%
    14 North Carolina 42.45%
    15 Indiana 42.26%
    16 Missouri 42.14%
    17 Idaho 42.09%
    18 Texas 41.82%
    19 Arizona 41.15%
    20 Oklahoma 40.94%
    21 Maine 40.75%
    22 New York 40.71%
    23 Ohio 40.59%
    24 Nevada 40.21%
    25 Vermont 40.14%
    26 South Dakota 40.09%
    27 California 39.88%
    28 Oregon 39.87%
    29 Rhode Island 39.84%
    30 Pennsylvania 39.58%
    31 Kansas 39.45%
    32 Illinois 39.33%
    33 Wyoming 39.19%
    34 Wisconsin 38.93%
    35 Utah 38.37%
    36 Nebraska 38.33%
    37 Hawaii 37.65%
    38 Delaware 37.39%
    39 Iowa 36.81%
    40 Alaska 36.53%
    41 Colorado 36.45%
    42 New Hampshire 36.05%
    43 New Jersey 35.98%
    44 Minnesota 35.86%
    45 Virginia 35.46%
    46 North Dakota 35.03%
    47 Massachusetts 34.99%
    48 Washington 34.89%
    49 Connecticut 34.80%
    50 Maryland 33.79%
    51 District of Columbia 32.11%
    SOURCE: MoneyRates.com
    Bennie DiNardo/Globe Staff

    Katie Johnston can be reached at katie.johnston@globe.com. Follow her on Twitter @ktkjohnston.