How Many Millionaires Live in Reading and North Reading?
One in every 480 North Reading taxpayers reported income above $1m in 2010, and one in every 853 Reading taxpayers reported income above $1m that same year.
Like the Barenaked Ladies said in their hit song, "If I Had Million Dollars...
...I'd be one of 31 taxpayers in North Reading or one of the 29 in Reading who made at least a million dollars in 2010."
OK, so those weren't the actual lyrics of the song. But they are the actual numbers in a searchable database in the Boston Business Journal.
Greater Boston’s suburbs to the west are among the state’s wealthiest, the Boston Business Journal reported, citing state tax data on millionaire filers in 2010. Weston tops the list with a millionaire filer for every 27 residents.
North Reading's number of millionaire filers is ranked number 68 out of 351 cities and towns, with one millionaire filer per every 480 residents. The average reported income for every millionaire filer was approximately $2.8 million.
Reading's number of millionaire filers is ranked number 101 out of 351 cities and towns, with one millionaire filer per every 853 residents. The average reported income for every millionaire filer was a bit lower in Reading than North Reading, approximately $2.2 million.
There are some caveats that the Boston Business Journal noted, however. The state's millionaires include small business owners filing as S-Corporations, filers reporting one-time events such as the sale of a business or property; and joint filers, including two-income households with total combined earnings that exceed $1 million.
Just for fun: what would you do with $1 million? Tell us in the comments.