Women Millionaires Top Men on Average Wage Earnings in U.S.
Female Millionaires Earned More Than Men in the U.S. on Average
(Bloomberg) -- Millionaire women are out-earning millionaire men in the U.S., according to the latest available IRS data compiled by Bloomberg.
Women taxpayers with wages of at least $1 million earned an average $2,506,220 versus $2,477,680 for men, according to data from 144.2 million tax returns containing wage income in 2016 that were filed with the Internal Revenue Service.
The number of women in the $1 million-plus club climbed to 17,609 in 2016, up from 6,597 in 2009, the year the recession ended. Aggregated wages for this group jumped threefold to $44.1 billion in 2016, from $13.8 billion in 2009.
The returns were split almost equally by gender, according to the data. Still, men earned 61.4% of the total wages overall. In addition, some 8,000 men earned at least $5 million in 2016, while only about 1,850 women reported wages of that size.
Wage growth among high-earning women is narrowing when compared with their male counterparts. Around 400,000 men earned half-a-million dollars or more in wage income in 2016, six times more than women that year. In 2009, there were eight times as many men as women earning that amount.
To contact the reporter on this story: Alex Tanzi in Washington at atanzi@bloomberg.net
To contact the editors responsible for this story: Alex Tanzi at atanzi@bloomberg.net, Wei Lu, Virginia Van Natta
©2019 Bloomberg L.P.