Montgomery County Home to More Millionaires Than Any Other County in Pennsylvania … by Far

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Montgomery County is home to more millionaires than any other county in Pennsylvania, and by far, writes Kenneth Hilario for the Philadelphia Business Journal.

With 2,746 millionaires, Montgomery County has almost 1,000 more than No. 2 Allegheny County, where Pittsburgh is located.

The average annual income of Montco’s millionaires is $2,771,501.

Chester, Bucks, and Delaware counties ranked 3rd, 4th and 5th, respectively.

Montgomery County has a population of 816,857 residents, 388,722 of whom file taxes. The average income per filer is $97,877.

Montgomery County has a millionaire for every 297 residents, and those millionaires pay 20 percent of the county’s tax bill. The average tax bill for those millionaires? A whopping $85,085.

Montco’s placement doesn’t come as a surprise to experts, particularly because of its history.

According to Hilario, the wealth in Montgomery County is a residual occurrence tracing back to the Main Line of the Pennsylvania Railroad where wealthy people, or old money, left out of Center City.

“A lot of the big industrialists — Elkins, Widener, Stotesbury — moved to Cheltenham, White Marsh, and out to Merion and the Main Line and built their mansions,” said Stephen P. Mullin, president and principal of Econsult Solutions. “They were titans of industry that came from Philadelphia.”

Click here to read more about Pennsylvania’s millionaires in the Philadelphia Business Journal.

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