The number of income-related millionaires continues to rise in Germany. In most cases, the main source of income is a commercial enterprise.
The number of income millionaires in Germany rose by 4.6 percent in 2019. A good 27,400 of all recorded wage and income taxpayers had income of at least one million euros, as the Federal Statistical Office announced on Monday. That was almost 1,200 more than in the previous year. According to the Wiesbaden authority, income from a commercial enterprise was the main source of income for the majority of these people – 58 percent.
Based on the total number of taxpayers, most of the income millionaires lived in Hamburg in 2019, as in previous years. There, twelve out of 10,000 people with unlimited income tax liability had annual incomes in excess of one million. In Bavaria it was nine out of 10,000 taxpayers. Saxony-Anhalt and Thuringia had the lowest density of millionaires, each with fewer than two out of 10,000 taxpayers.
In total, the 42.8 million taxpayers generated income of 1.9 trillion euros in 2019, which was 81 billion euros more than in the previous year. In the case of the income millionaires, the national average income was 2.7 million euros.
