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How Many Millionaires Live in Lexington?

One in every 115 Lexington taxpayers reported income above $1m in 2010.

 

Like the Barenaked Ladies said in their hit song, "If I Had Million Dollars...

...I'd be one of 271 taxpayers in Lexington 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. 

Lexington's number of millionaire filers is ranked 16th out of 351 cities and towns, with one millionaire filer per every 79 residents. The average reported income for every millionaire filer was approximately $3.5 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.

Related Topics: Boston Business Journal, DOR, and millionaires

Tom Diaz

7:01 am on Monday, October 22, 2012

There are a few errors in the above article, if we assume the Boston Business Journal is correct. First sentence: it's Lexington, not Concord, that has a millionaire for every 115 residents. And Concord is ranked 9th, not 16th. I have not checked all the numbers. Maybe this kind of article was written for Concord and then repurposed for Lexington?

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Patrick Ball

3:04 pm on Monday, October 22, 2012

Thanks, Tom. The corrections have been made.

Lisa Migliori

12:38 pm on Monday, October 22, 2012

If I had a savings account I would move oput of Lexington, MA Stop and Shop is a rip off. LiMigl@aol.com

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Tayloy Milton

1:48 am on Tuesday, October 23, 2012

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