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News / Business / Business Briefs

Female millionaires top male counterparts

By Bloomberg
Published: July 30, 2019, 9:26pm

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 percent 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.

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