California Is Minting Millionaires While Its Population Declines

Although the state’s population is decreasing, the number of taxpayers earning at least $1 million is on the rise.

California Gov. Gavin Newsom speaks in Los Angeles on Jan. 3, 2024. John Fredricks/The Epoch Times

While the state’s population is on the decline, the number of millionaires in California is increasing, according to the most recent data covering 2021 released by the IRS and the state’s Finance Department.

Approximately 400,000 fewer tax returns were filed in 2021 than the year before, but total tax revenues collected jumped by about 20 percent to a record high of more than $125 billion.