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Women millionaires out-earning men in US, shows data

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.

business Updated: Jul 28, 2019 09:02 IST
Alex Tanzi
Alex Tanzi
Bloomberg
Millionaire women are out-earning millionaire men in the US, according to the latest available IRS data compiled by Bloomberg.
Millionaire women are out-earning millionaire men in the US, according to the latest available IRS data compiled by Bloomberg.(File Photo)
         

Millionaire women are out-earning millionaire men in the US, 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% 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. Around 400,000 men earned half-a-million dollars or more in wage income in 2016, six times more than women that year. In 2009, there were eight times as many men as women earning that amount.

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)

First Published: Jul 28, 2019 09:01 IST

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