Minnesota millionaires just don't stay here

Millionaire.jpg
Where have all the millionaires gone?
Our embarrassingly long budget standoff turned up an interesting fact: being a millionaire is apparently a high risk factor for leaving Minnesota.

In the heat of the budget debate, DFL-ers often threw around the fact that of the 7,700 Minnesotans millionaires--defined as people making at least a cool $1,000,000 each year--half don't live here. MPR fact-checked the claim, and it turns out it's true.

What's up with all those rich people leaving?

For 2011, only about 3,900 tax returns are expected from full-time Minnesota millionaires, MPR reports. The remaining 3,800 of these wealthy Minnesotans live out of state part-time or have moved away entirely. They may have businesses that make a profit here--but they've escaped to somewhere else and will file as out-of-staters. Where's their Minnesota pride?

Admittedly, this particular definition of millionaire is pretty narrow. We don't know exactly how many real Minnesota millionaires--people who have a million in their various bank accounts--there are, because obviously we can't see people's bank accounts.

But these million-a-year income-earners matter because they were the people Gov. Mark Dayton talked about taxing at a higher rate to help fill the budget hole. In the end, he didn't get his wish.

Still, we wish these folks would stick around and pay more taxes.



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