ND ‘Income millionaires’ up 148BISMARCK (AP) — The number of North Dakotans reporting seven-figure incomes is swelling and incomes across the state are rising, spurred largely by wealth gained from the state’s oil patch, according to the state Tax Department.
BISMARCK (AP) — The number of North Dakotans reporting seven-figure incomes is swelling and incomes across the state are rising, spurred largely by wealth gained from the state’s oil patch, according to the state Tax Department.
Figures show 532 people reported adjusted gross income of more than $1 million on their 2010 individual tax returns, compared to 384 reporting that income on their 2009 returns, a 38.5 percent increase.
Tax Department analyst Kathy Strombeck said the increase in the number of North Dakotans with million-dollar income comes in part from royalties paid to mineral owners by oil companies.
Tax Department records show the average adjusted gross income in the state increased from $46,860 in 2009 to $53,036 last year.
Strombeck said the increase in wages in 2010 was a record, despite some investment losses largely due to an ailing national economy that weakened investment portfolios.
“The strong labor market in North Dakota and our growing population more than made up for continued lackluster performance of peoples’ investments,” Strombeck said. “While investment income may be down, wages, salaries and royalty payments are up.”
The total reported income in the state rose from $16.6 billion in 2009 to $19.9 million last year. The number of returns jumped from 358,150 to 375,324 during those years.
North Dakota’s strong overall economy, pushed by oil and a healthy agriculture sector, have created more jobs than takers across the state, which boasts the lowest jobless rate in the nation at 3.5 percent.
Job Service records show that North Dakota ended the decade with more than 430,000 workers, up more than 61,000 since 2000.
North Dakota’s overall population increased 4.7 percent from 2000 to 2010 to nearly 672,600 residents, according to the U.S. Census Bureau. The number of workers on employers’ payrolls rose 16.6 percent during the same time.
State officials say the oil industry has helped bump wages throughout the state and created hundreds of high-paying jobs.