The number of six-figure earners among Washingtonians has never been higher, making up a quarter of the city’s population, according to an audit conducted by the Office of the Chief Financial Officer.
Nearly 25 percent of the District’s residents who filed personal income tax in 2019 reported an income of $100,001 or more, which is an all-time high percentage.
Six-figure earners are now the largest group of income tax filers in the city.
The results were revealed as part of an audit released last week. In an email to WAMU, David Umansky, a spokesman for the Chief Financial Officer, said:
“There is no way to say [it’s the largest share of high-income residents] in the District’s history without going through all the [audits] ever issued. However, we will not say you are wrong.”
According to Umansky, the figure was 11 percentage points lower 10 years ago.
In the meantime, the percentage of lower-income residents has decreased. Under the Fair Shot Minimum Wage Amendment Act of 2016, the hourly minimum wage for District workers will be increased to $15 this year.
The District’s median household income is not yet available for 2019, the report says, adding that it was $85,203 and 35.60 percent above the U.S. average in 2018.
Another finding of the report is that the total wage and salary employment in the Washington Metropolitan Area went up to 3,340,700 at the end of fiscal year 2019 from the revised 3,301,400 for fiscal year 2018, indicating a rise of 1.19 percent.