The distribution of individuals with a seven-figure annual income across federal states is not surprising. Hamburg leads, followed by Bavaria and Baden-Württemberg, which might seem unexpected. However, one must remember that Hamburg, as a Hanseatic city, has historically offered a certain income level due to overseas trade. Unfortunately, it is notable that East Germany collectively occupies the last five positions. In total, there were 29,345 income millionaires in Germany in 2020.

Income Million vs. Wealth Million – The Difference

Two forms of millionaire status can be distinguished. One is based on an annual income exceeding one million euros, while the other pertains to wealth. Income millionaires are typically also wealth millionaires, but the reverse is not necessarily true. For instance, a bakery saleswoman earning a lower wage might inherit a house built by her parents in the 1950s in a now highly desirable location. The property’s market value exceeds one million euros solely due to the land value, making her a wealth millionaire.

Wealth Million More Volatile than Income Million

The wealth millionaire status is significantly more susceptible to reduction compared to income millionaire status, as illustrated by two examples. Someone who purchased Tesla shares worth one million euros on December 18, 2024, would own 2,169 shares. By April 1, 2025, their value had dropped to 54% of the purchase price, amounting to €541,491—shattering the millionaire dream.

A similar devaluation occurs when wealth is invested in fixed-income securities during periods of declining interest rates, such as after 2009. Conversely, a stock market boom can turn average investors into wealth millionaires.

Income Million Despite Negative Business Performance

Income millionaires often derive a significant portion of their earnings from variable salary components tied to business success. The example of Deutsche Bahn CEO Lutz demonstrates that even disastrous business results do not necessarily jeopardize bonuses. In 2023—Deutsche Bahn’s worst year with a €2.8 billion loss—Lutz earned only €1.1 million as his bonus was canceled. However, in 2024, he earned significantly more: reducing the loss to €1.8 billion earned him a €1 million bonus, bringing his total income to €2.1 million (Source: ZDF). The application portal for Deutsche Bahn can be found here.

Income millionaires evidently continue to earn substantial amounts even when companies incur losses.

Populous Federal States with the Most Millionaires

Our graphic indicates that regions with larger populations tend to have more millionaires comparatively—though Hamburg is an exception. There are regional differences between income and wealth millionaires in Germany:

• Wealth Millionaires (2023 Top Three):
  • North Rhine-Westphalia
  • Bavaria
  • Baden-Württemberg

These three federal states boast robust economies and relatively high populations.

• Income Millionaires: Since 2020, the top three ranking has remained unchanged.

Density of People with Million-Income in Districts and Municipalities (2023)

Here are the top ten districts and municipalities with the highest density of income millionaires relative to population:

• Hochtaunuskreis / Bad Homburg: One income millionaire per 360 residents.
• Düsseldorf: 171 income millionaires per 100,000 residents.
• Munich: 164 income millionaires per 100,000 residents.
• Stuttgart: 135 income millionaires per 100,000 residents.
• Hamburg: 124 income millionaires per 100,000 residents.
• Frankfurt am Main: 124 income millionaires per 100,000 residents.
• Cologne: 97 income millionaires per 100,000 residents.
• Essen: 67 income millionaires per 100,000 residents.
• Berlin: 58 income millionaires per 100,000 residents.
• Dortmund: 49 income millionaires per 100,000 residents.

It is remarkable that Essen ranks higher than Berlin—a surprising observation.

Number of People with Million-Income in Germany Continues to Rise

The number of millionaires in Germany continues its upward trend. In 2023, the figure increased from 2.6 million in 2022 to approximately 2.821 million individuals with either income or wealth millions. Projections for 2028 estimate this number will rise further to approximately 3.229 million people with seven-figure wealth (Source for the last three sections: Sparkassen- und Giroverband).