what state has the most millionaires
2. "Those metro areas will continue to generate and mint new millionaires," he said.Maryland has dominated the list for so long because of the growth in the Washington suburbs of government-related contractors, lobbyists and consultants, he said.Yet the new tax law could shift the millionaire map in the coming years. Got a confidential news tip? tax rules are different in each state. The District of Columbia, #9 in 2006, dropped to #20 at the outset of the recession but has bounced back to #9 in 2016. Unless you already have a ton of money, your wealth is accumulated through income. That’s according to the 2013 Phoenix Global Wealth Monitor U.S. Sizing Report, a ranking of states by millionaires per capita. California had the most millionaires in total — 885,000 — but it ranked 10th in terms of per capita. Sean Pavone/Shutterstock Percentage of millennial millionaires: 2% "The rich are definitely getting richer and controlling more and more of the wealth," Thompson said. Refinance rates at 2.06% APR. (List by state, number per state, per 1,000 households, or average household income in state) Rank State Millionaires Per 1,000 Households Avg. To be considered a millionaire, you must possess at least $1 million in investable assets — and your primary residence doesn’t count. All data was collected on and up to date as of Dec. 7, 2020. The average earner among the lower 99%, however, makes more than 37 times less. While millionaires are currently clustered in high-tax, Democratic states, new limits on the deductibility of state and local taxes could drive more of the wealthy to lower tax states like Florida, Texas and Nevada. However, in the state with the fewest millionaires, only 3.63 percent of residents are millionaires. From this report, GOBankingRates looked at the ten states with the highest ratio of millionaire households to total households and found (1) the number of total households in each state and (2) the amount of millionaire households as a percentage of total households. California had the most millionaires in total — 885,000 — but it ranked 10th in terms of per capita. Here in Boston, there's a lot of homeowners in the wealthy suburbs who are likely worth millions, some even Billions. The below table shows the fortunes of the world’s 10 richest people, comparing the numbers from March 5, 2019 to the most recent data from April 22, 2020. (Cost of living: 9.9 percent below national average.) This is a list of U.S. states and federal district by the number of billionaires as of 15 Sep … Then, GOBankingRates found (3) the total population of each state according to the U.S. Census Bureau’s 2019 American Community Survey, (4) the average income of the top 1% in each state according to the Economic Policy insittute’s “The Unequal States of America” report, and (5) the average income of the bottom 99% in each state from the same source. https://www.msn.com/.../10-states-with-the-most-millionaires/ss-BB1bP2wN Virginia, where eight American presidents were born, has a relatively low level of income inequality, with the top 1% earning just under 18 times more than the bottom 99%. There are just under 72,500 tax filers in California with an adjusted gross income above $1 million. The District of Columbia has the second-highest median income in the country, according to data from the U.S. Census Bureau for 2019. © 2021 CNBC LLC. However, those in the bottom 99% don’t fare quite as well, earning more than 30 times less than the District’s top earners. The median home cost is $636,451, which is more than $80,000 higher than the next costliest state, California. Home to one of the most educated workforces in the U.S., Maryland enjoys one of the country’s lowest poverty rates. In the Garden State, there is a huge gap between the wealthiest residents and everyone else. David Thompson, managing director for the report, added that the “7 percent rise in millionaire … I think that could accelerate. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Which city has the most wealth? A Division of NBCUniversal. Those states also tend to lean Democratic in their politics. View of a gated mansion in Potomac, Maryland. You guessed it. The District of Columbia also sports the nation’s most inequitable income division by racial lines. That’s also Maryland. No state has more millionaires than California, which perhaps makes sense given that it’s the most populated state. Connecticut: 84,508: 41.4: $57,369: 4. Maryland: 132,354 (Sponsored). White median household income in the state is a whopping $142,500, while black median household income in D.C. is just $45,200. October 16, 2017, 10:22 AM . Maryland is a Mid-Atlantic state that's defined by its abundant waterways and coastlines on the Chesapeake Bay and Atlantic Ocean. Source: Forbes – *As of April 22, 2020 **As of March 5, 2019 Gaining the highest across the top 10 is former Microsoft CEO Steve Ballmer, who saw his THIS STATE HAS THE MOST MILLIONAIRES PER CAPITA THAN ANY OTHER STATE. Maryland has the most millionaires per capita, with more than 1 in 12 households having $1 million or more. That was the fastest growth in six years. Phoenix defines millionaire households as those with $1 million or more in investible assets.Of course, the most populous states had the most millionaires. Maryland is the second-most millionaire-dense state in the country. America’s millionaires are not evenly distributed across the country, but the poorest states in the country don’t always have fewer of them, and the richest states don’t always have more. These Are the 50 Best Cities for Gen Z To Live Well on a Budget, The most millionaire households per capita, How those salaries measure up to the incomes earned by the other 99%. San Francisco is followed by New York, Dubai and Hong Kong. In the state with the most millionaires, roughly 7.7 percent of the residents are millionaires. "Those who may already have second homes in Florida and the South could move. We want to hear from you. For the first time since 2010, Maryland gets bumped as the top state for millionaires per capita, falling to No. On the border of the nation’s capital, the small but influential state boasts the highest median income in America and is still among just 13 states that hold the coveted AAA bond rating. Texas had the second highest number, with 566,000, followed by New York with 465,000. You see, being a millionaire in the United States, Taiwan, and Vietnam is all different. Millionaire in the United States is considered a wealthy person. California has the most millionaires in the United States, with almost 600,000 of them, which is about 1.5 percent of the state's total population. California, where I reside, have the most millionaires by far, yet, it’s also the epicenter of foreclosures. Cash Out: 45 Jobs That Can Make You a Millionaire Before Retirement. Connecticut ranked third, followed by Hawaii, Alaska, Massachusetts and New Hampshire. Act Now. New Jersey has the third-highest median household income rate in America — but the people who live there had better do well. Like Alaska, Hawaii has a unique economy, dominated by tourism and the military. In 2016, America welcomed 400,000 new U.S. millionaires into its … New Hampshire boasts the sixth-best nationwide unemployment rate as of October. A wide income disparity exists between the elite and everybody else in Massachusetts, where the average member of the top 1% earns nearly 31 times more than the average member of the bottom 99%. Connect with friends faster than ever with the new Facebook app. John Cziszar contributed to the reporting for this article. When it comes to the sheer total of millionaire households in each state, California has the most, with 777,624 millionaire households. Median Household Income; 1. Let’s focus on a map overview to see just where these rich people come from and which state has the most billionaires. It’s Not as Great as It Looks: 7 Harsh Realities of Being a Millionaire. West Virginia: 4.20 percent. Leading the list of top 10 richest states according to millionaire concentration is New Jersey. This is a list of countries by the number of millionaires by net worth based on an annual assessment of wealth and assets compiled and published by the Swiss bank Credit Suisse.According to estimates, in the middle of 2019 there were 46.8 million people worldwide whose assets exceeded one million USD, of which nearly 40% lived in the United States. The average income for the top 1 percent is just under 13 times greater than the average income earned by the rest of the population. We know that rich people tend to have a habit of choosing the best states to live in, so now we are going to see just what state in the US they prefer the most. California and New York are the top two U.S. states with the most billionaires, each claiming more than 100 billionaire residents. Although Alaska has a high concentration of millionaires, the state experiences the lowest level of income inequality on this list. Maryland — Maryland has the most millionaires per capita as of 2018. Its largest city, Baltimore, has a long history as a major seaport. Step 2 : Answer to the question "Which state has the highest percentage of millionaires?" Income information listed by number of millionaires per 1,000 households in a state. Top 25 States with the Most Billionaires. Only four countries in the entire world boast economies larger than that of California — the $3.1 trillion juggernaut represents 15% of the total U.S. economy. All Rights Reserved. The U.S. added more than 400,000 millionaires last year, according to a new report. The U.S. added more than 400,000 new millionaires last year, with most of those concentrated on the coasts in high-tax, predominantly blue states.According to the Phoenix Wealth and Affluent Monitor, by Phoenix Marketing International, there were a total of 7.2 million millionaire households in 2017 — up 6 percent from 2016. The average income earned by the bottom 99% is 18 times lower than that earned by the top 1%. He said the wealthy have "better access to the best investment vehicles and better access to the advice" on how to invest. London is known as an epicenter of the world's financial industry, and is the city with the most millionaires. The number of households worth $5 million or more surged 8 percent to 1.1 million. More facts about millionaires: The Top 10 US Cities with Most Millionaires Although the economic recession has impacted Americans’ wallets negatively, the United States is still home to countless millionaires. The second highest ranking state is New Jersey, which houses 7.86 percent of the country’s millionaires. California had the most millionaires in total — 885,000 — but it ranked 10th in terms of per capita.Texas had the second highest number, with 566,000, followed by New York with 465,000.David Thompson, managing director of Phoenix Affluent Market, said the state rankings show that wealth creation continues to be concentrated in big urban centers on the coasts — around New York, Boston, Washington and Los Angeles. Summit Park, Utah. Data is a real-time snapshot *Data is delayed at least 15 minutes. Connecticut is home to a higher per-capita rate of millionaire households than all but two other states. In 2019, CNBC ranked Virginia No. 50. Amazing Device Lights Up Countertops And Fixes Dark Kitchens, Knee Surgeons Are Losing It Over These Knee Sleeves (Here's Why), © SeanPavonePhoto / Getty Images/iStockphoto. New York is fighting to keep its wealthy residents in light of COVID-19 driving them out of the city. If a state with a population of 100 has 5 millionaires while one with a population of 75 has 4, the second one is obviously richer. 10 states with the most millionaires. Although Jeff Bezos, the richest man in the U.S., resides in Washington state, California has more than its fair share of wealthy and millionaire households. There are nearly 47 million millionaires in the world. Connecticut also suffers from dramatic income inequality — the state’s elite are by far the richest 1% in America. In California, the most populous state in the union, the average member of the top 1% makes nearly 31 times more than the average member of the bottom 99%. Hawaii: 29,423: 43.1: $57,572: 2. Percent millionaires: 11.63. ET Although America’s biggest millionaire metropolitan area is by far New York City, the Empire State doesn’t even make this list — but its neighbor does. 1 in the nation for business, a move that was endorsed by Amazon selecting the state as the location for its second headquarters. There is Northern Virginia, a suburb of... 9 Alaska - 7.71 percent. "Multimillionaires did even better last year. Upgrade This state has more millionaires per capita than any other — and it’s not where you’d think Published: Jan. 30, 2019 at 9:13 a.m. This statistic presents the American states with highest ratio of millionaire households per capita in 2020. You don't have to be a millionaire to live in Alaska, but it helps. Connecticut’s economy was still recovering from the 2007-09 recession when the coronavirus pandemic hit, and one University of Connecticut think tank estimates it may take more than a decade for the state to recover. Most Popular Today San Francisco has more billionaires per inhabitant in the world — with one billionaire for approximately every 11,600 residents, according to data released Thursday by global wealth consultancy Wealth-X. Hawaiians face a higher cost of living than residents of any other state, as well as the highest housing prices in the U.S. 4, as New Jersey now claims the No. My best guess would be California. Virginia is really two States, rolled into one. This ski destination became the location with the second most millionaires per capita in 2014 and hasn't slipped since. Maryland has the most millionaires, but what is the richest state in the U.S. in terms of median household income? The wealthiest residents aren’t particularly wealthy, and the rest of the people in the state do comparatively well. Here’s a look at the states with: Read on to find out which state has the most millionaires. Find Out: These Are the 50 Best Cities for Gen Z To Live Well on a Budget. Have you ever wondered which state has the most millionaires per capita? Like us on Facebook to see similar stories, Here’s what the shutdown of the Colonial Pipeline means for gas prices and energy markets, Nasdaq Slumps 2% as Commodity Price Surge Stokes Inflation Worries. "I do think we will see some migration, especially from the East Coast," he said. In fact, Capgemini, a research and consulting firm, has reported that America has the highest number of millionaires in the world. The 10 States With The Most Millionaires 10 Virginia - 7.66 percent. From Alabama to Wyoming: The Cost of Living Across America. With so many millionaires living in California, the chances are you probably have a millionaire next door. Get this delivered to your inbox, and more info about our products and services. Most millionaires are concentrated on the coasts in high-tax, predominantly blue states. 49. The average top 1% earns more than 24 times more than the average member of the bottom 99%. The main driver of all that added wealth was investing. Sign up for free newsletters and get more CNBC delivered to your inbox. 8 (Photo: AP) 4. Calculate your rate now. In 2016, the top 10 states with the highest percentage of millionaires … Andrew Lisa. Massachusetts also has some of the priciest real estate in the nation, with a median home price of $422,856. New Jersey: 207,693: 42.5: $59,989: 3. The Sunshine State has no income tax, and its property taxes are right around the national average. The economy of Alaska can’t be compared to that of any other state in the U.S., however, as one-half of the economy is tied to the oil industry. The average income for the top 1% is correspondingly high, third behind Connecticut and Massachusetts. Millionaires can be found anywhere. (Cost of living: 19 percent below national average.) Hawaii’s top 1 percenters make just under 14 times more than the bottom 99%. Connecticut ranked third, followed by Hawaii, Alaska, Massachusetts and New Hampshire. For the seventh year in a row, Maryland ranked first with the highest number of millionaires per capita — with more than 1 in 12 households having $1 million or more.New Jersey ranked second, also with just about 1 in 12 households being millionaires. Microsoft and partners may be compensated if you purchase something through recommended links in this article. 1 spot.. What’s more, the state has held the top spot for seven years in a row. But Phoenix also ranked states by millionaires per capita. If you count by household, though, then Hawaii tops the list with almost 7 percent of Hawaiian households considered millionaires. Mississippi: 4.03 percent. The cost of living in New Jersey is among the country’s most expensive, and much of the state consists of bedroom communities for people who work in New York or Philadelphia. Virginia | Ratio of millionaires to total households: 6.98% | Total households: 3,242,493 | HH with $1 million+ investable assets: 226,167 | 2016 ranking: No. Don’t wait to talk to a new Financial Advisor in 2021.You deserve your own Financial Advisor to support and guide you to achieving your financial goals. Methodology: To find the ten states with the most millionaires proportionately, GOBankingRates looked at data from Phoenix Marketing International’s 2019 Millionaire Rankings. 1.