1 in 12 Households is Home to Millionaires in This Surprising State
Unless you’re routinely hanging out with HGTV stars, stand-up comedians, and celebrity chefs, you probably aren’t surrounded by multi-millionaires. In some states, though, you’re much more likely to work with or live next to a millionaire. Where are America’s millionaires and billionaires? As it turns out, they’re clustered in a handful of states. Here’s the list.
We’ll cover the five states with the fewest millionaires per capita, then count down the 10 with the most money in the bank per a Phoenix Marketing International report. We think the No. 1 state with the most will shock you, but No. 7 was a surprise to us.
Millionaire household rate: 4.61%
Total households: 1,928,669
State population: 4.87 million
The state with some of the worst poverty in the developed world also has a smattering of millionaires. Alabama has 88,880 millionaire households within its borders, which is low, but, as we are about to see, it’s hardly the lowest.
Next: Larger population now, but not too many millionaire households.
Millionaire household rate: 4.48%
Total households: 1,768,852
State population: 4.45 million
The Bluegrass State’s population increased slightly between the 2010 census and the 2017 number above, but it remains one of the states with the fewest millionaires. Roughly 79,205 households in Kentucky have $1 million in assets, according to the Phoenix Marketing International report.
Next: High taxes are one explanation for the lack of millionaires.
Millionaire household rate: 4.25%
Total households: 1,178,438
State population: 3 million
Arkansas is one of the worst states for income taxes in the U.S., but that can’t be the only explanation for the dearth of millionaires. Just over 4% of the population in the Natural State has $1 million in assets, which works out to 50,106 households.
Next: A Kentucky neighbor doesn’t have it any better than the Bluegrass State.
2. West Virginia
Millionaire household rate: 4.20%
Total households: 763,797
State population: 1.81 million
The hits keep on coming for West Virginia. It has one of the lowest rates of millionaires of any state in the country, plus these other blemishes on its record:
- It’s almost completely dependent on the federal government.
- West Virginia is one of the unhappiest states in America.
- The state’s average life expectancy is one of the worst in the country.
Next: The state with the fewest million-dollar households per capita is…
Millionaire household rate: 4.03%
Total households: 1,134,578
State population: 2.98 million
Mississippi’s rate of millionaire households is the lowest in the country, and it probably won’t get much better any time soon. Mississippi is one of the states people don’t want to live in anymore, so the population and the number of millionaires is declining.
Next: Millionaires flock to these 10 states.
The 10 states with the most millionaires per capita
Now that we’ve covered the five states with the lowest millionaire rates let’s see which states have the most. We’ll count down to the state with the highest figure, and as we’ll see, every state here has millionaires at nearly twice the rate of Mississippi.
Millionaire household rate: 6.61%
Total households: 13,384,483
State population: 39.5 million
Considering Mark Zuckerberg and some of the other richest Americans plus countless movies stars live in California, it shouldn’t be too surprising to see it make this list. Its rate comes out to 885,225 households being millionaires, which is the most of any state in the country.
Next: We’re giving this small state some recognition.
Millionaire household rate: 6.62%
Total households: 365,666
State population: 961,939
Wayne Campbell (Mike Meyers) didn’t have much to say about Delaware in the movie Wayne’s World, but we’ll give it some recognition here. With 6.62% of all households being millionaires, it works out to 24,212 households with seven-figure fortunes in the small state.
Next: A state you might not have considered.
Millionaire household rate: 6.98%
Total households: 3,242,493
State population: 8.47 million
Outside of a few urban centers, Virginia is very rural and appeals to retirees on fixed incomes so you might not have considered a millionaire hotbed, but here we are. It has one of the highest rates of millionaires of any state in the country and counts 226,167 million-dollar households.
Next: Here comes a surprise.
7. New Hampshire
Millionaire household rate: 7.36%
Total households: 532,376
State population: 1.34 million
Despite having some of the worst property taxes in the United States, tiny New Hampshire has its share of wealthy people, which is a surprise to us. With 7.36% of the population having assets of at least $1 million, it equates to 39,209 households.
Next: Let’s stay in this area.
Millionaire household rate: 7.41%
Total households: 2,682,402
State population: 6.85 million
Everyday things, such as gasoline, seem to cost more in Massachusetts. Luckily, a lot of people can easily afford it. With 7.41% of the population with $1 million in assets, it works out to 198,750 households.
Next: There’s more to the story than meets the eye.
Millionaire household rate: 7.50%
Total households: 272,496
State population: 739,795
The money from the Permanent Fund every Alaskan earns for living there is only part of the story. Fishing and mining are two huge industries that help residents make a living, and 7.5% of them are doing something right. That’s the rate of millionaires in the state, which equates to 20,444 households.
Next: You almost have to be a millionaire to live in this state.
Millionaire household rate: 7.57%
Total households: 487,708
State population: 1.42 million
Since Hawaii is so far away from the rest of the United States and space is limited everything costs more, from food to retirement living to estate taxes. You almost have to be a millionaire to make it in Hawaii, and a large percentage of the population are that rich. Its 7.57% rate equates to 36,903 millionaire households scattered across the islands.
Next: Let’s play some hopscotch to reach our final three states.
Millionaire household rate: 7.75%
Total households: 1,379,979
State population: 3.58 million
Just like Hawaii, the state we just visited, you almost need to have $1 million to live comfortably in Connecticut. It’s one of the worst states to make a living in the U.S. thanks to the high cost of living, but wealth abounds in the Nutmeg State. It counts 106,892 millionaire households within its borders.
Next: It’s more than just one wealthy city.
2. New Jersey
Millionaire household rate: 7.86%
Total households: 3,294,365
State population: 9 million
New York City-adjacent Jersey City is one of the most prosperous cities in America, but it’s hardly the only location that makes New Jersey a millionaire haven. Of the 3.29 million households in the state, 258,988 of them have at least $1 million in assets, which is one of the highest figures in the country.
Next: One in 12 households has at least $1 million.
Millionaire household rate: 7.87%
Total households: 2,263,021
State population: 6.05 million
In just one year, Maryland increased its rate from 7.55% to 7.87% and added close to 8,000 millionaire households to get to 178,003 total across the state. To put it another way, more than 1 in 12 households in this expensive state has at least $1 million to its name.
All state population figures from United States Census Bureau 2017 estimates.
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