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.

5. Alabama

Alabama football coach Nick Saban

Alabama football coach Nick Saban is one of the state’s millionaires. | Photo by Kevin C. Cox/Getty Images

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.

4. Kentucky

man smoking

Millionaires are hard to find in Kentucky. | Luke Sharrett/Getty Images)

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.

3. Arkansas

Protesters in Little Rock, Ark.

Protesters in Little Rock, Ark. | Andrea Morales/Getty Images)

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

charleston, west virginia

Charleston, West Virginia. | Joe Raedle/Getty Images

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:

Next: The state with the fewest million-dollar households per capita is…

1. Mississippi

Oil Rigs Mississippi

A fisherman in Pascagoula, Mississippi. | Rod Lamkey Jr./AFP/Getty Images

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.

10. California

Honoree Chris Pratt accepts the MTV Generation Award onstage during the 2018 MTV Movie And TV Awards at Barker Hangar on June 16, 2018 in Santa Monica, California.

Chris Pratt is one of California’s many millionaires. | Kevin Winter/Getty Images

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.

9. Delaware

People relax on the beach at Cape Henlopen, Delaware, on June 5, 2013. Photo by Nicholas Kamm/AFP/Getty Images.

People relax on the beach at Cape Henlopen, Delaware. | Nicholas Kamm/AFP/Getty Images.

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.

8. Virginia

Virginia has lots of millionaires

Virginia is for Lovers and a surprising number of millionaires. | fotoguy22/iStock/Getty Images

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

New Hampshire

New Hampshire is small but it has plenty of millionaires within its border. | Sean Pavone/iStock/Getty Images

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.

6. Massachusetts

street signs

The intersection of Brattle and John F. Kennedy streets in Cambridge, Mass. | Darren McCollester/Getty Images

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.

5. Alaska

unhappy girl

Alaska has one of the highest rates of million-dollar households. | Andrew Burton/Getty Images

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.

4. Hawaii

Lava flows at a new fissure in the aftermath of eruptions from the Kilauea volcano

Hawaiians need lots of money and the ability to flee volcanoes to live there. | Mario Tama/Getty Images

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.

3. Connecticut

Street in New Haven, Connecticut

Connecticut has a high rate of million-dollar households. | Albert Pego/iStock/Getty Images

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

Jersey Shore

The cast members of Jersey Shore aren’t the only wealthy New Jersey residents. | Dave Kotinsky/Getty Images

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.

1. Maryland

annapolis, maryland

One in 12 households in Maryland has at least $1 million in assets. | Jim Watson/AFP/Getty Images

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.

Check out The Cheat Sheet on Facebook!

Read more: These Are the 13 Things People Steal From Grocery Stores All the Time

More Articles About:   ,  

More from The Cheat Sheet