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States with the Most Millionaires

Each year, Phoenix Marketing Internationalanalyzes national data on millionaire households to reveal which US states attract the most high-income families.

Data from Phoneix shows a list of states with the highest percentage of millionaires by population, while the overall number of millionaire households in the US has increased nationwide for the first time in two years. In 2009, there were 5.14 million millionaire households, compared to 5.56 million in 2010, an increase of approximately 7.6% that saw nearly every US state increase its total number of millionaires.

The study defines millionaire households as those with $1 million or more in investable or liquid assets (excluding sponsored retirement plans and real estate). Overall, 4.78% of US households claim millionaire status, a fall from the 2007 high of 5.25%.

David Thompson, Managing Director of Phoenix Marketing International, notes that “small states with large concentrations of highly educated professionals and business owners are key ingredients to growing wealth,” and that states with a large proportion of millionaires tend to share these characteristics.

So, where are millionaires the most prevalent? Click ahead to find out!

By Paul Toscano
Posted 29 Sept 2010

Source: Phoenix Marketing International