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
15. Illinois
Percentage of households: 5.05%
Millionaire households: 242,536
Total households: 4,800,176
Percentage in 2009: 4.67%
Millionaire households: 223,636
14. Rhode Island
Percentage of households: 5.10%
Millionaire households: 20,873
Total households: 409,575
Percentage in 2009: 4.67%
Millionaire households: 19,272
13. Washington
Percentage of households: 5.18%
Millionaire households: 133,582
Total households: 2,577,274
Percentage in 2009: 4.81%
Millionaire households: 122,520
12. New York
Percentage of households: 5.25%
Millionaire households: 381,197
Total households: 7,263,927
Percentage in 2009: 4.81%
Millionaire households: 345,892
11. Delaware
Percentage of households: 5.36%
Millionaire households: 18,412
Total households: 343,322
Percentage in 2009: 4.93%
Millionaire households: 340,003
10. District of Columbia
Percentage of households: 5.53%
Millionaire households: 14,533
Total households: 262,976
Percentage in 2009: 5.00%
Millionaire households: 13,028
9. California
Percentage of households: 5.66%
Millionaire households: 716,316
Total households: 12,653,856
Percentage in 2009: 5.28%
Millionaire households: 662,735
8. New Hampshire
Percentage of households: 5.79%
Millionaire households: 29,790
Total households: 514,667
Percentage in 2009: 5.34%
Millionaire households: 27,562
7. Virginia
Percentage of households: 5.94%
Millionaire households: 180,638
Total households: 3,043,091
Percentage in 2009: 5.51%
Millionaire households: 166,596
6. Alaska
Percentage of households: 5.97%
Millionaire households: 14,805
Total households: 248,009
Percentage in 2009: 5.39%
Millionaire households: 13,348
5. Massachusetts
Percentage of households: 5.98%
Millionaire households: 150,884
Total households: 2,521,928
Percentage in 2009: 5.50%
Millionaire households: 137,792
4. Connecticut
Percentage of households: 6.65%
Millionaire households: 89,647
Total households: 1,347,693
Percentage in 2009: 6.15%
Millionaire households: 82,837
3. New Jersey
Percentage of households: 6.69%
Millionaire households: 212,396
Total households: 3,175,894
Percentage in 2009: 6.15%
Millionaire households: 197,694
2. Maryland
Percentage of households: 6.79%
Millionaire households: 144,686
Total households: 2,129,773
Percentage in 2009: 6.26%
Millionaire households: 133,299
1. Hawaii
Percentage of households: 6.93%
Millionaire households: 30,793
Total households: 444,202
Percentage in 2009: 6.41%
Millionaire households: 28,363