Where The Top 5% Live
Each year, Phoenix Marketing Internationalanalyzes national data on millionaire households to reveal which U.S. states attract the most high-income families. This information is being published first on CNBC.com.
The overall number of millionaire households in the U.S. has increased nationwide for the second time in two years. In 2011, there were 5.94 million millionaire households, compared with 5.56 million households a year earlier, an increase of approximately 6.8 percent. Nearly every U.S. state saw an increase its total number of millionaires, adding thousands of households to millionaire status, according to the new numbers from Phoenix Marketing.
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, 5.08 percent of U.S. households claim millionaire status, up from last year but still short of the 2007 high of 5.25 percent.
David Thompson, managing director of Phoenix Marketing, notes that “this is the closest it’s ever been between the top two states," adding that "all of the top 10 states increased their millionaire ratios during the past year, which underscores that the richest states keep getting richer.”
In past reports, Thompson has noted 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, which states are home to the most millionaires? Click ahead to find out!
By Paul Toscano
Posted 26 October 2011
10. District of Columbia
Percentage of households in 2011: 5.88%
Millionaire households: 15,603
Total households: 265,558
Percentage in 2010: 5.53%
Millionaire households: 14,533
Percentage in 2009: 5.00%
Millionaire households: 13,028
9. California
Percentage of households in 2011: 6.01%
Millionaire households: 750,686
Total households: 12,487,377
Percentage in 2010: 5.66%
Millionaire households: 716,316
Percentage in 2009: 5.28%
Millionaire households: 662,735
8. New Hampshire
Percentage of households in 2011: 6.06%
Millionaire households: 31,159
Total households: 514,053
Percentage in 2010: 5.79%
Millionaire households: 29,790
Percentage in 2009: 5.34%
Millionaire households: 27,562
7. Virginia
Percentage of households in 2011: 6.26%
Millionaire households: 195,006
Total households: 3,113,444
Percentage in 2010: 5.94%
Millionaire households: 180,638
Percentage in 2009: 5.51%
Millionaire households: 166,596
6. Alaska
Percentage of households in 2011: 6.39%
Millionaire households: 16,239
Total households: 254,103
Percentage in 2010: 5.97%
Millionaire households: 14,805
Percentage in 2009: 5.39%
Millionaire households: 13,348
5. Massachusetts
Percentage of households in 2011: 6.41%
Millionaire households: 162,619
Total households: 2,538,474
Percentage in 2010: 5.98%
Millionaire households: 150,884
Percentage in 2009: 5.50%
Millionaire households: 137,792
4. Connecticut
Percentage of households in 2011: 7.13%
Millionaire households: 98,392
Total households: 1,379,723
Percentage in 2010: 6.65%
Millionaire households: 89,647
Percentage in 2009: 6.15%
Millionaire households: 82,837
3. New Jersey
Percentage of households in 2011: 7.19%
Millionaire households: 231,456
Total households: 3,220,564
Percentage in 2010: 6.69%
Millionaire households: 212,396
Percentage in 2009: 6.15%
Millionaire households: 197,694
2. Hawaii
Percentage of households in 2011: 7.21%
Millionaire households: 33,461
Total households: 464,352
Percentage in 2010: 6.93%
Millionaire households: 30,793
Percentage in 2009: 6.41%
Millionaire households: 28,363
1. Maryland
Percentage of households in 2011: 7.22%
Millionaire households: 157,779
Total households: 2,186,613
Percentage in 2010: 6.79%
Millionaire households: 144,686
Percentage in 2009: 6.26%
Millionaire households: 133,299