Want to be a millionaire? As it turns out, your odds of achieving that status may go up if you live in one of these two states.
A new report by Phoenix Marketing International found that Maryland and Connecticut have the most millionaires per capita than any other state.
The research firm said 7.7 percent of all the households in Maryland have more than $1 million in investible assets, making the state No. 1 in the country. That means 1 in every 13 households is a millionaire household.
Connecticut ranked second, with 7.3 percent of households achieving millionaire status; Hawaii ranked third, with 7.25 percent.
The study measured the 12-month period that ended in June.
Millionaire density — a measurement of millionaires per capita — tends to be higher in smaller, highly educated states or near big centers of wealth creation. Maryland, for instance, is next to Washington, D.C., while Connecticut is next to New York City.
"In the Washington, D.C., area you have government contracts... tech and other wealth generators, " said David Thompson, the firm's managing director of the affluent practice. "California has large pockets of wealth but you also have a lot of nonaffluent metro areas."
Some of the list's biggest gainers were in the Midwest and West. Minnesota jumped five spaces to number 11, with 6 percent millionaires per capita. Colorado moved up four spots to 14, with 5.85 percent, while Montana moved up six spots to 33, to 4.84 percent. The firm attributed these states' gains to their diversified economies and jobs improvement.
The losers were diverse and not tied to a particular region or trend. Rhode Island fell seven spots to 19, at 5.81 percent, while Nevada dropped four spots to 41 and 4.57 percent.
Thompson said the oil states are likely to be among the big losers next year, as low oil prices are expected to take a bigger toll.
"The energy states like Alaska, North Dakota and Oklahoma could take a hit," he said.
California, the most populous state, had the most millionaires in total, with 772,555 millionaire households. Texas, the second largest state by population, also ranked second by total millionaires, with 490,634 millionaire households.
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