Personal Finance

The best and worst states for the wealthy

Key Points
  • Even if money is no object, some states are better suited for the super rich.
  • By comparing income, taxes rates, crime and the quality of schools, Wyoming came out on top in a ranking of the best states for the wealthiest Americans.
  • New Mexico landed at the bottom.
The best and worst states for the wealthy
The best and worst states for the wealthy

Most people imagine the wealthiest Americans living in penthouse apartments in New York or beachfront California estates.

The reality is many of those 1 percenters would be better off elsewhere.

Personal finance site GOBankingRates determined which states were best suited for the super rich by comparing property tax rates, income tax rates and average earnings of the top 1 percent in each state as well as the crime rate and the quality of school districts.

The country's best places to live for the jet set all benefit from low taxes and good schools.

At the top was Wyoming, which has no income tax and low property taxes. It is also among the states with the lowest population density (think large properties coupled with small property tax bills).

Here are the top five states for the upper class:

1. Wyoming
2. South Dakota
3. Massachusetts
4. Nevada
5. West Virginia

Alternatively, New Mexico landed in the worst spot for those with deep pockets, the personal finance site found. It has the highest property crime rate and lower income than most other states.

Here are the bottom five states for the wealthy:

46. Oregon
47. Arizona
48. Wisconsin
49. Hawaii
50. New Mexico

For a look at the complete list, click here.

For residents in high-tax states such as California and New York who are pondering a move, there are a few things to consider in the wake of the GOP tax reform, which slashed deductions for state and local taxes. Click here for those considerations.

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How far $1 million goes in every state
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