The 10 States With The Most Millionaires Per Capita
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If you want to rub shoulders with millionaires, your chances are higher in some U.S. states than in others. Much higher. In the state with the most millionaires, roughly 7.7 percent of the residents are millionaires. However, in the state with the fewest millionaires, only 3.63 percent of residents are millionaires.
That’s according to the 2013 Phoenix Global Wealth Monitor U.S. Sizing Report, a ranking of states by millionaires per capita. The report, published by Phoenix Marketing Intelligence, provides yearly estimates of the number of affluent and wealthy households in America.
And while many of us may aspire to join this exclusive club, it may appear that millions aren’t what they used to be. For example, in 2010, the most recent year with available data from the Internal Revenue Service, the government paid over $29.9 million in unemployment benefits to individuals who were classified as millionaires. However, these individuals represented a very small portion of unemployment insurance paid out that year.
Now that the economy appears to be on the upswing, states like North Dakota, South Dakota, Louisiana and Maine lead the list of new millionaire households. For example, North Dakota went from 11,697 millionaires in 2012 to 13,494 millionaires in 2013. Also, in 2013, South Dakota increased from 13,299 millionaires in 2012 to 14,553 in 2013, although this increase only moved the state up to 46th place. During the same time period, Maine grew from 24,264 to 26,276, and Louisiana grew from 72,719 to 79,681.
Despite these significant gains, none of these states are on the list of the top millionaires. And before that list is revealed, take a look at the states with the fewest millionaires. The bottom five includes:
Mississippi: 40,955 millionaire households, or 3.63 percent of the state’s residents
Arkansas: 43,588 millionaire households, or 3.73 of the state’s residents
Idaho: 22,379 millionaire households, or 3.76 percent of the state’s residents
West Virginia: 29,367 millionaire households, or 3.82 percent of the state’s residents
Kentucky: 67,068 millionaire households, or 3.84 percent of the state’s residents
The next bottom states are Tennessee, Indiana, North Carolina, South Carolina, Oklahoma, and Alabama.
Keep reading to discover which states are at the top of the millionaire list.
#10: District of Columbia
Total millionaire households: 17,378
Percentage: 6.10%
Though not technically a state, the District of Columbia is America’s capital and is home to many congressional millionaires. In fact, the Center for Responsive Politics reports that 47 percent of Congress is made up of millionaires.
The District is also full of lawyers, lobbyists, and international organizations such as the World Bank and the International Monetary Fund. In addition, Washington is the nation’s fourth-largest metropolitan economy, according to the U.S. Bureau of Economic Analysis, and is surrounded by wealthy neighboring states.
#9: Delaware
Total millionaire households: 21,679
Percentage: 6.20%
Delaware may be the second-smallest state, but it boasts more than its fair share of millionaires. That’s because Delaware is the legal home to over a million businesses: over half of the publicly-traded companies in the U.S., including 64 percent of the Fortune 500 companies.
The state has the 23rd highest per capita personal income of $41,940, according to the Bureau of Business and Economic Research.
#8: New Hampshire
Total millionaire households: 33,867
Percentage: 6.48%
The “Live Free or Die” state is also the ffith-smallest one in the Union. Known for the New Hampshire primary, which kicks off the presidential election season, the state is also known for having one of the country’s lowest business tax climates.
New Hampshire also has the country’s ninth-highest per capita personal income, at $47,058.
#7: Virginia
Total millionaire households: 208,187
Percentage: 6.64%
Nicknamed “Old Dominion,” Virginia has the eighth-highest per capita personal income, at $47,082. That may not sound impressive, but Forbes lists Loudoun County, Virginia, as America’s richest county, with a median household income of $119,525. Fairfax County is close behind with $105,409.
Virginia is also home to several Fortune 500 companies, including Capital One, Freddie Mac, General Dynamics, Northrop Grumman, Dollar Tree, Amerigroup, and Advance Auto Parts.
#6: Massachusetts
Total millionaire households: 174,225
Percentage: 6.73%
Although it’s the seventh-smallest state, Massachusetts is the 14th most populous one. And it has the second-highest per capita personal income of $54,687.
Fortune 500 companies in the state include Liberty Mutual Insurance Group, Staples, Raytheon and Massachusetts Mutual Life Insurance.
#5: Alaska
Total millionaire households: 18,209
Percentage: 6.75%
Oil-and gas-rich Alaska is the largest state in the country, boasts the largest zinc and silver mines, and half of the country’s coal reserves. The state’s economy is also driven by fishing and timber industries.
Alaska has the 10th highest per capita income, at $46,778.
#4: Hawaii
Total millionaire households: 33,520
Percentage: 7.18%
Many millionaires relocate to Hawaii, known as “The Aloha State,” because of its tropical climate and beautiful beaches, Hawaii has the 17th highest per capita personal income, at $44,024. Tourism is the state’s largest industry.
#3 Connecticut
Total millionaire households: 100,754
Percentage: 7.32%
Connecticut has the highest per capita personal income in the country, which is $58,908. It is second only to California as the state with the most multi-million dollar homes.
Connecticut is home to many Fortune 500 companies, such as General Electric, Aetna, Xerox, Cigna, and Hartford Financial Services Group.
#2: New Jersey
Total millionaire households: 100,754
Percentage: 7.32%
New Jersey has the third-highest per capita personal income, at $53,628. Hunterdon County is the fifth-richest county in the country, with a median household income of $99,216, while Somerset Country is in ninth place with a median household income of $95,915.
Fortune 500 companies in New Jersey include Johnson & Johnson, Merck, Prudential Financial, Honeywell International, Campbell Soup, and Toys “R” Us.
#1: Maryland
Total millionaire households: 169,287
Percentage: 7.70%
Maryland has more millionaires that any other state in the U.S. It also has the fifth-highest per capita personal income, at $51,971, and Howard County, Maryland is the sixth richest county with a median household income of $99,040.
Many Fortune 500 companies are found in Maryland, including Lockheed Martin, Marriott International, Constellation Energy, and Coventry Health Care.
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