Please enable JavaScript to view the comments powered by Disqus.
Advertisement
Slide Show

1 of 52

Millionaires in America 2019: All 50 States Ranked

Getty Images

Advertisement

Millionaires are popping up in America like weeds. Indeed, the U.S. hasn't seen such a torrid increase in the ranks of millionaires in more than a decade.

They can thank record levels for stock prices.

"The 7% rise in millionaire households in 2018 is the strongest rate of growth in that market since the financial downturn 10 years ago," says David M. Thompson, managing director at Phoenix Marketing International, which tracks the affluent market. "The growth in capital markets in 2018 clearly lifted many more households into the millionaire ranks."

Total households in the U.S. with at least $1 million in investable assets have increased by 534,000 in the past 12 months, Thompson notes. In the past decade since the financial crisis, the number of millionaire households has grown by more than 2 million.

Advertisement

As a result, 6.21%, or 7,698,765 U.S. households out of 123,942,960 total households, can now claim millionaire status. That's up from only 5.8% a year ago. To reach that lofty level, you must have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships.

When imagining where America’s millionaires live, most people probably think of California and New York. But although those states have their fair share of millionaires in terms of raw numbers, they don't have the highest concentrations of rich households. It turns out there are numerous states with higher percentages of well-off households than New York or California, several of which probably will surprise you. And don't forget that between living costs and taxes, a million dollars goes much further in some states than others.

Here's a look at the millionaire ratings for all 50 states (and the District of Columbia), based on the percentage of millionaire households in each. Just for good measure, we're also providing important tax and cost-of-living information.

SEE ALSO: 101 Best Dividend Stocks to Buy for 2019 and Beyond

Estimates of millionaire households provided by Phoenix Marketing International, a firm that tracks the affluent market. Investable assets include education/custodial accounts, individually owned retirement accounts, stocks, options, bonds, mutual funds, managed accounts, hedge funds, structured products, ETFs, cash accounts, annuities and cash value life insurance policies. Data on household incomes and home values are from the U.S. Census Bureau. Living costs are based on the Council for Community and Economic Research’s Cost of Living Index. Tax information is as of 2018.

Advertisement

View as One Page

Advertisement
Sponsored Financial Content