Millionaires in America 2019: All 50 States Ranked
Slide Show

Millionaires in America 2019: All 50 States Ranked

Getty Images

Advertisement
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
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 2 of 52

51. Mississippi

Getty Images

Advertisement
Advertisement

Millionaire households: 41,685

Total households: 1,133,149

Concentration of millionaires: 3.68%

Median income for all households: $42,009 (U.S. median: $57,652)

Median home value: $109,300 (U.S. median: $193,500)

Mississippi might have the lowest concentration of millionaire households per capita in the U.S., but it also has the lowest overall cost of living in the U.S. It's almost 19% cheaper to live in the Magnolia State vs. the national average, according to the Council for Community and Economic Research (C2ER). That means a million bucks goes further than it does elsewhere. Just have a look at Tupelo and Hattiesburg, which rank among the cheapest cities in the U.S.

Advertisement

Mississippi also has some of the lowest taxes. Indeed, it's one of Kiplinger's 10 most tax-friendly states in the U.S., thanks to relatively light property and gas taxes.

SEE ALSO: 20 Small Towns With Big Millionaire Populations

Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 3 of 52

50. West Virginia

Getty Images

Advertisement
Advertisement

Millionaire households: 29,031

Total households: 756,671

Concentration of millionaires: 3.84%

Median income for all households: $44,061

Median home value: $111,600

West Virginia has a relatively low concentration of millionaires, but its median real estate taxes are among the lowest in the U.S., according to the Tax Foundation. The Mountain State's sales taxes are reasonable, too. Like many western states, West Virginia benefits from natural resources such as gas and coal, and collects significant severance taxes from them.

But be forewarned: The state is not particularly tax-friendly for retirees.

A plus for West Virginia residents is that the cost of living is 9.9% lower than the national average, according to the C2ER.

SEE ALSO: The Worst Things About Being a Millionaire

Advertisement
Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 4 of 52

49. Arkansas

Getty Images

Advertisement
Advertisement

Millionaire households: 45,985

Total households: 1,181,658

Concentration of millionaires: 3.89%

Median income for all households: $43,813

Median home value: $118,500

Arkansas might not be bristling with millionaires, but it has some of the lowest living costs in the U.S., which are 15% below the national average. Heck, the cities of Jonesboro and Conway are two of the least expensive places to live in the entire country.

When it comes to taxes, Arkansas is more of a mixed bag. Property taxes are low in the Natural State, but sales taxes are the third-highest in the country -- even groceries are taxed (albeit at a lower rate). And income tax is particularly complicated in Arkansas.

SEE ALSO: The 25 Best S&P 500 Stocks of the Past 50 Years

Advertisement
Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 5 of 52

48. Kentucky

Getty Images

Advertisement
Advertisement

Millionaire households: 77,671

Total households: 1,772,382

Concentration of millionaires: 4.38%

Median income for all households: $46,535

Median home value: $130,000

Kentucky has fewer than 80,000 millionaire households. But then, with a cost of living 12.3% below the national average, paychecks tend to go further. Groceries run about 10% below the U.S. average, while housing is roughly a fifth less expensive.

The tax situation for all Kentucky residents is mixed. Sales taxes are modest and the property tax burden is light. However, effective income tax rates can be high even for relatively low earners.

For retirees, however, Kentucky is decidedly tax-friendly. The Bluegrass State exempts Social Security benefits from state income taxes, as well as up to $31,110 per person of a wide variety of retirement income.

SEE ALSO: 9 Secrets of the Millionaire Next Door

Advertisement
Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 6 of 52

47. Idaho

Getty Images

Advertisement
Advertisement

Millionaire households: 28,928

Total households: 639,110

Concentration of millionaires: 4.53%

Median income for all households: $50,985

Median home value: $176,800

The vast expanse of the Gem State claims only 639,110 households, of which fewer than 30,000 can be considered millionaires. A high concentration of them live in the part of the greater Jackson, Wyoming, area that spills into Idaho.

Happily, for rich and not-so-rich alike, Idaho's overall cost of living is 11.7% below the national average.

Somewhat less upbeat is Idaho's tax picture, which is mixed. Idaho took steps to head off an effective state tax increase from the new Federal tax law. Even so, Idaho's top tax rate of 6.925% kicks in at a fairly low bracket ($22,558 for married joint filers), making its income-tax hit feel more like that of a coastal state.

SEE ALSO: 57 Dividend Stocks You Can Count On in 2019

Advertisement
Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 7 of 52

46. Alabama

Getty Images

Advertisement
Advertisement

Millionaire households: 87,849

Total households: 1,929,043

Concentration of millionaires: 4.55%

Median income for all households: $46,472

Median home value: $132,100

Alabama is another state where you don't need a million bucks to live well. Although only 4.55% of its 1.9 million households hit the millionaire threshold, some of the lowest housing costs in the country help spread the wealth. Overall, the cost of living in the Yellowhammer State is 13.4% below the national average.

It also helps that Alabama is one of the more tax-friendly states. Property taxes are the second-lowest in the country, but sales taxes take a bite -- and the full rate is levied on food.

Advertisement

It also helps that Alabama allows you to deduct your federal income taxes (it's one of just of a handful of states with this break). The state also is among the most tax-friendly for retirees.

SEE ALSO: 3 Ways to Invest Like a Millionaire

Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 8 of 52

45. New Mexico

Getty Images

Advertisement
Advertisement

Millionaire households: 37,520

Total households: 809,287

Concentration of millionaires: 4.64%

Median income for all households: $46,718

Median home value: $163,900

New Mexico is somewhat of a strange bird when it comes to millionaires. Los Alamos, New Mexico, sounds like an unlikely place to find a lot of millionaires, but at 11.6%, it actually has the highest concentration of millionaire households of any small town in the U.S.

Outside of Los Alamos, the state has a more typical concentration of affluence, with fewer than 1 in 20 households claiming investable assets of $1 million or more. That helps keep a lid on living costs, which are 7.2% below the U.S. average.

Advertisement

Unfortunately for residents of all means, the Land of Enchantment isn't particularly tax-friendly -- or a friendly state for retirement. Social Security benefits are subject to tax by the state, as are retirement account distributions and pension payouts.

SEE ALSO: Frugal Habits of the Super Rich

Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 9 of 52

44. Oklahoma

Getty Images

Advertisement
Advertisement

Millionaire households: 73,325

Total households: 1,543,816

Concentration of millionaires: 4.75%

Median income for all households: $49,767

Median home value: $125,800

The energy industry is a cornerstone of Oklahoma's wealth, so it should come as no surprise that fuel taxes are low. Less appealing? An income-tax structure that puts many people into the highest bracket. Oklahoma also has the sixth-highest combined sales tax rate in the nation.

However, you don't need to be a millionaire to live well in the Sooner State. Not only does Oklahoma offer a cost of living that's more than 13% below the national average, but its largest city offers remarkably affordable prices for its size.

Advertisement

Oklahoma City, a metro area with about 1.4 million people, offers a lot of big-city attractions, from a philharmonic orchestra to the National Softball Hall of Fame and Museum to the NBA's Oklahoma City Thunder. And yet it remains one of the cheapest large U.S. cities in which to live.

SEE ALSO: 17 Stocks That Warren Buffett Just Bought, Trimmed or Dumped

Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 10 of 52

43. Indiana

Getty Images

Advertisement
Advertisement

Millionaire households: 122,974

Total households: 2,579,621

Concentration of millionaires: 4.77%

Median income for all households: $52,182

Median home value: $130,200

A million dollars sure goes far in some parts of Indiana. Richmond, Ind., where the cost of living runs 21% below the U.S. average, happens to be the cheapest small town in America. The cost of living in Indiana is 12.3% below the national average.

Although living costs are low, Indiana isn’t a great state for retirees. Indeed, it's one of Kiplinger's least tax-friendly states for retirees. While the state exempts Social Security benefits and offers limited exemptions for military pensions and federal civil-service pensions, IRAs, 401(k) plans and private pensions are fully taxable. And counties have the authority to levy their own income taxes on top of the state's flat tax.

SEE ALSO: 70 Valuable Things You Can Get for Free

Advertisement
Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 11 of 52

42. Montana

Getty Images

Advertisement
Advertisement

Millionaire households: 21,530

Total households: 446,176

Concentration of millionaires: 4.83%

Median income for all households: $50,801

Median home value: $209,100

A good deal of Montana's wealth stems from its abundance of natural resources. Agriculture, oil, copper and timber all play an important role in the economy, to say nothing of travel and tourism. Nearly 5%, or more than 21,000 households, can claim millionaire status. And a dollar tends to go father in the Treasure State. Montana's cost of living is 7.1% lower than the national average.

The good news for citizens across the income spectrum is that Montana has no general state sales tax. The bad news is that the top income rate of 6.9% kicks in at just $17,900 of taxable income, and Montana taxes virtually all forms of retirement income, including Social Security.

Advertisement

Whether you're still working or a retiree, Big Sky Country isn't the most tax-friendly place to live.

Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 12 of 52

41. South Carolina

Getty Images

Advertisement
Advertisement

Millionaire households: 96,084

Total households: 1,988,953

Concentration of millionaires: 4.83%

Median income for all households: $48,781

Median home value: $148,600

From Hilton Head Island to the Midlands region to the Blue Ridge Mountains, South Carolina has something for everyone -- but you don't have to be a millionaire to enjoy its many pleasures. Relatively low prices for housing and transportation help keep the Palmetto State's cost of living under control. According to the C2ER, South Carolina is 7.1% cheaper than the national average.

Although South Carolina boasts the seventh-lowest property taxes in the country, many taxpayers find themselves in the highest income bracket. That's because the top 7% rate kicks in at just $14,600 of income.

SEE ALSO: 35 Ways to Earn Extra Cash 2018

Advertisement
Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 13 of 52

40. Tennessee

Getty Images

Advertisement
Advertisement

Millionaire households: 128,738

Total households: 2,646,608

Concentration of millionaires: 4.86%

Median income for all households: $48,708

Median home value: $151,700

Tennessee is known for country music, BBQ and bourbon more than an abundance of millionaires, but the state should get more recognition for its affordability. Indeed, Memphis and Knoxville are two of the least expensive cities in the U.S., and more broadly, the state's cost of living is 13.2% below the national average.

Tennesseans also tend to keep more of their hard-earned dollars. The Volunteer State has no broad-based income tax and is phasing out its tax on stock dividends and interest income.

Advertisement
Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 14 of 52

39. Louisiana

Getty Images

Advertisement
Advertisement

Millionaire households: 89,097

Total households: 1,821,634

Concentration of millionaires: 4.89%

Median income for all households: $46,710

Median home value: $152,900

Agriculture, the petroleum industry, shipping and tourism are staples of the economy of Louisiana, helping to create almost 90,000 millionaire households.

Folks who call the Pelican State home enjoy a cost of living that 10.2% below the national average. They also benefit from property taxes among the lowest in the country, which help's make Louisiana one of Kiplinger's top 10 most tax-friendly states. It also offers a bayou full of tax breaks to retirees.

SEE ALSO: The Kip ETF 20: The 20 Best Cheap ETFs You Can Buy

Advertisement
Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 15 of 52

38. Missouri

Getty Images

Advertisement
Advertisement

Millionaire households: 120,938

Total households: 2,441,372

Concentration of millionaires: 4.95%

Median income for all households: $51,542

Median home value: $145,400

Almost 5% of Missouri's households have at least $1 million in investable assets, but there's nothing elite about that level when it comes to paying taxes. Missouri took steps in 2018 to reduce its income tax bite, which has historically been a big one, with most taxpayers hit by its top marginal rate (5.9% for 2018). That rate drops to 5.4% in 2019.

Helpfully, the cost of living in Missouri is 14.3% lower than the national average. Housing is particularly affordable, running 27% below the rest of the U.S. In a notable downside for both retirees of all means: Missouri ranks 42nd in the nation for senior health.

Advertisement
Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 16 of 52

37. North Carolina

Getty Images

Advertisement
Advertisement

Millionaire households: 201,449

Total households: 4,061,714

Concentration of millionaires: 4.96%

Median income for all households: $50,320

Median home value: $161,000

North Carolina has a lot going for it whether you're a millionaire or not. It's 11.7% less expensive to live in the Tar Heel State than the national average, and Durham is one of the happiest places to retire in the U.S., according to the according to the Gallup-Sharecare Well-Being Index.

Taxes are another plus. The state has been shaking up its tax structure, switching out graduated income tax brackets for a flat tax and capturing more services with its sales tax. The tax rate for 2018 was 5.49%; this year, it has dropped to 5.25%

SEE ALSO: 18 Dividend Aristocrats That Have Gone on Deep Discount

Advertisement
Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 17 of 52

36. South Dakota

Getty Images

Advertisement
Advertisement

Millionaire households: 17,776

Total households: 352,611

Concentration of millionaires: 5.04%

Median income for all households: $54,126

Median home value: $152,700

South Dakota is better known for Mount Rushmore, agriculture and the great outdoors than millionaires, but more than 1 in 20 households have at least $1 million in investable assets.

It also happens to be a great place to retire.

Affordability is the main factor. The cost of living is 9.4% below the national average. It's also one of the most tax-friendly states. And since South Dakota ranks second in the U.S. for fiscal soundness, according to a recent report from George Mason University's Mercatus Center, you can have high confidence that it can keep up with short-term expenses and long-term financial obligations.

Advertisement
Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 18 of 52

35. Nevada

Getty Images

Advertisement
Advertisement

Millionaire households: 56,748

Total households: 1,115,122

Concentration of millionaires: 5.09%

Median income for all households: $55,434

Median home value: $216,400

If you need proof that the house always wins, just take a look at Nevada. Median income for all households is slightly below the U.S. average. Meanwhile, Las Vegas Sands (LVS) CEO Sheldon Adelson -- the state’s richest person -- has a net worth of $36.2 billion.

But you don't have to go to Las Vegas to rub elbows with the Silver State's millionaires. Gardnerville Ranchos and Elko, Nevada, are among the top 20 small towns with the highest concentration of millionaires in the U.S.

Advertisement

The cost of living in Nevada is essentially on par with the national average, but residents catch a break on taxes. As a no-income-tax haven, Nevada is one of Kiplinger's top 10 most tax-friendly states.

SEE ALSO: 11 Great Stocks to Buy and Hold for the Next Decade

Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 19 of 52

34. Maine

Getty Images

Advertisement
Advertisement

Millionaire households: 29,043

Total households: 567,486

Concentration of millionaires: 5.12%

Median income for all households: $53,024

Median home value: $179,900

There are fewer than 30,000 millionaire households in Maine -- a state in which rich and poor alike face relatively high living costs and taxes. Expenses in the Pine Tree State run 9.5% above the national average. Residents pay more for groceries, housing and utilities, in particular.

Although it has been working to lower its income taxes, Maine's lowest rate still is higher than some other states' maximum rate. Indeed, the Pine Tree State is one of Kiplinger's least tax-friendly states.

Advertisement
Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 20 of 52

33. Ohio

Getty Images

Advertisement
Advertisement

Millionaire households: 243,608

Total households: 4,686,753

Concentration of millionaires: 5.20%

Median income for all households: $52,407

Median home value: $135,100

NBA superstar LeBron James might have forsaken the Cleveland Cavaliers for the Los Angeles Lakers, but the great state of Ohio has plenty of other millionaires to fill his sizable shoes. Nearly a quarter of a million households -- out of 4.7 million total -- have at least $1 million in investable assets in the Buckeye State.

Although Ohio can't compete with L.A. for glamour, LBJ may miss Ohio's affordability and comparatively lighter tax bite. The cost of living in Ohio is 14% below the national average. (Los Angeles happens to be the ninth most expensive city in the U.S.)

Advertisement

And although Ohio isn't exactly tax-friendly, no state goes after big earners quite like the Golden State.

SEE ALSO: 20 Expert Market Outlooks for 2019

Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 21 of 52

32. Iowa

Getty Images

Advertisement
Advertisement

Millionaire households: 66,442

Total households: 1,275,070

Concentration of millionaires: 5.21%

Median income for all households: $56,570

Median home value: $137,200

The farming and food-processing powerhouse of a state has a relatively low cost of living, but it can be tough on residents' wallets when it comes to paying taxes.

Iowa has a top tax bracket of 8.53% and brings it to bear on a relatively low level of taxable income, giving the Hawkeye State an income-tax bite that exceeds many East Coast states. Nor does Iowa go easy on retirees.

Easing the sting a bit is a cost-of-living index that’s 11.9% lower than the U.S. average.

Advertisement
Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 22 of 52

31. Wisconsin

Getty Images

Advertisement
Advertisement

Millionaire households: 124,968

Total households: 2,359,204

Concentration of millionaires: 5.30%

Median income for all households: $56,759

Median home value: $169,300

Bucolic Wisconsin's 124,968 millionaire households enjoy a relatively affordable cost of living, but taxes in the Badger State can be a bit of a burden.

Wisconsin recently lowered income tax rates and reduced the number of brackets. But many residents of the Badger State will find themselves in the 6.27% bracket, which kicks in on income above only $22,900 for singles and $30,540 for joint filers. At the same time, property taxes are high.

On the other hand, it's 7.3% cheaper to live in Wisconsin than the country as a whole.

SEE ALSO: 12 Smart Ways to Spend $1,000

Advertisement
Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 23 of 52

30. Nebraska

Getty Images

Advertisement
Advertisement

Millionaire households: 40,549

Total households: 764,862

Concentration of millionaires: 5.30%

Median income for all households: $56,675

Median home value: $142,400

When it comes to the well off and Nebraska, one name immediately comes to mind: Warren Buffett, chairman and CEO of Berkshire Hathaway (BRK.B), is the Cornhusker State's richest -- and most famous -- resident. But while the Oracle of Omaha is clearly in a league if his own, Nebraska does have 40,549 other households with at least a million bucks in investable assets.

The cost of living in Nebraska is 10% lower than the national average, according to Council for Community and Economic Research.

Advertisement

When it comes to paying taxes, Nebraska is ranked as "not tax-friendly" by Kiplinger. True, the state has been making efforts to reduce its income tax bite, including creating a personal exemption credit in 2018 so that the new federal tax law wouldn’t raise individuals' state taxes. But property taxes are the among the highest in the country.

Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 24 of 52

29. Arizona

Getty Images

Advertisement
Advertisement

Millionaire households: 142,085

Total households: 2,637,329

Concentration of millionaires: 5.39%

Median income for all households: $53,510

Median home value: $193,200

Like Florida, Arizona is a retirement haven and one of Kiplinger's top 10 most tax-friendly states for millionaires and non-millionaires alike. While the Grand Canyon State does have an income tax, the rates are notably low. If you're a joint filer, you won't hit the top bracket until your income is over $300,000. Sales taxes lean high, though, and some cities tax groceries.

Helpfully, Arizona is not quite as inexpensive as Florida. The cost of living in the state is equal to the national average.

SEE ALSO: 7 Smart Ways to Spend $100,000

Advertisement
Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 25 of 52

28. Michigan

Getty Images

Advertisement
Advertisement

Millionaire households: 214,315

Total households: 3,944,777

Concentration of millionaires: 5.43%

Median income for all households: $52,668

Median home value: $136,400

Michigan doesn't have the highest concentration of millionaires in the country, but it is among the top states for billionaires. According to Forbes, the Great Lakes State claims 11 billionaires, led by Hank & Doug Meijer, whose supermarket empire gives them a net worth of $7.3 billion.

At the other end of the spectrum, Michigan is home to one of the least expensive places to live in the U.S. The cost of living in Kalamazoo is 20.5% below the U.S. average. Overall, Michigan is 14.1% cheaper than the national average.

Advertisement

Michigan's tax situation is mixed. It's one of just a handful of U.S. states with a flat tax -- the rate is a modest 4.25%. But cities can levy income taxes as well. Property taxes, particularly in Detroit, are steep.

Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 26 of 52

27. Georgia

Getty Images

Advertisement
Advertisement

Millionaire households: 211,662

Total households: 3,891,635

Concentration of millionaires: 5.44%

Median income for all households: $52,977

Median home value: $158,400

With a cost of living 11.1% lower than the national average, a million dollars goes a bit further in the Peach State than elsewhere.

But taxes do take their bite. Georgia's tax brackets mean that many taxpayers will find themselves paying the top marginal rate, which kicks in at just $10,000 of taxable income for married couples filing jointly or $7,000 for individual filers. Sales taxes lean high, and in some areas, groceries will be taxed as well.

SEE ALSO: Test Your Knowledge of Everyday Actions That Affect Your Credit Score

Advertisement
Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 27 of 52

26. Kansas

Getty Images

Advertisement
Advertisement

Millionaire households: 62,073

Total households: 1,140,014

Concentration of millionaires: 5.44%

Median income for all households: $55,477

Median home value: $139,200

Kansas is known more for affordable living than for putting on the ritz. Indeed, Salina and Pittsburg, Kansas, are two of the cheapest small towns in America. Statewide, the cost of living in Kansas is 11.3% cheaper than the national average.

Offsetting that somewhat is the fact that Kansas is not the friendliest state when it comes to taxes. Sales taxes are high (and are applied to groceries), and property taxes are steep, too. Taxes in Kansas aren’t kind to retirees either.

Against that backdrop, the Sunflower State has 62,073 millionaire households out of a total of about 1.1 million households.

Advertisement
Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 28 of 52

25. Florida

Getty Images

Advertisement
Advertisement

Millionaire households: 454,878

Total households: 8,314,234

Concentration of millionaires: 5.47%

Median income for all households: $50,883

Median home value: $178,700

Florida's popularity as a retirement destination helps boost its concentration of millionaires. Indeed, an hour's drive north of Walt Disney World, you’ll find The Villages, a sprawling retirement haven with one of the highest numbers of millionaires per capita in the country.

The Sunshine State is well-known for its absence of a state income tax, which helps put it into Kiplinger's top 10 most tax-friendly states. Property taxes are below the midpoint for the U.S. The cost of living, meanwhile, is 3.6% below the national average.

SEE ALSO: 20 Top Stock Picks the Analysts Love for 2019

Advertisement
Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 29 of 52

24. Wyoming

Getty Images

Advertisement
Advertisement

Millionaire households: 13,130

Total households: 239,441

Concentration of millionaires: 5.48%

Median income for all households: $60,938

Median home value: $204,900

Wyoming might have the smallest population of any state, but it has one of the higher concentration of millionaires, thanks to abundant natural resources and recreational activities.

Wyoming accounts for about 40% of the nation’s coal production, and the vast majority of the state’s output comes from the Gillette area, which has a high concentration of millionaires as a result. Wyoming's famed Jackson Hole valley, with three major ski resorts and an abundance of other year-round recreational activities, also is a mecca for millionaires.

Thanks to abundant revenue that the state collects from oil and mineral rights, Wyoming millionaires shoulder one of the lowest tax burdens in the U.S.

Advertisement
Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 30 of 52

23. Vermont

Getty Images

Advertisement
Advertisement

Millionaire households: 15,090

Total households: 260,607

Concentration of millionaires: 5.79%

Median income for all households: $57,808

Median home value: $220,600

Tiny Vermont has just 15,090 millionaire households, and the Green Mountain State is one of the tougher states when it comes to taxing millionaires. It's a pricey place to live if you’re wealthy. Among other policies, income tax rates reach 8.75%. And Vermont's property taxes are the eighth-highest in the U.S.

Vermont is a comparatively expensive state in which to live in other ways, too. The state’s cost of living is 12.8% higher than the national average.

SEE ALSO: The 25 Best Blue-Chip Stocks for 2019 (According to Hedge Funds)

Advertisement
Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 31 of 52

22. Oregon

Getty Images

Advertisement
Advertisement

Millionaire households: 97,160

Total households: 1,671,063

Concentration of millionaires: 5.81%

Median income for all households: $56,119

Median home value: $265,700

The Beaver State's cost of living is 4.1% higher than the U.S. average. That/s partly due to a median home value of more than $265,700, which is well above the national average.

Oregonians also face the country’s highest income tax bracket. The 9.9% rate is applied to taxable income over $125,000 ($250,000 for married couples filing jointly), and the lowest bracket is already 5%.

Property taxes are on the high side, too.

Advertisement
Advertisement
Advertisement
Advertisement

Millionaires in America 2019: All 50 States Ranked | Slide 32 of 52

21. North Dakota

Getty Images

Advertisement
Advertisement

Millionaire households: 19,248

Total households: 327,393

Concentration of millionaires: 5.88%

Median income for all households: $61,285

Median home value: $174,100

The explosion in shale oil drilling has minted many a millionaire in North Dakota over the past decade. Indeed, small towns such as Dickinson and Williston, located in the oil-rich Bakken Formation, have some of the highest concentrations of millionaires in the U.S. Last year, as oil prices reached multiyear highs for several months, North Dakota enjoyed record-breaking oil production.

North Dakota is one of the nation's tax-friendliest states. The Peace Garden State offers modest sales taxes that favor agriculture and has been cutting income taxes for several years in a row -- to the point that they're barely there. To top it off, the cost of living in is 2.9% lower than the national average.

SEE ALSO: 26 Secrets to Save Money on Travel

Advertisement
Advertisement
Advertisement
Advertisement