These States Have the Highest and Lowest Concentrations of Millionaires
Who knew that Maryland was so loaded?
Given that the richest zip code in American belongs to an island off the coast of Miami, you would expect Florida to be fairly saturated with millionaires. But, according to a recent report by the business publication Kiplinger, the Sunshine State only comes in at a paltry number 31 in a ranking of the concentration of millionaires in all 50 states. The reality is that while places like Miami and New York are famous for their wealthy communities, when you look at the percentage of millionaires per state, you’ll find that many of the ultra-rich flock to places where they can enjoy relative seclusion, great housing, and a myriad of tax benefits.
Only 5.8 percent of the country—or about 7.2 million households—qualify as actual millionaires, and where you can get the most bang-for-your-buck really depends on your location, and you’ll certainly be surprised to find out which state has the most millionaires. So read on for a list of the states with the lowest and highest number of ultra-rich residents (ranked from least to most in both categories). And if you’re not in this elite group, don’t fret. Business mogul Warren Buffett, whose net worth is currently estimated at $81.9 billion, says being rich won’t make you happy anyway.
Lowest #10: North Carolina
196,094 millionaires out of 4,019,126 households.
The state may not have too many people who have hit the goldmine, but Charlotte is considered to be one of the 50 Best Cities to Spend Your Golden Years. The downside is that it’s also one of The 20 American Cities with the Most Unfaithful Husbands.
Lowest #9: Louisiana
88,371 millionaires out of 1,818,504 households.
Lowest #8: South Carolina
94,675 millionaires out of 1,960,255 households.
But the fact that the state benefits people who are somewhat out-of-pocket is probably one of the reasons Columbia is one of the Top Ten Cities Millennials Are Flock To.
Lowest #7: Idaho
30,110 millionaires out of 625,834 households.
Lowest #6: Tennessee
122,585 millionaires out of 2,625,681 households.
Lowest #5: Alabama
88,880 millionaires out of 1,928,669 households. On the upside, Huntsville, Alabama is one of the best cities in which to buy a bigger house at a relatively affordable rate.
Lowest #4: Kentucky
79,205 millionaires out of 1,768,852 households.
Lowest #3: Arkansas
50,106 millionaires out of 1,178,438 households.
Lowest #2: West Virginia
32,082 millionaires out of 763,797 households.
Lowest #1: Mississippi
45,771 millionaires out of 1,134,578 households.
Highest #10: California
885,225 millionaires out of 13,384,483 households.
And if you’re looking to share the wealth, so to speak, several cities in this coastal paradise have ranked as the best places in the country to get married. And, no doubt to the fine weather all year around, several cities in this state have ranked as the healthiest ones in America. Not to mention the happiest.
Highest #9: Delaware
24,212 millionaires out of 365,666 households.
Highest #8: Virginia
3,242,493 millionaires out of 226,167 households.
Highest #7: New Hampshire
532,376 millionaires out of 39,209 households.
Highest #6: Massachusetts
198,750 millionaires out of 2,682,402 households.
Highest #5: Alaska
20,444 millionaires out of 272,496 households.
Highest #4: Hawaii
36,903 millionaires out of 487,708 households. It also happens to be one of the states where US residents statistically live the longest.
Highest #3: Connecticut
106,892 millionaires out of 1,379,979 households.
Highest #2: New Jersey
258,988 millionaires out of 3,294,365 households.
Highest #1: Maryland
With 178,003 millionaires out of 2,263,021 households, Maryland takes the (crab) cake.
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