Virginia may be for lovers, but Maryland is for millionaires.
Maryland has more millionaire households per capita than any other state, according to new research. It had 169,287 households with investible assets of $1 million or more, or about 7.7 percent of the state's households in 2013, according to a study from Phoenix Marketing International, a wealth research firm.
|State||$1M+ Investable Assets||Ratio Millionaires to Total Households|
|2. New Jersey||242,647||7.49%|
|8. New Hampshire||33,867||6.48%|
|10. District of Columbia||17,378||6.10%|
In other words, you're more likely to bump into a millionaire in Maryland than in any other state.
The second highest state for per-capita millionaires was New Jersey, where 7.49 percent of its households are millionaires. Connecticut ranked third, with a millionaire ratio of 7.32 percent of total households.
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Nationwide, the firm estimates there are 6.1 million households with investible assets of $1 million or more. California, Texas and New York hold 25 percent of the nation's millionaire households, but given their large populations, they rank lower in millionaire density.
David Thompson, managing director of the Phoenix Global Wealth Monitor, said being ranked at the top of the millionaire-ratio list is as much a function of geography as policy. Most of the top states are small geographically, but located near major wealth centers, like New York or Washington, he said.
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"They are small, but they have access to centers of influence," he said.