Monday, September 25, 2023
HomewealthTop states for millionaires per capita

Top states for millionaires per capita

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.

Millionaire households per capita

State $1M+ Investable Assets Ratio Millionaires to Total Households
1. Maryland 169,287 7.70%
2. New Jersey 242,647 7.49%
3. Connecticut 100,754 7.32%
4. Hawaii 33,520 7.18%
5. Alaska 18,209 6.75%
6. Massachusetts 174,225 6.73%
7. Virginia 208,187 6.64%
8. New Hampshire 33,867 6.48%
9. Delaware 21,679 6.20%
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.

(Read more: Millionaires rule Congress)

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.

(Read more: Millionaires placing their bets on Europe)

"They are small, but they have access to centers of influence," he said.


Most Popular