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Millionaire States in the United States
Posted By Jim On 03/30/2010 @ 12:06 pm In NEWS | 29 Comments
Did you know that in 2009 there were over five million millionaire households (5,129,385) in the United States? That’s 4.46% of all households and a number that is probably a lot higher than you expected, and a drop from the previous two years. In 2009 there were 5.6 million and nearly 6 million in 2007. Who knows what 2009 will bring but it’s still fun to look at statistics, even if you’re not a millionaire. Fortunately for us, our friends at Mainstreet had a fun little slideshow last week showing the states with the most and the fewest millionaires [3].
So, where are all the millionaires?
| Rank | State | # of Households | % of Population | Median Income |
| 1 | Hawaii | 28,363 | 6.41% | $66,701 |
| 2 | Maryland | 133,299 | 6.26% | $70,482 |
| 3 | New Jersey | 197,694 | 6.22% | $70,347 |
| 4 | Connecticut | 82,837 | 6.15% | $68,294 |
| 5 | Virginia | 166,596 | 5.51% | $61,210 |
| 6 | Massachusetts | 137,792 | 5.50% | $65,304 |
| 7 | Alaska | 13,348 | 5.39% | $67,332 |
| 8 | New Hampshire | 27,562 | 5.34% | $63,235 |
| 9 | California | 662,735 | 5.28% | $61,017 |
| 10 | D.C. | 13,028 | 5.0% | $58,553 |
You should check out the slideshow if you like some added commentary. For example, I learned that California, despite it’s recent fiscal woes, had the most millionaires out of any state. It’s 9th only because it’s such a populous state. As for my home state of Maryland, it might be high according to previous years but a Maryland millionaire tax [4] have sent many packing. If you introduce a millionaire tax, expect millionaires to leave… turning a “projected” $106 million increase in tax revenues into a $100 million shortfall.
| Rank | State | # of Households | % of Population | Median Income |
| 1 | Mississippi | 33,792 | 3.06% | $37,818 |
| 2 | Arkansas | 35,286 | 3.12% | $38,820 |
| 3 | West Virginia | 24,941 | 3.28% | $37,528 |
| 4 | Kentucky | 57,059 | 3.3% | $41,489 |
| 5 | South Dakota | 10,646 | 3.39% | $46,244 |
| 6 | North Dakota | 9,051 | 3.42% | $46,574 |
| 7 | Oklahoma | 50,304 | 3.51% | $42,836 |
| 8 | Tennesse | 88,284 | 3.53% | $43,610 |
| 9 | Louisiana | 59,747 | 3.54% | $43,635 |
| 10 | Alabama | 66,314 | 3.55% | $42,586 |
This isn’t like your typical “worst” or “fewest” list, where it’s actually all that bad to be on this list. In fact, when you consider the worst state has 3% of its households seeing more than seven digits in their net worth, you’re not doing that bad.
How’d your state do?
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[3] states with the most and the fewest millionaires: http://www.mainstreet.com/slideshow/money/investing/states-most-millionaires
[4] Maryland millionaire tax: http://online.wsj.com/article/SB124329282377252471.html
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