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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?

States with Most 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.

States with Fewest Millionaires

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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[2] Email: mailto:?subject=http://www.bargaineering.com/articles/millionaire-states-in-the-united-states.html

[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

Thank you for reading!