Millionaires in America: All 50 States Ranked

Almost 7.7 million millionaires in the U.S. today

By Dan Burrows, Contributing Writer – Kiplinger

March 01, 2019 – Millionaires are popping up in America like crazy. Indeed, the United States hasn’t seen such a torrid increase in the ranks of millionaires in more than a decade. They can thank record levels for stock prices.

“The six-plus percent rise in millionaire households in 2018 is the strongest rate of growth in that market since the financial downturn 10 years ago,” says David M. Thompson, managing director at Phoenix Marketing International, which tracks the affluent market. “The growth in capital markets in 2018 clearly lifted many more households into the millionaire ranks.”

Total households in the U.S. with at least $1 million in investable assets have increased by around 534,000 in the past 12 months, Thompson notes. In the past decade since the financial crisis, the number of millionaire households has grown by more than two million.

As a result, 6.21 percent  or 7,698,765 U.S. households out of 123,942,960 total households, can now claim millionaire status. That’s up from only 5.8 percent a year ago. To reach that lofty level, you must have investable assets of $1 million or more, excluding the value of your real estate,

employer-sponsored retirement plans, and business partnerships.

As of today, May 19, 2019, according to Worldometers, there are 329, 093,110 people in the U.S. today. Divide that by 123,942,960 households and you get an average of 2.66 people per household.

When imagining where America’s millionaires live, most people probably think of California and New York. But although those states have good shares of millionaires in terms of raw numbers, they don’t have the highest concentrations of rich households. California has more than a million millionaires, and New York State has more than half a million millionaires.

It turns out there are numerous states with higher percentages of well-off households than New York or California, several of which probably will surprise you. And don’t forget that between living costs and taxes, a million dollars goes much further in some states than others.

In New Jersey for example, property taxes have not only been the highest in the country for decades, they are usually 40 percent higher than the No.2 highest property-tax state, which has been either Connecticut or Illinois.

The states and areas where almost eight to almost nine percent of its residents are millionaires just on the basis of investible assets (in order of highest to lowest) are: New Jersey, Washington DC,  Connecticut, Maryland, Massachusetts, Hawaii, New Hampshire, and California. Texas has the second-largest number (after California) of millionaires with more than 622,000, but as a percentage of its total 10 million-plus households, it is at just about the nation’s average of 6.2 percent

Here’s a table that provides the millionaire ratings for all 50 states, including the District of Columbia, sorted by the percentage of millionaire households in each state, from highest to lowest. (This article has been slightly edited from the original by Biz India Online News).

Rank	State	$1 M+ Households	% of #	# Households	Median Inc.	Home Value *
1	New Jersey	293,990	8.95	3,283,467	$76,475	$321,100
2	DC	28,325	8.94	316,927	$77,649	$537,400
3	Connecticut	122,045	8.89	1,373,068	$78,916	$270,100
4	Maryland	200,074	8.85	2,261,087	$78,916	$296,500
5	Massachusetts	230,932	8.60	2,686,137	$74,167	$352,600
6	Hawaii	41,063	8.48	484,405	$74,928	$563,900
7	New Hampshire	42,669	7.98	534,888	$71,305	$244,900
8	California	1,042,027	7.78	13,388,653	$67,169	$443,400
9	Alaska	21,169	7.71	274,391	$76,114	$261,900
10	Virginia	248,958	7.66	3,248,928	$68,766	$255,800
11	Washington	205,446	7.04	2,919,671	$66,174	$286,800
12	New York	529,303	7.03	7,533,370	$62,765	$293,000
13	Colorado	158,073	7.02	2,251,735	$65,458	$286,100
14	Minnesota	150,137	6.76	2,220,975	$65,699	$199,700
15	Illinois	326,081	6.71	4,859,251	$61,229	$179,700
16	Delaware	24,615	6.70	367,593	$63,036	$238,600
17	Rhode Island	27,170	6.50	418,295	$61,043	$242,200
18	Utah	63,870	6.39	999,462	$65,325	$238,300
19	Texas	622,065	6.14	10,131,556	$57,051	$151,500
20	Pennsylvania	309,174	6.07	5,090,306	$56,951	$170,500
21	North Dakota	19,248	5.88	327,393	$61,285	$174,100
22	Oregon	97,160	5.81	1,671,063	$56,119	$265,700
23	Vermont	15,090	5.79	260,607	$57,808	$220,600
24	Wyoming	13,130	5.48	239,441	$60,938	$204,900
25	Florida	454,878	5.47	8,314,234	$50,883	$178,700
26	Kansas	62,073	5.44	1,140,014	$55,477	$139,200
27	Georgia	211,662	5.44	3,891,635	$52,977	$158,400
28	Michigan	214,315	5.43	3,944,777	$52,668	$136,400
29	Arizona	142,085	5.39	2,637,329	$53,510	$193,200
30	Nebraska	40,549	5.30	764,862	$56,675	$142,400
31	Wisconsin	124,968	5.30	2,359,204	$56,759	$169,300
32	Iowa	66,442	5.21	1,275,070	$56,570	$137,200
33	Ohio	243,608	5.20	4,686,753	$52,407	$135,100
34	Maine	29,043	5.12	567,486	$53,024	$179,900
35	Nevada	56,748	5.09	1,115,122	$55,434	$216,400
36	South Dakota	17,776	5.04	352,611	$54,126	$152,700
37	North Carolina	201,449	4.96	4,061,714	$50,320	$161,000
38	Missouri	120,938	4.95	2,441,372	$51,542	$145,400
39	Louisiana	89,097	4.89	1,821,634	$46,710	$152,900
40	Tennessee	128,738	4.86	2,646,608	$48,708	$151,700
41	South Carolina	96,084	4.83	1,988,953	$48,781	$148,600
42	Montana	21,530	4.83	446,176	$50,801	$209,100
43	Indiana	122,974	4.77	2,579,621	$52,182	$130,200
44	Oklahoma	73,325	4.75	1,543,816	$49,767	$125,800
45	New Mexico	37,520	4.64	809,287	$46,718	$163,900
46	Alabama	87,849	4.55	1,929,043	$46,472	$132,100
47	Idaho	28,928	4.53	639,110	$50,985	$176,800
48	Kentucky	77,671	4.38	1,772,382	$46,535	$130,000
49	Arkansas	45,985	3.89	1,181,658	$43,813	$118,500
50	West Virginia	29,031	3.84	756,671	$44,061	$111,600
51	Mississippi	41,685	3.68	1,133,149	$57,652	$109,300
		7,698,765	304.94	123,942,960	$2,990,843	$10,805,100
Avg.	Average/State	153,975	6.21	2,478,859	$59,817	$216,102