As for taxes, millionaires could do better, but then, they could also do worse. Another attractive aspect of the area is that the City of Lebanon operates Storrs Hill, a 20-acre ski area that hosts three ski trails, two ski jumps, a surface lift and ski lodge. North America has 4.8 million HNWI and $16.6 trillion wealth. In that year, New Jersey had the highest ratio of millionaire households per. As the Stockholm Environment Institute estimates, the richest 0.1% of the world's population emitted 10 times more than all the rest of the richest 10% combined, exceeding a total footprint of 200 tonnes of CO 2 per capita annually. Additionally Connecticut boasts the third highest ratio of millionaire households per capita, according to Statista. If you are an admin, please authenticate by logging in again. The city's great appeal is no secret. Year after year, the Old Line State routinely has one of the highest concentrations of millionaire households of any state in the union. So it should come as no surprise that Breckenridge would make the cut. The Cannon River runs through town, and several parks and walking paths provide access to fishing, canoeing and kayaking. The Richest States in the US - WorldAtlas Top states for millionaires per capita - CNBC The Beehive State isn't as tax-friendly as it used to be. On average, the cost of living in Texas is 8.5% lower than the U.S. average, according to C2ER. Another appealing aspect of the area for millionaires: It's a straight shot down Interstate 80 to reach Sacramento, the state capital, and San Francisco. Income is close to national levels, but house prices are well below. Note well that to be considered a millionaire by the standards of wealth research, a household must have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships, among other select assets. North Dakota is one of the nation's tax-friendliest states. Estimates of millionaire households provided by Phoenix Marketing International. With a population of just more than 6 million, the mid-Atlantic state is the 18th most populous state. From the greater Boston area to the tip of Cape Cod, Massachusetts has more than its fair share of millionaire households. Median income for all households: $74,991. Property taxes are in line with the national average, but Florida's gas tax is the 10th-highest state tax on gasoline in the country. Kiplinger is part of Future plc, an international media group and leading digital publisher. http://online.wsj.com/article/SB10001424052702304603704579324582732899244.html, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. And don't forget that between living costs and taxes, a million dollars goes much further in some states than others. Torrington, the largest town in Litchfield County - which has long been a popular retreat for Manhattan's wealthy and chic looking for a remote, mountainous getaway - also has more than its fair share of the well-to-do. List of countries by number of millionaires - Wikipedia Nike (NKE) founder Phil Knight is the state's richest person with a net worth of $38.6 billion. States with the most millionaires per capita - Yahoo Finance Visit our corporate site. The 5,567 square mile state of Connecticut ranked third in the US in the number of millionaires per capita. They're disproportionately located in the greater New York City area, however, where a million bucks doesn't go that far. Median income for all households: $47,905. Median home value is a whopping 62% higher than the national level, but median income is less just 20% greater. Property taxes are on the high side, and you can only get relief from that if you're a low-income resident. 5. Meanwhile, Sheldon Adelson - CEO of casino operator Las Vegas Sands (LVS) - is the state's richest person with a net worth of $35.7 billion, per Forbes. Median income for all households: $47,062. Again, comparatively low home prices lead the way in making the state affordable. Apartment dwellers pay less than the national average in these cities with the cheapest rent. Cities with the most millionaires per capita - CNBC While there are probably few millionaires in the cockpits of commercial airplanes, airline pilots, co-pilots and flight engineers are among the best-paid workers in the state. Sign up for free newsletters and get more CNBC delivered to your inbox. With everything from ski resorts to beaches, the Lake Tahoe area offers year-round activities for well-heeled tourists and full-time residents alike. Not only is there no state income tax, but the government actually pays residents an annual stipend. North Carolina's tax situation is just so-so. Median income for all households: $55,462. Although Torrington might be hidden in the northwest corner of the state, millionaires can't escape Connecticut's onerous tax bite. States with the most millionaires per capita - CNBC The state levy for sales tax is 2.9%, but localities can add as much as 8.30%. Both median income and home value are well above national averages in Colorado, as is the cost of living, albeit only by 1.9%. Fortunately, for rich and not-so-rich alike, Idaho's overall cost of living is 7.5% below the national average. World-class ski resorts and luxury shopping are the main draw. One in every 96,460 Wyomingites is a billionaire. The 11th most populous state, with a population of around 9 million, is home to many leading firms in the biotech sector like Merck and Johnson & Johnson. Median income for all households: $79,835. Here's a look at the millionaire rankings for all 50 states (plus the District of Columbia), based on the percentage of millionaire households in each. New Jersey Ratio of millionaires to total households: 8.95 percent 2.. He's also written for Esquire magazine's Dubious Achievements Awards. The total number of households in the United States with over $1 million in investable assets has increased by more than 530,000 in the past year (through mid-2018 . For a $400,000 home in the state, the owner can expect to pay about $6,564 each year in property taxes. This island off the coast of Cape Cod the Census Bureau classifies the entire island as part of the Vineyard Haven micro area is one of the most desirable summer vacation spots in the Northeast and has long been a favorite of the rich, the famous and the powerful. Data from 2014 indicated that Montgomery County had the highest number of millionaires in Maryland followed closely by Baltimore. That's up from 6.21% in 2018 and just 5.81% in 2017. Athletes and sports competitors, surgeons and CEOs are among the state's best-paid residents. And median home prices are more than a third less expensive than the national level. Data from the Business Insider indicates that the US has more millionaires than any other nation on earth with approximately 13,554,000 millionaires out of a population of about 325,719,178 according to 2107 US Census Bureau. 25 Small Towns With Big Millionaire Populations | Kiplinger Unfortunately for millionaires and non-millionaires alike, Michigan is not tax-friendly. noting that the top 10 states are so close in millionaires per capita that the order can change in any given . Concord also is a major distribution, industrial and transportation hub. Largely rural and remote, expenses in the Pine Tree State run about 10% above the national average, according to the Council for Community and Economic Research (C2ER). But be forewarned: Income tax bites hard on higher incomes, with the top rate of 6.5% kicking in on taxable income over $60,000. Median income for all households: $55,602. Sure, median income is below the national level, but the cost of living is 11.2% below the national average. Mississippi's cost of living stands at 14% below the national average, according to the U.S. Bureau of Economic Analysis. The flip side is that Tennessee has the highest combined sales-tax rate in the nation, according to the Tax Foundation. Illinois From 2010 to 2016, Chicago . Folks also save on utilities and groceries. Show publisher information Phoenix defines millionaire households as those with $1 million or more in investible assets.Of course, the most populous states had the most millionaires. A steep drop in oil prices first sparked pain across the Bakken about five years ago. Examples of investable assets include cash, stocks, bonds and funds, among a bunch of other types of investments and financial products. Indeed, Juneau, the state capital, has the third-highest concentration of millionaire households among the country's "micro" areas. Hot springs, rafting, kayaking, fishing, hiking, mountain biking and golf, among many other activities, make Glenwood Springs a year-round destination. Still, Californians pay high sales taxes, as well as high fuel taxes on all that driving they have to do. Illinois has a higher concentration of millionaires than the national average, and a million bucks goes a bit farther in the Prairie State than it does in much of the rest of the country. Future US, Inc. Full 7th Floor, 130 West 42nd Street, Indeed, Illinois is one of Kiplinger's top 10 least tax-friendly states. Although it has been working to lower its income taxes, Maine's lowest rate still is higher than some other states' maximum rate. The Great Lakes State is home to 11 billionaires, led by Hank & Doug Meijer, whose supermarket empire gives them a net worth of $10.3 billion, according to Forbes. The top tax bracket is an eye-popping 11%. New Hampshire. As residents like to point out, few towns have a groomed ski area right in their downtown that is accessible to all. Manhattan and Brooklyn are the first- and fourth-most expensive places to live in the country at a whopping 145.7% above the U.S. average. Median income for all households: $44,097. 18 Stocks Warren Buffett Is Selling (And 6 He's Buying). Get quick analyses with our professional research service. John Overdeck, founder of Two Sigma Investments hedge fund, is the wealthiest person in N.J. with a net worth of $6.1 billion, according to Forbes. The Claremont-Lebanon micro area abuts Laconia and has plenty of its own attractions, as well. Sweden's billionaires: They have more per capita than the United States. Median income is 10% below the national level, but then, home prices are almost 36% cheaper. But what makes Minnesota really stand out is that its lowest income tax rate is 5.35%. Heber boasts world-class recreational activities for the wealthy and regular Joes alike. Everything is bigger in Texas. tech stocks The numbers get a big lift from Summit Park, a small town with one of the very highest concentrations of millionaires in the country. Maryland Maryland has the most millionaires per capita as of 2018. Acts of conspicuous consumption, on the other hand, can rack up payments to local authorities. According to Zillow, the median home value is teetering around $545,794. The state has no state income tax, so Social Security benefits and other forms of retirement income get a free ride. A good deal of Montana's wealth stems from its abundance of natural resources. "Those metro areas will continue to generate and mint new millionaires," he said.Maryland has dominated the list for so long because of the growth in the Washington suburbs of government-related contractors, lobbyists and consultants, he said.Yet the new tax law could shift the millionaire map in the coming years. There's a lot to like about Oklahoma for wealthy retirees. According to Phoenix Marketing International, New Jersey ranks second in the number of millionaires per capita behind Maryland. Easing the sting of taxes a bit is a cost-of-living index that's 10.8% lower than the U.S. average. At the other end of the spectrum, Michigan is home to one of the least expensive places to live in the U.S. While millionaires are currently clustered in high-tax, Democratic states, new limits on the deductibility of state and local taxes could drive more of the wealthy to lower tax states like Florida, Texas and Nevada. Hudson boasts scores of antiques dealers, which led the charge in making the town attractive for new residents, tourists and wealthier folks in search of second homes. Although the cost of living is low relative to others on this list (Zillow estimates the median home value in Virginia to be $353,130), some of the richest counties in the U.S.Loudoun County, Fairfax County, and Arlington Countyare in the Old Dominion. However, it might surprise you that neither. Median income for all households: $64,805. The southwest corner of the state is the base for many hedge funds and prominent public companies. Last updated 17 April 23. United States Millionaire Map - Business Insider (Those would be Brownsville-Harlingen and McAllen-Edinburg-Mission.). Law professors and podiatrists crack the top 10 jobs with the highest average salaries. In addition to medicine, top-paying jobs are found in general internal medicine, engineering management and psychiatry. To start, Social Security benefits are completely exempt. Dickinson's number and percentage of millionaire households declined year-over-year. However, Social Security benefits are exempted from state income taxes, and property taxes are light. When it comes to paying taxes, the situation for Kentucky residents is mixed. South Dakota is one of the most tax-friendly states on the whole. Naturally, Maryland also is one of the most expensive places to live, with a cost of living 18.8% greater than the national average. Louisiana's 90,000 millionaires, whose income depends on the state's economic staples, are likely to be feeling a pinch. If you need access to specialists not available at Northfield Hospital & Clinics, the Mayo Clinic is about 60 miles away, in Rochester. Those counties are just outside Washington, D.C., which attracts highly educated Americans. Thanks to low consumer prices and light taxes, Mississippi also is the second-least expensive state. 3 New Jersey The cost of living in Nevada is 2.5% below the national average, according to the BEA, and residents can catch a break on taxes. But one country stands out on the list: Sweden (No. Taxable income over $40,000 is taxed at a steep 6.5% tax rate (the top rate of 8.95% is reserved for taxable income over $1,000,000). New Jersey - 7.39 . Although New Jersey gives residents a break on income taxes, it brings the hammer down when they buy a home. In an extreme example, Tupelo is one of the 10 cheapest cities in the U.S. Mississippians also enjoy some of the lowest property taxes in the nation, and its income tax levy, already fairly low, continues to shrink. An artificial intelligence stock-picking platform identifying high-potential equities has been sharp in the past. It also can get a bit crowded. The average property tax on a $400,000 home in New York is about $7,246, which is the fourth-highest average in the country. That's significant considering that a million bucks sure goes far in some parts of Indiana. They help drive an economy that supports more than 167,000 millionaire households. (The highest payment ever was $2,072 in 2015.). Heck, Texas is so big it not only has two of the smallest towns with the most millionaires in the U.S. - Andrews and Fredericksburg - but it's also home to two of the cheapest U.S. metro areas in which to live. More than a quarter-million of Ohio's 4.7 million households have investable assets of at least $1 million. That's up from 6.21% in 2018 and just 5.81% in 2017. Mar 14, 2016 New figures from Phoenix Marketing International provide a look at which areas of North Carolina have the most millionaires. That's up from 6.21% in 2018 and just 5.81% in 2017. While the major indexes made modest moves ahead of the July 4th holiday, Tesla stock popped on impressive June deliveries. This is a list of U.S. states and federal district by the number of households with more than $1 million in investable assets as of 2020 (data for the year 2019). All Rights Reserved. On the other hand, Alaska is among the most tax-friendly states in the country. Needless to say, New York's taxes are tough on retirees too. The Golden State boasts the largest economy in the U.S., with a gross state product of about $3 trillion. Real estate taxes are among the highest in the country, and the state has not only a luxury tax, but the country's only gift tax. Although Minnesota affords residents a cost of living that's 2.5% below the national average, median home value (and median income) easily top national levels. The upside of having fewer millionaires is that it helps keep a lid on living costs, which are 8.9% below the U.S. average. Generally speaking, it's a pricey place to live if you're wealthy. It also offers a bayou full of tax breaks to retirees. 10 States With the Most Millionaires Per Capita. Indeed, the median home value in Tennessee is 23% below the national level. Tourism is under pressure from the coronavirus lockdown, while the petroleum industry has been hit by the crash in oil prices. This statistic presents the American states with highest ratio of millionaire households per capita in 2020. At the same time, the town offers easy access to several major cities. The sun-kissed island and nearby neighbors offer a tropical paradise in the good ol' U.S. of A. The U.S. added more than 400,000 new millionaires last year, with most of those concentrated on the coasts in high-tax, predominantly blue states.According to the Phoenix Wealth and Affluent Monitor, by Phoenix Marketing International, there were a total of 7.2 million millionaire households in 2017 up 6 percent from 2016. As much as Seattle is associated with Washington State, millionaires also can be found outside the Emerald City that Bezos and Gates call home. Virginia's high concentration of millionaires is largely driven by Washington, D.C., and its close-in suburbs such as Arlington and McLean. More than 5% of Missouri's households have at least $1 million in investable assets. Maryland is a state that spans an area of about 12,407 square miles with an estimated population of 6,052,177 according to estimates from 2017. Alaska gives each legal resident who has lived in the state for a full year an annual "Permanent Fund Dividend." Not only does Oklahoma boast a cost of living that's 11.6% below the national average, but its largest city offers remarkably affordable prices for its size. The farming and food-processing powerhouse of a state has a relatively low cost of living, but Iowa can be tough on residents' wallets when it comes to paying taxes. A million bucks in liquid assets isn't what it used to be, but it's still really hard to amass. No need to worry about health care, either. The largest economic sectors in California are agriculture, media, tourism, and technology. Indeed, a record 6.71% (or 8,386,508 out of 125,018,808 total U.S. households) can now claim millionaire status. Ray Dalio, founder of hedge fund Bridgewater Associates, tops the state's rich list with a net worth estimated at $18 billion. Housing and groceries are particularly affordable. That helps make the cost of living in Ohio cheaper by 11.6%. Several Connecticut's wealthiest residents were also ranked among the wealthiest in the world such as Ray Dalio and Steve Cohen. To use individual functions (e.g., mark statistics as favourites, set And when demand finally started to improve, the COVID-19 pandemic slammed the energy sector. "It's unsurprising to see that Monaco is the most likely place where you will bump into a millionaire; the principalities' low tax and Mediterranean waterfront is the ideal habitat for wealthy. Median income for all households is below the U.S. level, and yet home prices are well above the national median. Median income for all households: $60,629. Once upon a time before his days as a financial reporter and assistant financial editor at legendary fashion trade paper Women's Wear Daily Dan worked for Spy magazine, scribbled away at Time Inc. and contributed to Maxim magazine back when lad mags were a thing. View of a gated mansion in Potomac, Maryland. When it comes to where millionaires live in America, the rich keep getting richer. Heck, the cities of Jonesboro and Conway are among the least expensive places to live in the entire country. In 2016, New Jersey ranked 7th in the US regarding the median household income which in that year was approximately $68,357. Indeed, a record 6.71% (or 8,386,508 out of 125,018,808 total U.S. households) can now claim millionaire status. The cost of living in Rhode Island is a whopping 18.6% higher than the national average, according to C2ER. "Those who may already have second homes in Florida and the South could move. This is a list of U.S. states and federal district by the number of households with more than $1 million in investable assets as of 2020 (data for the year 2019). Less sunny is the fact that the North Star State hits hard with income tax. According to the BEA, South Carolina is 8.9% cheaper than the national average. (May 28, 2020). The micro area even holds a charming Swiss-themed village. Farther south, the state capital of Trenton - and its metro area that includes tony Princeton - has plenty of millionaires, as well. But Phoenix also ranked states by millionaires per capita. Florida is well-known for its absence of a state income tax, which helps put it into Kiplinger's top 10 most tax-friendly states. Then you can access your favorite statistics via the star in the header. 3. The North Star State hits hard with income tax and property taxes are on the high side, too. 10 Wealthiest States in America | Best States | U.S. News Median income for all households: $54,478. And on that relative basis, Los Alamos really stands out. Texas had the second highest number, with 566,000, followed by New York with 465,000. Like all Floridians, Key West's millionaires save a bundle on taxes. The ideal entry-level account for individual users. He's reportedly worth $12.6 billion. Although property and sales taxes are unexceptional, the District of Columbia takes a huge bite of income. Kiplinger. This state has more millionaires per capita than any other and it's New York and Los Angeles are home to the most millionaires in America because of their large populations and lucrative industries. No wonder Massachusetts has a cost of living 22% higher than the national average, according to C2ER. Multiple bodies of water including Donner Lake, where the Donner Party met its gruesome demise, make the entire area a recreational haven for water sports. Anesthesiologists, psychiatrists and other medical specialties are among the state's best-paid jobs. Median income for all households: $60,773. But high concentrations of millionaires can be found in some far-flung places too. Hudson has become popular with millionaires and non-millionaires alike thanks to its myriad restaurants, art galleries and nightlife. The Palmetto State extends some real Southern hospitality, offering a charming collection of income tax breaks. Tiny Vermont has just 16,411 millionaire households, and the Green Mountain State is one of the tougher states when it comes to taxing millionaires. Run, swim or take exercise classes at the YMCA Community Center. Demand for oil is gradually coming back, but it is by no means taking off. Partly that's because Rhode Island is expensive for homeowners. 1-5 6-10 11-50 51-100 101-500 501+ This is a list of countries by their number of billionaire residents, based on annual assessments of the net worth in United States Dollars of wealthy individuals worldwide. But as anyone who works in the oil patch knows, booms and busts are an integral part of the industry. With remote work on the rise, more people are looking for a permanent getaway. Wyoming has the smallest population of any state, but it punches above its weight when it comes to millionaires, thanks to abundant natural resources and recreational activities. Vineyard Haven is a town on Martha's Vineyard. That's the eighth-highest property tax amount in Kiplinger's U.S. rankings. Median income for all households: $44,717 (U.S. median: $61,937), Median home value: $123,300 (U.S. median: $229,700). And don't forget the incomparable sunsets. The largest employer in the New England state is Glencore, according to Zippia. Located along the Connecticut River bordering Vermont, this 50-square-mile town in the Upper Valley is home to Dartmouth College, the smallest of the eight Ivy League colleges. All maps, graphics, flags, photos and original descriptions 2023 worldatlas.com, US States With The Most Millionaires Per Capita. There's no income tax at all. And its top tax rate of 6.925% kicks in at a relatively low level. See below for the top 10 states where America's millennial millionaires live. And while it helps to be a millionaire to live in Juneau, it's increasingly difficult to become one. Taxes more than make up for higher prices, however. Connecticut ranked third, with a millionaire ratio of 7.32 percent of . Heck, petroleum engineers are some of the best-paid professionals in the state. Median income for all households: $83,242. Check out the latest list of American small towns teeming with well-to-dos. is the richest state in the country in terms of per capita income. The main driver of all that added wealth was investing. Median income for all households: $52,306. The state's cost of living is 3% higher than the national average, according to the BEA. And the average property tax rate in the Hawkeye State is the 12th-highest in the nation. Significantly cheaper average home prices drive Georgia's affordability. Rather, he dollar-cost averages into cheap funds and index funds and holds them forever in tax-advantaged accounts. Accessed July 05, 2023. https://www.statista.com/statistics/294941/largest-ratio-millionaire-households-per-capita-us/, Kiplinger. With nearly 7 million people, Massachusetts boasts the highest number of residents per capita with bachelor's degrees, according to the U.S. Census Bureau. "Oak Harbor is usually regarded as the poorer but more developed stepsister when compared to other Whidbey municipalities," notes the Whidbey News-Times. Indeed, a record 6.71% (or 8,386,508 out of 125,018,808 total U.S. households) can now claim millionaire status. Back out things such as the value of real estate (the bulk of most folks' wealth is tied up in their homes), employer-sponsored retirement plans and business partnerships, and only 6.7% of American households qualify as millionaires. Washington, D.C., has one of the highest concentration of millionaires in the country thanks to its position as the nation's capital. Connecticut ranked third, with a millionaire ratio of 7.32 percent of . Others made their fortunes closer to home. Even groceries are taxed (albeit at a lower rate). Overall, the cost of living in the Last Frontier is 24.4% higher than the national average. Within this 0.1% are the billionaires and multimillionaires . Sure, the loss of the federal personal exemption due to the new tax law means that many Utahns, particularly those with multiple dependents, will pay higher state taxes than before. Sales taxes are reasonable, too. Richmond, where the cost of living runs 19.8% below the U.S. average, happens to be the second-cheapest small town in America. And, hang in there until you're 100 and your income taxes are waived altogether. List of U.S. states by the number of millionaire households, "Phoenix MI Reveals Findings from 2019 Millionaires Report", "Millionaires in America 2020: All 50 States Ranked", https://en.wikipedia.org/w/index.php?title=List_of_U.S._states_by_the_number_of_millionaire_households&oldid=1075678108, This page was last edited on 7 March 2022, at 02:57. It also happens to be a great place to retire. Warren Buffett Stocks Ranked: The Berkshire Hathaway Portfolio. Indeed, Salina and Pittsburg, Kansas, are two of the cheapest small towns in America. Dan holds a bachelor's degree from Oberlin College and a master's degree from Columbia University. Maryland has the most millionaires per capita, with more than 1 in 12 households having $1 million or more. States with the most, least number of millionaires per capita Taxes in Kansas aren't kind to retirees either. The Federal Reserve has been aggressive in its rate hiking, and it's likely not done yet. Kansas has more than 66,000 millionaire households out of a total of about 1.1 million households, but the state is known more for affordable living than for conspicuous consumption. Elko's fortunes rise and fall with the price of gold, so one would hope that its millionaire population is properly diversified. When it comes to paying taxes, Nebraska is ranked as "least tax-friendly" by Kiplinger because the average property tax rate is quite high.
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