Smart SpendingSmart Spending

Where the millionaires are

Hawaii has the highest percentage of millionaire households; Mississippi has the lowest.

By Karen Datko Apr 6, 2010 10:07AM

This post comes from Jim Wang at partner blog Bargaineering.

 

Did you know that in 2009 there were more than 5 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. It's also a drop from the previous two years. In 2008 there were 5.6 million, and nearly 6 million in 2007. Who knows what 2010 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 recently showing the states with the most and the fewest millionaires as a percentage of total households.

 

So, where are all the millionaires?

 

States with the most millionaires: (Assets don't include real estate. Median income is for the entire state.)

 

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 its recent fiscal woes, had the most millionaires out of any state. It’s ninth only because it’s such a populous state.

 

As for my home state of Maryland, it might have been high on the list in previous years but a Maryland millionaire tax has 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 the 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, because it’s not actually that bad to be on this list. In fact, when you consider the worst state has 3% of its households having at least seven digits in liquid assets, you’re not doing that bad.

 

How did your state do?

 

Related reading at Bargaineering:

0Comments

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

ABOUT SMART SPENDING

Smart Spending brings you the best money-saving tips from MSN Money and the rest of the Web. Join the conversation on Facebook and follow us on Twitter.

VIDEO ON MSN MONEY

TOOLS

More