Where the millionaires are

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.

 

• Calculator: How long will it take you to save $1 million?

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.

• Bing: About 'The Millionaire Matchmaker'

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:

• What is a highly compensated employee?
• 6 ways to kill your credit score
• What’s my tax bracket?