The United States has the most number of millionaires in the world, a fact accentuated by these 15 states with the most millionaires per capita in America.
According to the Federal Reserve Statistical Release, US households and non-profits have a total net worth of an astounding 90.2 trillion dollars. This massive number proves, without a doubt, that America is one rich nation. That and the fact that six American cities make an appearance on our list of the 25 Richest Cities in the World With the Most Billionaires Per Capita. However, most of this wealth is held by the elite class of the country. While this is true for most countries, America does not rank very well when it comes to income inequality. As per the OECD Income Distribution Database, the inequality in the United States is only surpassed by Chile and Mexico among the OECD members.
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This fact is further quantified by this report by Phoenix Marketing International, which states that the top 1% of US households is the owner of approximately 25% of the liquid wealth of the country. On the other hand, the bottom 70% of the country only has 10% of the nation’s wealth to its name. Now let’s analyze the situation taking into account the percentage of households holding millionaire status in the country, which is around 6%. More than half of the private wealth in the US, which is about 58%, belongs to the top 6% of households. For one of the most developed countries in the world, this is indeed an unfortunate, not to mention shocking, dilemma.
As of June 30, 2015, there were a total of 6.5 million households in America who had investable assets of one million dollars or more and were therefore considered millionaires. Compared to the previous period, this means there has been a growth of 4%, the highest rate since 2011. Interestingly, these 6.5 million households are widely dispersed among the 50 states with some states housing much more of them than others. However, the number itself does not tell us much. If a state with a population of 100 has 5 millionaires while one with a population of 75 has 4, the second one is obviously richer. Therefore, taking statistics from the aforementioned report by Phoenix Marketing International, we have ranked the states on the basis of the number of millionaire households per 100 households. The top 15 were then listed as the states with the most millionaires per capita in America.
15. New York
Number of millionaire households per 100 households: 5.84
Fittingly, we start our list with the state of New York, home to the Big Apple. Although one would expect the Empire State to be higher up on the list considering that NYC has the highest number of billionaires in the world, it has managed to maintain its place from 2014 to 2015.
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14. Colorado
Number of millionaire households per 100 households: 5.85
An auspicious sign for the people of this state that ranked 14th on our list of states with the most millionaires per capita in America, Colorado has moved up four places in 2015 as compared to 2014, with its ratio of millionaire households to total households increasing from 5.66% to 5.85% over the period of two years.
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13. California
Number of millionaire households per 100 households: 5.90
With 772,555 millionaire households, the Golden State holds the highest number of millionaires in America but with the total number of households being over 13 million, the density of millionaires is not as high as the other states on our list.
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12. Vermont
Number of millionaire households per 100 households: 5.92
Vermont has the least number of millionaire households out of all the states on our list, amounting to merely 15,435. But with Vermont being the safest state in the country according to 24/7 Wall St, these wealthy citizens have certainly chosen the best state to reside in. Interestingly, along with Vermont, all its neighboring states, i.e Massachusetts, New York and New Hampshire, are also part of this list, proving that this entire area has a high density of millionaires.
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11. Minnesota
Number of millionaire households per 100 households: 6.00
Minnesota, it seems, has made the most progress over the two-year period between 2014 and 2015. It has climbed five spots this year, as it was previously in the sixteenth spot. It looks like the people from the Land of 10,000 Lakes are making some big bucks.
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10. District of Columbia
Number of millionaire households per 100 households: 6.29
Although Washington DC is not strictly speaking a state, we have taken it as a separate entry on our list as it is a federal district and not really a constituent of any state. Its millionaire density is surely appropriate for the capital of the superpower of the world.
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9. Delaware
Number of millionaire households per 100 households: 6.38
Delaware, next on our list of states with the most millionaires per capita in America is a small state, but there is certainly no dearth of millionaires, with 22,782 millionaire households out of a total of 357,328.
8. Virginia
Number of millionaire households per 100 households: 6.73
Virginia is actually one of the very few states where the density of millionaires has decreased from 2014 to 2015. Previously 6.76%, it has now fallen to 6.73%, causing the state’s ranking to deteriorate as well.
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7. New Hampshire
Number of millionaire households per 100 households: 6.80
According to the United States Census Bureau, New Hampshire is the state with the highest median household income in the entire country, so it’s really no surprise that it has ended up on number 7 on our list of states with the most millionaires per capita.
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6. Massachusetts
Number of millionaire households per 100 households: 6.81
Massachusetts has moved up the ladder this year. It was in the seventh spot in 2014 but has surpassed Virginia to end up at the prized place of number six on our list of states with the most millionaires per capita in America.
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5. Alaska
Number of millionaire households per 100 households: 6.85
The least densely populated state of America has the fifth highest density of millionaires. Its ratio of millionaire households to total households has remained constant from 2014 to 2015 with an increase of only 0.03%.
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4. New Jersey
Number of millionaire households per 100 households: 7.24
Although New Jersey’s ratio of millionaire households has increased from the previous year of the report to the current issue by 0.1%, its position has fallen in the overall ranking from number three to number four on our list of states with the most millionaires per capita in America.
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3. Hawaii
Number of millionaire households per 100 households: 7.25
Surprisingly, the only island state in the country has a millionaire household density of 7.25% which is a high jump from 2014 when the corresponding percentage was 6.93%.
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2. Connecticut
Number of millionaire households per 100 households: 7.30
The Nutmeg State has a total of 100,996 households that have investable assets worth a million dollars or more, and for such a small state, that’s a pretty large number.
1. Maryland
Number of millionaire households per 100 households: 7.70
Maryland has earned the number one spot on our list of 15 states with the most millionaires per capita in America. There is still a long way to go for Connecticut or any other state to come at par with Maryland. Until then Maryland enjoys the highest density of millionaires as well as the third highest median household income in the nation.
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