Where the Millionaires Live
By Dian Vujovich
Okay, Palm Beach is filled with millionaires to one degree or another. While we might not know the size of their personal bank and trust accounts, the size of their homes offers a visible look at their wealth. But just because the island is reeking multi-million dollar residences doesn’t mean the entire state is. In fact, decide not to include the value of their real estate, when it comes to which states have the most millionaires, Florida doesn’t even make the Top 10 list.
According to a recent study from Phoenix Marketing International that looked at the median income by household based on 2008 census figures, and excluded real estate values, it found over 5 million millionaire households in America. Where do most live? Well, the 10 states with the most millionaires living in them are—drum roll please—as follows:
-10th: Not a state but Washington, D.C. It made the list because five percent, or 13,028 of the households are millionaire households. That’s in part thanks to the number of government employees and lobbyists living there.
-9th: Arnold’s California where 662,735 millionaires reside is the state with the highest number of seven-figure residents.
-8th: New Hampshire. I never would have guessed it but 27,000 households in the “Live Free or Die” state carry that millionaire status.
-7th: Alaska. One of the newest millionaire households no doubt is the Palin one. Amazing what 15-minutes of political fame can do. There are more that 13,000—make that 13,001— millionaire households up there where Mrs. Palin can see Russia from her home.
-6th: Massachusetts. With over 5.5 percent of its population millionaires there are 137,792 millionaires in that state.
-5th: Virginia. Thanks to its close proximity to D.C. you’ll find 166,596 millionaires living in this state.
-4th: Connecticut has a tax rate of 6.5 percent applied to those making over $500,000 a year. Even so, you’ll find 82,837 households there of millionaire status.
-3rd:New Jersey. No surprise here given its closeness to New York City. Like Connecticut, it taxes those with incomes over half-a-million a year only heftier— with an 8.97 percent tax. That revealed, there are nearly 200,000 millionaire households in the what I thought was “The Garden State” but now apparently is referred to the less-than-fragrant “Come See For Yourself” state.
-2nd: In Maryland you’ll find 133,299 millionaire households.
-1st: Hawaii. Remember Don Ho? Not sure if he’s still alive but if so he may be one of the only 28,000 millionaire households living in that paradise of lovely islands state. Not so lovely is the fact that the state imposes an 11 percent income tax on those making over $200,000. That’s no tiny bubble.
If you’d like to be a big fish in a little pond you could move to one of the states with the least number of millionaire households. The 6 with the fewest include North and South Dakota, Kentucky, West Virginia, Arkansas and Mississippi.
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