Top 10 States with the Most Millionaires

by David Ning · 18 comments

Mainstreet.com put together an interesting chart, detailing the top 10 states with the most millionaires. It’s ranked by percentage, and the results show that you will most likely meet a millionaire in Hawaii.

Reading these are always fun, so first, here are the numbers.

Rank State # of Households % of Population Median Income
10 D.C. 13,028 5.0% $58,553
9 California 662,735 5.28% $61,017
8 New Hampshire 27,562 5.34% $63.235
7 Alaska 13,348 5.39% $67,332
6 Massachusetts 137,792 5.50% $65,304
5 Virginia 166,596 5.51% $61,210
4 Connecticut 82,837 6.15% $68,294
3 New Jersey 197,694 6.22% $70,347
2 Maryland 133,299 6.26% $70,482
1 Hawaii 28,363 6.41% $66,701

Source: More Details at Mainstreet.com

Note that they define a millionaire household as one having liquid assets of over $1 million, so cash strapped real estate moguls don’t count. If this tempts you to move though, hold your horses, because:

  • the median income is small, meaning that the average person doesn’t gain wealth just by living there. California, where I reside, have the most millionaires by far, yet, it’s also the epicenter of foreclosures.
  • tax rules are different in each state. Unless you already have a ton of money, your wealth is accumulated through income. Maryland has the second highest percentage of millionaires, but they raised the top-marginal tax rate to 6.25% for high income earners. On the other hand, Nevada, which is no where on the list, has a 0% state tax. Do you have a job that is mobile? It’s much easier to save money when you can pay 10% less taxes year after year.
  • living with the rich doesn’t always mean better. We are looking for a house, and one of the criteria is actually not to move into a wealthy neighborhood. When you live amongst the rich, it’s hard to teach your children about values that make sense for the average people. I have a family friend who neighbor threw his daughter a $8,000 birthday party. What do you tell yours when it’s his/her turn? It’s not even a question of affordability in my opinion. When your children is used to spending $8,000 a day, how will they work hard for a job that just pays $50,000 a year?

What do you think? And while we are talking about places, where would you like to stay? Personally, I love being in Southern California, but this is the only area in the United States I’ve ever lived in so I have no comparison.

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{ 18 comments… read them below or add one }

marci357 March 22, 2010 at 7:19 am

Give me rural small town life anywhere with a decent growing season and an abundance of game, fish, and seafood, and easy firewood pickin’s :)

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lifeisdynamic January 28, 2012 at 5:36 pm

Here, here Marci! One can be very frugal in the country and not feel mean. Sometimes there is no other option anyway. How much more healthier it is too – physically and psychologically.

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penny March 22, 2010 at 7:25 am

Sad to see D.C. on the top of the list. Politicians were supposed to work for us, accepting a small salary to make our country greater. Now working in government is becoming better than the private sector. Can’t be good. Fun list though.

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MoneyNing March 22, 2010 at 2:09 pm

Funny you mention that. My dad was watching the health care reform vote last night, and all we could think of was how much resources (ie, money) they were using for a simple task.

What was important was whether it passed or not, which they could have gotten from a simple online form where everyone can just log in and cast their votes. Instead, they spent hours making public statements. They claim that some people were still undecided, but if a senator is undecided on such an important issue and needed some last minute speech to make up his/her mind, then that person shouldn’t be elected in the first place.

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kt March 22, 2010 at 8:34 am

i am working very hard with the hope that at a certain point in time, i will have this title…… i am a multi-millionaire. :) feels good just typing it :)

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MoneyNing March 22, 2010 at 2:10 pm

Many people have modest income and end up becoming multi-millionaires. It’s all in how you spend, not how much you make. You can do it.

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Atari Fun March 23, 2010 at 2:26 am

What ever happened to being healthy and happy?

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MoneyNing March 23, 2010 at 10:25 am

While you don’t need money to be happy, they are not mutually exclusive either.

I think you will find that once you realize that you don’t need to spend to be happy, you will find that your bank account will grow at higher levels too.

Happiness and good health is still the goal. Consider money a bonus.

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Vicky March 22, 2010 at 9:28 am

Maryland’s median income is so high. Maybe I should move there :)

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Rick March 22, 2010 at 10:57 am

California seems to have more of everything. 3 times as many rich people, but just as many poor ones either. People will find that these states have similar median income but a much higher living expense. Unless you are rich (or can amass great wealth), you should move to states that have a LOWER standard of living in order to have a better retirement.

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CD Phi March 22, 2010 at 1:31 pm

Southern California is where I’ve been all my life as well and honestly, aside from the expensive living costs, I don’t think I could really leave because I am a major fan of the SoCal weather… However, if financial problems occur personally for me and moving to a cheaper area is necessary, then of course I’d have to make the move. I understand what you mean. Living in a nice, wealthy neighborhood also means that kids of the wealthy parents get nice luxury cars that your kids will also drool over.. There are many factors/lifestyle differences that your children will see when they live in a wealthy neighborhood. And of course, if you live there that must also mean you are wealthy in their eyes and they’ll expect that much more from you as well.

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Money Penny January 28, 2012 at 1:48 pm

We raised our 4 children in an upper-class neighborhood (we were comfortable, but not wealthy), and these issues did come up with us. “Nicole got a BMW for her 16th birthday, where’s mine?” We reset their expectations. They complained bitterly, as they often did about the boundaries we set. But…somehow, they all grew up happy, healthy and fulfilled anyway. The schools were great, the neighborhoods were safe, and they made wonderful, long-lasting friends. It all depends teaching your children how to prioritize money their lives.

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Smarter Spend March 22, 2010 at 2:00 pm

Actually, this article was originally on Yahoo first.

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MoneyNing March 22, 2010 at 2:04 pm

Yahoo was where I saw it as well, but it’s actually an Mainstreet.com article. (if you go back to the page on yahoo, you will see that it came from Mainstreet.com)

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Random Thoughts of a Jersey Mom March 23, 2010 at 10:59 am

I agree with what you said about how it is difficult for children who are used to living a pampered lifestyle to live on $50k/year.

I grew up in a wealthy household with housekeeper and all but was fortunate to come across some very good PF books out there (while I was in college) that taught me how to live a more simple and frugal lifestyle.

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David Happiness March 24, 2010 at 7:00 am

If I was a millionaire, I would live in Hawaii, too. And Switzerland. And somewhere in the Andes, on a mountain top.

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Anthony Longshore April 18, 2011 at 8:36 am

Hello my name is Tony ive been in Charles County all my life and prob wont be leaving unless some really good happens to me . My whole life has been pretty much a struggle but as of today things are getting worse. I’m getting ready to lose my house over last years taxes and dont want to lose it. I just now have picked up littlework but so far behind on bills i dont seem to be able to catch up, So being said if i was wealthy ,rich, or a Millionaire i would pay all depts off and most of all put enough away to take care of my sons future life and go around and help those people that need help that are having a rough time to help them out.

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Mark September 7, 2012 at 5:16 pm

D.C. is NOT a state so I guess whoever compiled this list is not a millionaire if they haven’t figured that small detail…ha.

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