Data from 2014 indicated that Montgomery County had the highest number of millionaires in Maryland followed closely by Baltimore. Either way, these are the 25 smallest cities and towns boasting the highest concentrations of millionaire households in the U.S. And just for good measure, we're also providing some important tax and cost-of-living information. Back out things such as the value of real estate (the bulk of most folks' wealth is tied up in their homes), employer-sponsored retirement plans and business partnerships, and only 6.7% of American households qualify as millionaires. The area sits between Lake Winnisquam and Lake Winnipesaukee in the middle of New Hampshire's famed Lakes Region. Seniors, however, catch a break. The Granite State's 1.4 million people don't pay state income or capital gains taxes. To use individual functions (e.g., mark statistics as favourites, set The tax on gasoline also is one of the country's lowest. Anesthesiologists, psychiatrists and other medical specialties are among the state's best-paid jobs. Regardless of wealth, Nebraskans can take comfort in a cost of living that's 10.5% lower than the national average, according to the BEA. Although Virginia's D.C. suburbs are among the more expensive places to live in the U.S., the state as a whole isn't unaffordable. To clarify: That means they have at least $1 million in investable assets. Millionaires building second homes in the Steamboat Springs area have done more to push up house prices than wages. It also happens to be a great place to retire. Acts of conspicuous consumption, on the other hand, can rack up payments to local authorities. Median income for all households: $50,247. You'll find the Truckee-Grass Valley area on the California side of Lake Tahoe, with Truckee proper situated near the shore of the famed lake itself and Grass Valley sitting farther to the west. The Hudson Historic District is listed with the National Register of Historic Places. Steep local income levies make Maryland a decidedly tax-unfriendly state. But Wyoming, with six billionaires and a national-low of 579,000 residents, sports the most billionaires per capita. According to Zillow, the median home value is teetering around $545,794. Washington is home to one of the most expensive houses in the world, and Zillow estimates the median home value there to be $582,732, up 36 percent from 2018. He said the wealthy have "better access to the best investment vehicles and better access to the advice" on how to invest. The state levy for sales tax is 2.9%, but localities can add as much as 8.30%. ", 91 Top Dividend Stocks From Around the World. Not only does Oklahoma boast a cost of living that's 11.6% below the national average, but its largest city offers remarkably affordable prices for its size. And median home prices are more than a third less expensive than the national level. Tiny Oak Harbor, Washington, has one of the highest concentrations of millionaires of any small town in America. Abigail Johnson, CEO and chairwoman of Boston-based Fidelity Investments, is the state's wealthiest resident with a net worth of $14.1 billion. The appeal of Key West to millionaires and heck, everyone is pretty self-evident. Wisconsin ranks among Kiplinger's least tax-friendly states, thanks to high income and property taxes. With pristine beaches, lush forests, soaring mountains and relatively few people, Kapaa (and the surrounding area) is an ideal place for a millionaire's tropical island nest. As much as Seattle is associated with Washington State, millionaires also can be found outside the Emerald City that Bezos and Gates call home. 2023 Hearst Magazine Media, Inc. All Rights Reserved. Indeed, a record 6.71% (or 8,386,508 out of 125,018,808 total U.S. households) can now claim millionaire status. Indeed, Maine is one of Kiplinger's least tax-friendly states. When folks think of Steamboat Springs, its reputation as one of the best ski resort towns in the world is likely what first comes to mind. The state has no state income tax, so Social Security benefits and other forms of retirement income get a free ride. While the Hoosier State exempts Social Security benefits and offers limited exemptions for military pensions and federal civil-service pensions, IRAs, 401(k) plans and private pensions are fully taxable. Please create an employee account to be able to mark statistics as favorites. However, it might surprise you that neither. 3 New Jersey As if the number-one placeholder isnt enough of a surprise, some of the other states that made the list will likely shock you. The second highest state for per-capita millionaires was New Jersey, where 7.49 percent of its households are millionaires. In his current role at Kiplinger, Dan writes about equities, fixed income, currencies, commodities, funds, macroeconomics, demographics, real estate, cost of living indexes and more. But if you have taxable income, the rate gets high quickly. Additionally, New Jersey, Connecticut . NY 10036. The main driver of all that added wealth was investing. (Those would be Brownsville-Harlingen and McAllen-Edinburg-Mission.). However, while the Bay State gets dubbed "Taxachusetts," it's perhaps a little exaggerative. Property taxes are on the high side, too. It also helps that New Hampshire is a relatively tax-friendly state. Indeed, it has been cutting income taxes for several years in a row to the point that they barely exist. Groceries alone cost almost 40% more than the U.S. national average, according to the Council for Community and Economic Research's Cost of Living Index. They also benefit from property taxes that are among the lowest in the country, which helps make Louisiana one of the more tax-friendly states. Median income for all households: $47,905. Income taxes are on the high end because more than 200 school districts and Appanoose County add their own income taxes on top of the state-level tax. Median income for all households: $56,111. Sure, the loss of the federal personal exemption due to the new tax law means that many Utahns, particularly those with multiple dependents, will pay higher state taxes than before. Richmond, where the cost of living runs 19.8% below the U.S. average, happens to be the second-cheapest small town in America. The Golden State is home to the most millionaires in the nation, at more than 1 million households, and claims four of the top 10 metro areas with the highest concentrations of millionaires. And while it helps to be a millionaire to live in Juneau, it's increasingly difficult to become one. Median income for all households: $55,328. As a result, Hanover buzzes with a diverse mix of art, culture and outdoor sporting and recreational activities year-round. Indeed, former presidents Bill Clinton and Barack Obama have summered there, and Jacqueline Kennedy Onassis long maintained a home on the island. On the other hand, Alaska is among the most tax-friendly states in the country. Phoenix MI is tracking the effects of the coronavirus pandemic, which could make for a very different landscape going forward. The state also is home to nine billionaires. Much of Alaska's wealth is tied to the energy business. It's no mystery that the United States is one of the richest countries in the world, with per capita income measuring nearly $60,000. This copy is for your personal, non-commercial use only. "Those who may already have second homes in Florida and the South could move. Median income for all households: $55,462. Taxable income over $40,000 is taxed at a steep 6.5% tax rate (the top rate of 8.95% is reserved for taxable income over $1,000,000). 10 Dividend ETFs to Buy for a Diversified Portfolio. With nearly 7 million people, Massachusetts boasts the highest number of residents per capita with bachelor's degrees, according to the U.S. Census Bureau. But although the Oracle of Omaha is clearly in a league of his own, Nebraska does have 45,129 other households with at least a million bucks in investable assets. For 2019, it was 5.4% on income over $8,424. Another appealing aspect of the area for millionaires: It's a straight shot down Interstate 80 to reach Sacramento, the state capital, and San Francisco. Future US, Inc. Full 7th Floor, 130 West 42nd Street, The 5,567 square mile state of Connecticut ranked third in the US in the number of millionaires per capita. With everything from ski resorts to beaches, the Lake Tahoe area offers year-round activities for well-heeled tourists and full-time residents alike. They help drive an economy that supports more than 167,000 millionaire households. But Stefan. The Summit Park micro area, which also includes Park City, is a short drive from Salt Lake City and has the second highest concentration of millionaire households of any small town in the U.S. According to the BEA, South Carolina is 8.9% cheaper than the national average. Louisiana's 90,000 millionaires, whose income depends on the state's economic staples, are likely to be feeling a pinch. New Hampshire. According to the Federal. Median income for all households: $80,212. (It's an in-state draw for all the millionaires from the Stamford area, too. The highest concentrations of millionaires are found in the Atlanta and Savannah metro areas. On the other hand, the ratio of median income to median home values is very favorable. Heck, Texas is so big it not only has two of the smallest towns with the most millionaires in the U.S. - Andrews and Fredericksburg - but it's also home to two of the cheapest U.S. metro areas in which to live. Farther south, the state capital of Trenton - and its metro area that includes tony Princeton - has plenty of millionaires, as well. There are fewer than 32,000 millionaire households in Maine - a state in which rich and poor alike face relatively high living costs and taxes. Despite being one of the top three richest states, New Jersey's median home value is notably lower than other less wealthy states on this list, ringing in at $435,668, according to Zillow. Data on household incomes and home values come from the U.S. Census Bureau. Hot springs, rafting, kayaking, fishing, hiking, mountain biking and golf, among many other activities, make Glenwood Springs a year-round destination. The boom times looked to be rolling again in North Dakota until COVID-19 gutted oil demand. The cost of living in the Aloha State is 23.3% higher than the national average. That helps make the cost of living in Ohio cheaper by 11.6%. Dickinson's number and percentage of millionaire households declined year-over-year. In a notable downside for retirees of all means: Missouri ranks 39th in the nation for senior health, according to America's Health Rankings. Happily, Alabama is a tax-friendly state, especially as it pertains to retirees. He has written for The Wall Street Journal, Bloomberg, Consumer Reports, Senior Executive and Boston magazine, and his stories have appeared in the New York Daily News, the San Jose Mercury News and Investor's Business Daily, among other publications. It's one of five states without a general sales tax, and it has relatively low property taxes. This is a list of U.S. states and federal district by the number of households with more than $1 million in investable assets as of 2020 (data for the year 2019). That's the eighth-highest property tax amount in Kiplinger's U.S. rankings. Median income for all households: $55,583. But at 13.2%, it has the second-highest concentration of millionaires per capita of any city in the U.S. No surprise there. And more than 5% of the state's households can claim millionaire status. A new report by Phoenix Marketing International found that Maryland and Connecticut have the most millionaires per capita than any other state. Since 2011, Maryland has had the highest number of millionaires per capita in the US, and it retained its ranking in 2017 as nearly 1 out of every 12 households in the state had a net worth equal to or more than $1,000,000. Water views, rolling hills and a verdant landscape (at least in the warmer months) make for many an idyllic scene. On the other hand, sales taxes run high, as do property taxes. In addition to education, financial services, health care, and technology are the Bay State's top industries. Although median income in the micro area is roughly $12,000 above than the national level, median home value beats the U.S. median by a whopping $280,900. The small town of Edwards, for example, is bristling with millionaires thanks to nearby world-class ski resorts such as Vail and Beaver Creek. Those counties are just outside Washington, D.C., which attracts highly educated Americans. It's also home to two of .css-7l5upj{-webkit-text-decoration:underline;text-decoration:underline;text-decoration-thickness:0.0625rem;text-decoration-color:inherit;text-underline-offset:0.25rem;color:inherit;-webkit-transition:all 0.3s ease-in-out;transition:all 0.3s ease-in-out;}.css-7l5upj:hover{color:#595959;text-decoration-color:border-link-body-hover;}the richest cities in the U.S. this year. The Keystone State has the second-highest state gas tax in the nation and the sixth-highest state and local cellphone wireless service taxes. The Sunshine State is well known for its absence of a state income tax, which helps make it one of Kiplinger's 10 most tax-friendly states. The Ocean State's sales taxes lean high (and are above its neighboring states), but the income tax bite is modest. Indeed, Illinois is one of Kiplinger's top 10 least tax-friendly states. Median income for all households: $72,577. Property taxes are low in the Natural State, but sales taxes are tied with Tennessee for highest in the country. There's no income tax at all. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. New Hampshire's high concentration of millionaires hinges on Concord and Laconia. Virginia's high concentration of millionaires is largely driven by Washington, D.C., and its close-in suburbs such as Arlington and McLean. Largely rural and remote, Vermont is a comparatively expensive state in which to live in other ways, too. "Coupeville and Langley have higher incomes, swankier homes and older residents." For the record, Maine's richest resident is Susan Alfond, according to Forbes. The Aloha State is known for its high cost of living and a mixed picture when it comes to taxes. Washington is one of Kiplinger's most tax-friendly states because it doesn't have an income tax. He's reportedly worth $12.6 billion. Another surprising placeholder on the list of richest U.S. states? For residents of all means, the Land of Enchantment is somewhat tax-friendly, though it's a mixed bag for retirees. The Sooner State doesn't tax Social Security benefits or Civil Service Retirement System benefits. But for more modest incomes, the impact is far milder. Los Alamos, New Mexico - best known for the world-famous Los Alamos National Laboratory - seems like an unlikely place to find a lot of millionaires. All 30 Dow Stocks Ranked: The Pros Weigh In. Elko's fortunes rise and fall with the price of gold, so one would hope that its millionaire population is properly diversified. The city of Williston expanded rapidly during the first half of the 2010s, driven by the explosion in shale oil drilling that once gave North Dakota the fastest-growing economy in the nation. Despite a heavy corporate presence, Delaware's cost of living is just 1.8% above the U.S. average. Martha's Vineyard has 17,000 or so year-round residents, but the population can swell to 200,000 during peak summer months. And although median income is 24% below the national level, home prices are a whopping 42% cheaper than the U.S. median. The bad news is that the top income rate of 6.9% kicks in at just $17,900 of taxable income, and Montana taxes virtually all forms of retirement income, including Social Security. Median income for all households: $52,375. Medical specialists, CEOs and dentists are among the top-paid jobs in the state. Wyoming has the smallest population of any state, but it punches above its weight when it comes to millionaires, thanks to abundant natural resources and recreational activities. ), "There's something for everyone: art galleries, outdoor activities, shopping, great food. 1-5 6-10 11-50 51-100 101-500 501+ This is a list of countries by their number of billionaire residents, based on annual assessments of the net worth in United States Dollars of wealthy individuals worldwide. Median income for all households: $76,348. Sadly for its residents, the Buckeye State is among Kiplinger's least tax-friendly states. Laconia and the state's famed Lakes Region benefits from its popularity as a tourism hub. Taxes are rough, too. Median income for all households: $49,861. The U.S. added more than 400,000 new millionaires last year, with most of those concentrated on the coasts in high-tax, predominantly blue states.According to the Phoenix Wealth and Affluent Monitor, by Phoenix Marketing International, there were a total of 7.2 million millionaire households in 2017 up 6 percent from 2016. Real per capita income: $48,216. California had the most millionaires in total 885,000 but it ranked 10th in terms of per capita. The largest employer in the New England state is Glencore, according to Zippia. Property taxes are modest, but sales taxes lean high. It also boasts a decent concentration of millionaire households. The largest economic sectors in California are agriculture, media, tourism, and technology. While the major indexes made modest moves ahead of the July 4th holiday, Tesla stock popped on impressive June deliveries. That was the fastest growth in six years. The centrality of the oil industry to Alaska's economy helps make petroleum engineers and chemical engineers some of the best-paid professionals in the state. And just when Alaska could see an end to the downturn, COVID-19 hammered the energy sector. If your ideal summer retreat is a lakeside getaway, you could hardly do better than Laconia. The explosion in shale oil drilling has minted many a millionaire in North Dakota over the past decade. Median income for all households: $75,277. List of U.S. states by the number of millionaire households, "Phoenix MI Reveals Findings from 2019 Millionaires Report", "Millionaires in America 2020: All 50 States Ranked", https://en.wikipedia.org/w/index.php?title=List_of_U.S._states_by_the_number_of_millionaire_households&oldid=1075678108, This page was last edited on 7 March 2022, at 02:57.