10 States With the Most Millionaires Per Capita. South Carolina is one of Kiplinger's most tax-friendly states for retirees, and one of our most tax-friendly states overall. Wyoming's famed Jackson Hole valley, with three major ski resorts and an abundance of other year-round recreational activities, also is a mecca for millionaires. Perhaps best known is Hanover, N.H., which forms the northern tip of this urban agglomeration. The second highest state for per-capita millionaires was New Jersey, where 7.49 percent of its households are millionaires. Its wealth is largely due to its proximity to Washington, D.C., where many of the states residents work. As a result, Hanover buzzes with a diverse mix of art, culture and outdoor sporting and recreational activities year-round. Property tax rates in South Carolina are low too. 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. Millionaires in America 2020: All 50 States Ranked - Yahoo Finance 10 Wealthiest States in America | Best States | U.S. News North Dakota is one of the nation's tax-friendliest states. Manhattan and Brooklyn are the first- and fourth-most expensive places to live in the country at a whopping 145.7% above the U.S. average. 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. America is minting millionaires. The Ultimate Guide to Celebrity Real Estate. Last updated 17 April 23. stocks The cost of living is 48% higher than what the average American pays. If you're a joint filer, you won't hit the top bracket until your income is over $318,000. Largely rural and remote, Vermont is a comparatively expensive state in which to live in other ways, too. New York, Even groceries are taxed (albeit at a lower rate). Additionally, Alabama allows folks to deduct their federal income taxes (it's one of just of a handful of states with this break). Median income for all households: $59,566. Jackson is a town in Wyoming's famed Jackson Hole valley. The cost of living in Washington is 7.8% higher than the national average, according to the BEA. The Granite State's 1.4 million people don't pay state income or capital gains taxes. Others made their fortunes closer to home. It costs a lot to live in the state with the fifth longest ocean coastline (behind Alaska, Florida, Louisiana, and Maine): Zillow estimates the median home value to be $745,200. For residents of all means, the Land of Enchantment is somewhat tax-friendly, though it's a mixed bag for retirees. The rankings include Washington, D.C. 1. Social Security, military, civil-service, and state and local government pensions are exempt from state income taxes. Housing, in particular, is pricey. One of the reasons New Jersey has a large number of high net worth individuals is because living there allows the residents to access states such as New York and Philadelphia easily. Median income for all households: $76,348. 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. The largest employer in the New England state is Glencore, according to Zippia. For the record, Maine's richest resident is Susan Alfond, according to Forbes. But what makes Minnesota really stand out is that its lowest income tax rate is 5.35%. The largest economic sectors in California are agriculture, media, tourism, and technology. As for taxes, millionaires could do better, but then, they could also do worse. Despite a heavy corporate presence, Delaware's cost of living is just 1.8% above the U.S. average. Sweden's billionaires: They have more per capita than the United States. Maryland has the second most millionaires per capita of any state in the U.S., according to Phoenix Marketing International, but it's unfriendly when it comes to taxes. 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. Folks also save on utilities and groceries. Maryland has the most millionaires per capita, with more than 1 in 12 households having $1 million or more. This state has more millionaires per capita than any other and it's As for the better-paying occupations, managers in finance, marketing and information systems are in the top 20 for average salary. From Maryland to California, check the 10 states with more millionaires per capita in the country. New Jersey was the leading region during the Industrial Revolution which contributed to the wealth of the residents. And don't forget the incomparable sunsets. Then you can access your favorite statistics via the star in the header. "Oak Harbor is usually regarded as the poorer but more developed stepsister when compared to other Whidbey municipalities," notes the Whidbey News-Times. Estimates of millionaire. Colorado has a relatively high concentration of millionaire households partly because it's an outdoor recreational paradise. Too cold outdoors? Real per capita income: $48,216. The top tax bracket is an eye-popping 11%. Property taxes are low in the Natural State, but sales taxes are tied with Tennessee for highest in the country. Less sunny is the fact that the North Star State hits hard with income tax. All maps, graphics, flags, photos and original descriptions 2023 worldatlas.com, US States With The Most Millionaires Per Capita. Median income for all households: $60,905. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved, Save up to $15 with TurboTax coupon May 2023, Epic Bundle - 3x Expert Stock Recommendations, 15% OFF DIY Online Tax Filing Services | H&R Block Coupon, 10% TopResume Discount Code for expert resume-writing services, Groupon Deal of the Day - July: Up to 91% OFF w/ Groupon Coupon. Kentucky has fewer than 84,000 millionaire households. Thanks to low consumer prices and light taxes, Mississippi also is the second-least expensive state. The Oak Harbor, Washington, micro area actually encompasses all of Whidbey Island. From a resurgent Cleveland to the university city of Columbus to Cincinnati with its touch of the South, Ohio contains multitudes of Midwestern culture. It should come as no surprise that a tropical paradise would be a magnet for millionaires. 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. N.J.'s cost of living is 13.4% higher than the U.S. average, according to C2ER. The millionaires in the state account for approximately 7.75% of the population. Got a confidential news tip? The median home value in Hawaii is a whopping $828,002, according to Zillow. Fortunately, for rich and not-so-rich alike, Idaho's overall cost of living is 7.5% below the national average. Generally speaking, it's a pricey place to live if you're wealthy. Although property and sales taxes are unexceptional, the District of Columbia takes a huge bite of income. A new report by Phoenix Marketing International found that Maryland and Connecticut have the most millionaires per capita than any other state. (The highest payment ever was $2,072 in 2015.). Elko's fortunes rise and fall with the price of gold, so one would hope that its millionaire population is properly diversified. American states with highest ratio of millionaire households per capita As much as Seattle is associated with Washington State, millionaires also can be found outside the Emerald City that Bezos and Gates call home. The small resort city about 160 miles west of Denver is loaded with fun stuff to do and not just in winter, when skiing is the main attraction in the Colorado Rockies. Median income for all households: $55,583. But today's picture is more pedestrian. The Hudson, New York, micro area has emerged as an upstate hidey-hole for the well-heeled. And don't forget that between living costs and taxes, a million dollars goes much further in some states than others. The cost of living in Nevada is 2.5% below the national average, according to the BEA, and residents can catch a break on taxes. Concord also benefits from being within easy reach of Laconia and the state's famed Lakes Region, as noted earlier. A good deal of Montana's wealth stems from its abundance of natural resources. Heres how it works. Unfortunately for millionaires and non-millionaires alike, Michigan is not tax-friendly. In a difficult market like this, weak positions can get even weaker. But not all of New Jersey's millionaires are clustered near the Big Apple. Rather, he dollar-cost averages into cheap funds and index funds and holds them forever in tax-advantaged accounts. No wonder that top-paying jobs in the Cowboy State include engineering managers and industrial production managers. Median income for all households: $60,629. According to the Washington Post, in 2017, nearly 40% of America's wealth was in the hands of 1% of the population. 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Retirees will be happy to know that the tax on Social Security income is in the process of being phased out over a three-year period. .css-o3veyj{display:block;font-family:Avenir,Helvetica,Arial,Sans-serif;font-weight:600;margin-bottom:0;margin-top:0;-webkit-text-decoration:none;text-decoration:none;}@media (any-hover: hover){.css-o3veyj:hover{color:link-hover;}}@media(max-width: 48rem){.css-o3veyj{font-size:1.18581rem;line-height:1.2;margin-bottom:0.625rem;}}@media(min-width: 40.625rem){.css-o3veyj{line-height:1.2;}}@media(min-width: 48rem){.css-o3veyj{font-size:1.23488rem;line-height:1.3;margin-bottom:0rem;}}@media(min-width: 64rem){.css-o3veyj{font-size:1.18581rem;line-height:1.3;margin-bottom:0.8rem;}}The 30 Homes of the Royal Family, 25 of the Most Expensive Houses in the World, Bette Davis Beverly Hills Home is for Sale, Historic Boca Raton Resort Sells for $875 Million, Edith Wharton's Newport Mansion Is for Sale, Inside Lee Radziwill's Energetic NYC Apartment, Live Like Jane Fonda In Her Beverly Hills Mansion. List of U.S. states by the number of billionaires - Wikipedia For a $400,000 home in the state, the owner can expect to pay about $6,564 each year in property taxes. Median income for all households: $56,274. No need to worry about health care, either. 3 Stocks to Watch, Best AI Stocks to Buy: Smart Artificial Intelligence Investments, The 5 Safest Vanguard Funds to Own in a Bear Market, 10 Big U.S. Cities With the Cheapest Apartment Rents, Retirement Accounts You Should Withdraw From First, New Hampshire is a relatively tax-friendly state, North Dakota is one of the nation's more tax-friendly states, But for more modest incomes, the impact is far milder, and property taxes are low, reputation as a high-tax state is overblown. Unhappily, taxes and expenses in the Ocean State are on the high side too. 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. Glenwood Springs has collected many accolades over the years. Median home value is a whopping 62% higher than the national level, but median income is less just 20% greater. And median home prices are more than a third less expensive than the national level. It also happens to be a great place to retire. For non-personal use or to order multiple copies, please contact South Dakota is one of the most tax-friendly states on the whole. The cost of living is 3.4% lower than the national average, according to the BEA. Indeed, Illinois is one of Kiplinger's top 10 least tax-friendly states. Median income for all households: $55,328. It also can get a bit crowded. Estimates of millionaire households provided by Phoenix Marketing International. our Subscriber Agreement and by copyright law. In the Los Angeles-Long Beach-Anaheim metro, more than 360,000 households have at least $1 million in investable assets. Here are the top 10 states with the mostand the leastabout of millionaires per capita in 2018. "Coupeville and Langley have higher incomes, swankier homes and older residents." Distribution and use of this material are governed by 10 states with the most millionaires per capita - Financial Planning Located along the Connecticut River bordering Vermont, this 50-square-mile town in the Upper Valley is home to Dartmouth College, the smallest of the eight Ivy League colleges. The Volunteer State has no broad-based income tax. 11 Monthly Dividend Stocks and Funds for Reliable Income, Maine is one of Kiplinger's least tax-friendly states, Nevada is one of Kiplinger's most tax-friendly states, 11 Small-Cap Stocks Analysts Love the Most, 10 Best Value Stocks for Gritting Out the Downturn, 11 Best E-Commerce Stocks for Electrifying Returns, Kiplinger's top 10 most tax-friendly states, 8 Dirt-Cheap Index Mutual Funds for Thrifty Investors.

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