When pondering the distribution of millionaires in the United States, one might instinctively visualize opulent mansions in Beverly Hills or penthouses in Manhattan. However, a closer examination reveals a startling prevalence of millionaires in states one wouldn’t typically associate with extreme wealth. Here, we delve into twelve states that, surprisingly, boast the highest ratios of millionaires per capita, challenging our preconceived notions about wealth distribution across America.
New Jersey: 9.8%
The Garden State might not be the first place that comes to mind when considering affluent living, but with a millionaire ratio of 9.8%, it tops the list. The state’s affluent neighborhoods and thriving industries contribute to its unexpected status as a millionaire haven.
Maryland: 9.7%
With its proximity to the nation’s capital and numerous government-related employment opportunities, Maryland secures the second spot with a millionaire ratio of 9.7%. The state’s substantial median income and affluent suburbs make it a millionaire magnet.
Connecticut: 9.4%
Known for its picturesque landscapes and high-quality education institutions, Connecticut’s wealth is evident in its 9.4% millionaire ratio. The finance and insurance industries significantly contribute to the affluence found within this state.
Massachusetts: 9.4%
Massachusetts, with its rich history and top-tier educational institutions, equals Connecticut with a 9.4% millionaire ratio. The state’s diversified economy, inclusive of technology and finance sectors, fosters substantial wealth creation.
Hawaii: 9.2%
The Aloha State, renowned for its breathtaking landscapes and tropical climate, is more than just a vacation paradise. With a millionaire ratio of 9.2%, Hawaii’s lucrative tourism and real estate sectors are significant wealth generators.
District of Columbia: 9.1%
The nation’s capital, although not a state, has a millionaire ratio of 9.1%. The concentration of government agencies and institutions in DC leads to high-income jobs, thereby contributing to its elevated millionaire presence.
California: 8.5%
The Golden State, home to Silicon Valley and Hollywood, is synonymous with wealth and fame. With an 8.5% millionaire ratio, California’s tech boom and entertainment industry are primary sources of its extensive affluence.
New Hampshire: 8.5%
New Hampshire, with its lack of state income and sales tax, ties with California with an 8.5% millionaire ratio. The state’s favorable tax structure and growing economy attract affluent residents.
Virginia: 8.3%
Virginia’s diversified economy, encompassing technology, defense, and agriculture, results in a millionaire ratio of 8.3%. The state’s proximity to the nation’s capital and abundance of government contracts facilitate wealth accumulation.
Alaska: 8.2%
The Last Frontier, with its vast natural resources, has a millionaire ratio of 8.2%. The state’s oil industry and lack of state income tax create a favorable environment for wealth generation.
Washington: 7.9%
Home to tech giants like Microsoft and Amazon, Washington state boasts a millionaire ratio of 7.9%. The thriving tech sector, coupled with the absence of state income tax, propels wealth creation in the state.
Colorado: 7.5%
Colorado, with its booming tech and recreational industries, features a millionaire ratio of 7.5%. This state’s diverse and prosperous economy is pivotal in fostering substantial wealth.