Visualizing Where Millionaires Live In The United States

Visualizing U.S. Millionaires By State Of Residence

There are literally millions of millionaires in the United States.

In fact, there are 7.1 million households in the country that have investable assets of $1 million or more.

Visualizing Where Millionaires Live In The United States

Impressively, this gives the U.S. a higher total population of millionaires than any other country in the world, even though China’s rapidly rising wealth is also quite notable.

Millionaires by State

Today’s visualization comes to us from HowMuch.net, and it breaks down U.S. millionaires by state.

Here are the states with the highest millionaire populations, in absolute terms:

Rank State Millionaire households % of all households
#1 California 885,225 6.61%
#2 Texas 566,578 5.66%
#3 New York 465,479 6.15%
#4 Florida 427,824 5.23%
#5 Illinois 300,142 6.14%
#6 Pennsylvania 294,002 5.77%
#7 New Jersey 258,988 7.86%
#8 Ohio 243,118 5.19%
#9 Virginia 226,167 6.98%
#10 Michigan 210,957 5.35%

Not surprisingly, states like California, Texas, New York, and Florida dominate this list. They all have high millionaire populations, but they are also the four most populous states in general.

Millionaire Concentration

When looking at millionaires per capita, aforementioned states like New York, Texas, and Florida all fall off the Top 10 list altogether.

The state of California, however, remains clinging on to the #10 spot:

Rank State Millionaire households % of all households
#1 Maryland 178,003 7.87%
#2 New Jersey 258,988 7.86%
#3 Connecticut 106,892 7.75%
#4 Hawaii 36,903 7.57%
#5 Alaska 20,444 7.50%
#6 Massachusetts 198,750 7.41%
#7 New Hampshire 39,209 7.36%
#8 Virginia 226,167 6.98%
#9 Delaware 24,212 6.62%
#10 California 885,225 6.61%

As you can see, the states surrounding hubs like New York City and D.C. shoot up the rankings when looking at the data this way.

New Jersey and Connecticut are in two of the top three spots – and of course New York City is home to well over 300,000 millionaires itself.

Meanwhile, Maryland walks away with the title of most millionaires per capita. It may be surprising, but this is the seventh year in a row that Maryland has ranked number one in the country for this metric.

There are literally millions of millionaires in the United States.

In fact, there are 7.1 million households in the country that have investable assets of $1 million or more.

Impressively, this gives the U.S. a higher total population of millionaires than any other country in the world, even though China’s rapidly rising wealth is also quite notable.

Millionaires by State

Today’s visualization comes to us from HowMuch.net, and it breaks down U.S. millionaires by state.

Here are the states with the highest millionaire populations, in absolute terms:

Rank State Millionaire households % of all households
#1 California 885,225 6.61%
#2 Texas 566,578 5.66%
#3 New York 465,479 6.15%
#4 Florida 427,824 5.23%
#5 Illinois 300,142 6.14%
#6 Pennsylvania 294,002 5.77%
#7 New Jersey 258,988 7.86%
#8 Ohio 243,118 5.19%
#9 Virginia 226,167 6.98%
#10 Michigan 210,957 5.35%

Not surprisingly, states like California, Texas, New York, and Florida dominate this list. They all have high millionaire populations, but they are also the four most populous states in general.

Millionaire Concentration

When looking at millionaires per capita, aforementioned states like New York, Texas, and Florida all fall off the Top 10 list altogether.

The state of California, however, remains clinging on to the #10 spot:

Rank State Millionaire households % of all households
#1 Maryland 178,003 7.87%
#2 New Jersey 258,988 7.86%
#3 Connecticut 106,892 7.75%
#4 Hawaii 36,903 7.57%
#5 Alaska 20,444 7.50%
#6 Massachusetts 198,750 7.41%
#7 New Hampshire 39,209 7.36%
#8 Virginia 226,167 6.98%
#9 Delaware 24,212 6.62%
#10 California 885,225 6.61%

As you can see, the states surrounding hubs like New York City and D.C. shoot up the rankings when looking at the data this way.

New Jersey and Connecticut are in two of the top three spots – and of course New York City is home to well over 300,000 millionaires itself.

Meanwhile, Maryland walks away with the title of most millionaires per capita. It may be surprising, but this is the seventh year in a row that Maryland has ranked number one in the country for this metric.

Article by Visual Capitalist

LEAVE A COMMENT


Saved Articles
X
TextTExtLInkTextTExtLInk

The Life and Career of Charlie Munger

Charlie is more than just Warren Buffett’s friend and Berkshire Hathaway’s Vice Chairman – Buffett has actually credited him with redefining how he looks at investing. Now you can learn from Charlie firsthand via this incredible ebook and over a dozen other famous investor studies by signing up below:

  • Learn from the best and forever change your investing perspective
  • One incredible tidbit of knowledge after another in the page-turning masterpiece of a book
  • Discover the secrets to Charlie’s success and how to apply it to your investing
Never Miss A Story!
Subscribe to ValueWalk Newsletter. We respect your privacy.

Congrats! Are you a smart person?

We have an exclusive targeted for being a sophisticated and loyal reader.

Sign up for ValueWalkPremium today and get our exclusive content for 35% off.

Use coupon code vip19 or click on the button below

Limited time offer only ENDS 12/31/2019 or after next 25 subscribers take advantage whichever comes first – please do not share this discount with others

 

0