Millionaire Households by State

Stateline Article January 17, 2014 By: Sandy Johnson Read time:

Income inequality is one of the Obama administration’s buzz phrases for 2014, echoing a theme from 50 years ago when Lyndon Johnson declared his War on Poverty. Yet the yawning divide between the haves and have-nots is underscored by a new report on millionaires in the United States.

The Phoenix Global Wealth Monitor ranks states by the number of households per capita with more than $1 million in investable assets.

Top 5 states, followed by total millionaire households, as a percentage of all households

1. Maryland: 169,287, 7.7 percent

2. New Jersey: 242,647, 7.49 percent

3. Connecticut: 100,754, 7.32 percent

4. Hawaii: 33,520, 7.18 percent

5. Alaska: 18,209, 6.75 percent

Bottom 5 states:

47. Kentucky: 67,068, 3.84 percent

48. West Virginia: 29,367, 3.82 percent

49. Idaho: 22,379, 3.76 percent

50. Arkansas: 43,588, 3.73 percent

51. Mississippi: 40,955, 3.63 percent

Nationwide, the company reported 6,145,533 millionaire households in 2013, or 5.16 percent of all households. In 2007, before the market crash and recession, there were 5,970,929 millionaire households, or 5.25 percent of all households.

The Wall Street Journal created a map showing the growth of millionaire households. The Pew Charitable Trusts studies income inequality, and you can find its body of research here.