Kiplinger

20 Small Towns With Big Millionaire Populations

A million bucks might not go as far as it once did, but it still gains you entry into an elite club. Only 5.8% of the country, or about 7.2 million households, qualify as actual millionaires. That's defined as having investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships.

Most of these wealthy households can be found in big cities such as New York, Los Angeles and Chicago - just as you would expect. But some millionaires prefer to avoid the hustle and bustle of major metropolises. Indeed, pockets of millionaires can be found in some pretty far-flung places.

Phoenix Marketing International, a firm that tracks the affluent market, recently ranked 934 urban areas, both large and small, based on the percentage of millionaire households in each. The following list of cities is limited to so-called "micropolitan" areas, which the Census Bureau defines as urban clusters with populations between 10,000 and 50,000, plus adjacent territory that has a high degree of social and economic integration with the core as measured by commuting ties.

In some cases, these locations benefit from being recreational areas or havens for wealthy retirees. In others, a particular industry drives local wealth. Either way, these are the 20 smallest cities and towns boasting the highest concentrations of millionaires in the U.S.

20. Laconia, New Hampshire

Getty Images

Millionaire Households: 1,763

Total Households: 25,305

Concentration of Millionaires: 7.0%

Median Income for All Households: $62,159

Median Home Value: $219,600

If your ideal summer retreat is a lakeside getaway, you could hardly do better than Laconia, New Hampshire. The area sits between Lake Winnisquam and Lake Winnipesaukee in the middle of New Hampshire's famed Lakes Region.

And, unlike more rural

You're reading a preview, sign up to read more.

More from Kiplinger

Kiplinger10 min read
11 Best Tech Stocks for the New Coronavirus Norm
The COVID-19 coronavirus pandemic has been a disaster for the stock markets. While all sectors have suffered record losses, some have been particularly hard-hit and face an uphill climb to recover. For example, investments in airlines, cruise lines a
Kiplinger21 min read
State Taxes on Unemployment Benefits: What Does Your State Do?
Millions of Americans are suddenly getting an unwanted crash course on the U.S. unemployment compensation system, courtesy of the coronavirus pandemic. How do I apply for benefits? How much will I get? How long will they last? These are some of the m
Kiplinger2 min read
The Best- and Worst-Case Forecasts for This Coronavirus Recession
A brutal recession is upon us as the effects of the public health crisis ripple across industries. The best realistic scenario we can imagine: A GDP decline for the year of 4%, worse than the Great Recession. That assumes a relaxation of the various