Millionaires in America: All 50 States Ranked

It might not make you Daddy Warbucks anymore, but a million dollars still is a pretty exclusive level of wealth.

Only 5.8% of the country, or about 7.2 million households, qualify as actual millionaires. To reach that bar, you must have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships.

When imaging where America's millionaire's live, most people probably think of California and New York. But although those states have their fair share of millionaires in terms of raw numbers, they don't have the highest concentrations of rich households. It turns out there are numerous states with higher percentages of well-off households than New York or California, several of which probably will surprise you. And don't forget that between living costs and taxes, a million dollars goes much further in some states than others.

Here's a look at the millionaire ratings for all 50 states (and the District of Columbia), based on the percentage of millionaire households in each. Just for good measure, we're also providing the richest residents of each state, as well as important tax and cost-of-living information.

51. Mississippi

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Millionaire households: 45,771

Total households: 1,134,578

Concentration of millionaires: 4.03%

Median income for all households: $40,528 (U.S. median: $55,322)

Median home value: $105,700 (U.S. median: $184,700)

Mississippi might have the lowest concentration of millionaire households per capita in the U.S., but it also has some of the lowest taxes. Indeed, it's one of Kiplinger's 10 most tax-friendly states in the U.S., thanks to relatively light property and gas taxes.

Mississippi also has the lowest overall cost of living in the U.S. It's almost 19% cheaper to live in the Magnolia State vs. the national average, according to the Council for Community and Economic Research. That means a million bucks goes further than it does elsewhere. Just have a look at Tupelo and Hattiesburg, which rank among the cheapest cities in the U.S.

Not that that matters much to Mississippi's richest citizens, James and Thomas Duff, whose diversified holding company gives them each a net worth of $1.2 billion, according to Forbes.

50. West Virginia

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Millionaire households: 32,082

Total households: 763,797

Concentration of millionaires: 4.20%

Median income for all households: $42,644

Median home value: $107,400

West Virginia has a relatively low concentration of millionaires, but its richest citizen is one of its most prominent. Indeed, Jim Justice II, who made his $1.9 billion fortune in coal mining and agriculture, is the state's governor.

The Mountain State's median real estate taxes are among the lowest in the U.S., according to the Tax Foundation. Sales taxes are reasonable, too.

Another plus for West Virginia residents: The cost of living is 9.9% lower than the national average, according to the Council for Community and Economic Research.

49. Arkansas

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Millionaire households: 50,106

Total households: 1,178,438

Concentration of millionaires: 4.25%

Median income for all households: $42,336

Median home value: $114,700

Arkansas might not be bristling with millionaires, but it has some of the lowest living costs in the U.S., which are 15% below the national average. Heck, the Arkansas cities of Jonesboro and Conway are two of the least expensive places to live in the entire country.

When it comes to taxes, Arkansas is more of a mixed bag. Property taxes are low, but sales taxes are the second-highest in the country.

With Walmart (WMT) headquartered in Bentonville, it should come as no surprise that the richest person in Arkansas is a member of the Walton clan. Jim Walton - the youngest son of Sam Walton, who founded the world's largest retailer - has a net worth of $40.3 billion.

48. Kentucky

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Millionaire households: 79,205

Total households: 1,768,852

Concentration of millionaires: 4.48%

Median income for all households: $44,811

Median home value: $126,100

Kentucky has fewer than 80,000 millionaire households. But then, with a cost of living 12.3% below the national average, paychecks tend to go further. Groceries run about 10% below the U.S. average, while housing is roughly a fifth less expensive.

None of this presumably matters much to B. Wayne Hughes. With a net worth of $2.7 billion, the founder and chairman of Public Storage (PSA) is the Bluegrass State's wealthiest individual.

is mixed. Sales taxes are modest and

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