Kiplinger

10 States That Are Surprisingly "Rich" in Millionaires

There's a lot of conspicuous consumption in the U.S., but in reality, millionaires are actually pretty rare.

Only 5.8% of all American households have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships, according to Phoenix Marketing International, a firm that tracks the affluent market. Not surprisingly, the states with the highest concentrations of millionaires also tend to have some of the highest incomes, home values and living expenses in the country.

New York and California have lots of millionaires, you say? No kidding. They also have sky-high median household incomes and other pricey demographic indicators. What's more remarkable is when a state can manage to have a relatively high concentration of millionaires and relatively low costs at the same time.

Using data from Phoenix Marketing International and the U.S. census, we searched for states with median incomes and median home values well below national levels that still managed to support relatively high concentrations (at least 5%) of millionaire households.

Here's a look at 10 states with surprisingly high concentrations

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

More from Kiplinger

Kiplinger4 min readPolitics
What is a Revocable Trust and Do I Need One?
Let's face it, estate planning is not necessarily fun, but it is definitely critical, especially as you get older and acquire more assets. There is a preconceived notion, however, that it's an activity only for the wealthy. That's just not true. Ever
Kiplinger2 min read
How to Find Buyers for Your Baseball Card Collection
[Question]I have collected nearly 8,000 baseball cards and now want to sell them. How do I find buyers? [Answer]You have a few options for locating buyers for your collection of baseball cards. You can auction them yourself on eBay, sell them to a l
Kiplinger2 min read
IRS Remodels the 1040 for 2019
As a new 1040 form tailored to seniors makes its debut, the regular 1040 is getting remodeled for 2019. After the 1040's major overhaul last year to take into account tax reform, some taxpayers told the IRS that they found the redesigned forms confus