Millionaires in America 2019: All 50 States Ranked

Millionaires are popping up in America like weeds. Indeed, the U.S. hasn't seen such a torrid increase in the ranks of millionaires in more than a decade.

They can thank record levels for stock prices.

"The 7% rise in millionaire households in 2018 is the strongest rate of growth in that market since the financial downturn 10 years ago," says David M. Thompson, managing director at Phoenix Marketing International, which tracks the affluent market. "The growth in capital markets in 2018 clearly lifted many more households into the millionaire ranks."

Total households in the U.S. with at least $1 million in investable assets have increased by 534,000 in the past 12 months, Thompson notes. In the past decade since the financial crisis, the number of millionaire households has grown by more than 2 million.

As a result, 6.21%, or 7,698,765 U.S. households out of 123,942,960 total households, can now claim millionaire status. That's up from only 5.8% a year ago. To reach that lofty level, you must have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships.

When imagining where America's millionaires 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 important tax and cost-of-living information.

51. Mississippi

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Millionaire households: 41,685

Total households: 1,133,149

Concentration of millionaires: 3.68%

Median income for all households: $42,009 (U.S. median: $57,652)

Median home value: $109,300 (U.S. median: $193,500)

Mississippi might have the lowest concentration of millionaire households per capita in the U.S., but it 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 (C2ER). 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.

Mississippi 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.

50. West Virginia

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Millionaire households: 29,031

Total households: 756,671

Concentration of millionaires: 3.84%

Median income for all households: $44,061

Median home value: $111,600

West Virginia has a relatively low concentration of millionaires, but its median real estate taxes are among the lowest in the U.S., according to the Tax Foundation. The Mountain State's sales taxes are reasonable, too. Like many western states, West Virginia benefits from natural resources such as gas and coal, and collects significant severance taxes from them.

But be forewarned: The state is not particularly tax-friendly for retirees.

A plus for West Virginia residents is that the cost of living is 9.9% lower than the national average, according to the C2ER.

49. Arkansas

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Millionaire households: 45,985

Total households: 1,181,658

Concentration of millionaires: 3.89%

Median income for all households: $43,813

Median home value: $118,500

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 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 in the Natural State, but sales taxes are the third-highest in the country -- even groceries are taxed (albeit at a lower rate). And income tax is particularly complicated in Arkansas.

48. Kentucky

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Millionaire households: 77,671

Total households: 1,772,382

Concentration of millionaires: 4.38%

Median income

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