There are literally millions of millionaires in the United States.
In fact, there are 7.1 million households in the country that have investable assets of $1 million or more.
Impressively, this gives the U.S. a higher total population of millionaires than any other country in the world, even though China’s rapidly rising wealth is also quite notable.
MILLIONAIRES BY STATE
Today’s visualization comes to us from HowMuch.net, and it breaks down U.S. millionaires by state.
Here are the states with the highest millionaire populations, in absolute terms:
| Rank | State | Millionaire households | % of all households |
|---|---|---|---|
| #1 | California | 885,225 | 6.61% |
| #2 | Texas | 566,578 | 5.66% |
| #3 | New York | 465,479 | 6.15% |
| #4 | Florida | 427,824 | 5.23% |
| #5 | Illinois | 300,142 | 6.14% |
| #6 | Pennsylvania | 294,002 | 5.77% |
| #7 | New Jersey | 258,988 | 7.86% |
| #8 | Ohio | 243,118 | 5.19% |
| #9 | Virginia | 226,167 | 6.98% |
| #10 | Michigan | 210,957 | 5.35% |
Not surprisingly, states like California, Texas, New York, and Florida dominate this list. They all have high millionaire populations, but they are also the four most populous states in general.
MILLIONAIRE CONCENTRATION
When looking at millionaires per capita, aforementioned states like New York, Texas, and Florida all fall off the Top 10 list altogether.
The state of California, however, remains clinging on to the #10 spot:
| Rank | State | Millionaire households | % of all households |
|---|---|---|---|
| #1 | Maryland | 178,003 | 7.87% |
| #2 | New Jersey | 258,988 | 7.86% |
| #3 | Connecticut | 106,892 | 7.75% |
| #4 | Hawaii | 36,903 | 7.57% |
| #5 | Alaska | 20,444 | 7.50% |
| #6 | Massachusetts | 198,750 | 7.41% |
| #7 | New Hampshire | 39,209 | 7.36% |
| #8 | Virginia | 226,167 | 6.98% |
| #9 | Delaware | 24,212 | 6.62% |
| #10 | California | 885,225 | 6.61% |
As you can see, the states surrounding hubs like New York City and D.C. shoot up the rankings when looking at the data this way.
New Jersey and Connecticut are in two of the top three spots – and of course New York City is home to well over 300,000 millionaires itself.
Meanwhile, Maryland walks away with the title of most millionaires per capita. It may be surprising, but this is the seventh year in a row that Maryland has ranked number one in the country for this metric.