Visualizing U.S. Millionaires by State of Residence

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by visualcapitalist

Visualizing U.S. Millionaires by State of Residence

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.

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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.

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