According to Phoenix Marketing International’s annual Phoenix Wealth & Affluent Monitor survey, the Garden State houses the most millionaires per capita-a distinction Maryland previously held since 2010.
Additionally, the report revealed that the 7% increase in millionaire households that occurred last year (7.7 million) is the sharpest surge in growth in a decade.
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David Thompson, who is the managing director for the report believes an overall steadily increasing capital growth has boosted most individual states considerably. “Seven percent rise in millionaire households in 2018 is the strongest rate of growth in that market since the financial downturn ten years ago,” he said.
With a ratio of 8.95% millionaires to households, Jersey helms the list just ahead of The District of Columbia. The bottom four spots got awarded to Kentucky, Arkansas, West Virginia, and Mississippi respectively (the hospitality state coming in with a meager ratio of 3.68).
States with more room for millionaires
Though Washington didn’t get the top spot it did experience the biggest increase in millionaire household ratios, making it number 2 as previously stated with a ratio of 8.94.
Wyoming experienced the biggest drop since 2017, falling eight spots to number 24.
America houses 8.6 million millionaires. Behind the United States are China with 1.8 million, Japan with 1.6 million, Germany with 1 million and England with 9,000.
Finance, manufacturing, and tech are the professions that account for the majority of millionaires in the US.
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