Of North Carolina's 3.9 million households, 177,000 . From Hilton Head Island to the Midlands region to the Blue Ridge Mountains, South Carolina has something for everyone. As befits a place that pumps a lot of oil out of the ground, fuel taxes are low. Median income for all households: $63,837. 65 Best Dividend Stocks You Can Count On in 2020. Alabama is another state where you don't need a million bucks to live well. When you purchase through links on our site, we may earn an affiliate commission. As a senior writer at AOL's DailyFinance, Dan reported market news from the floor of the New York Stock Exchange and hosted a weekly video segment on equities. Additionally Connecticut boasts the third highest ratio of millionaire households per capita, according to Statista. Median income is higher too, but by a slimmer margin. But you don't have to go to Las Vegas to rub elbows with the Silver State's millionaires. The cost of living in the Nutmeg State is 19% greater than the national average. The Hudson, New York, micro area has emerged as an upstate hidey-hole for the well-heeled. Real estate taxes are among the highest in the country, and the state has not only a luxury tax, but the country's only gift tax. According to Zillow, the median home value is teetering around $545,794. Largely rural and remote, Vermont is a comparatively expensive state in which to live in other ways, too. In that year, New Jersey had the highest ratio of millionaire households per. The North Star State hits hard with income tax and property taxes are on the high side, too. But the area offers much more than pricey lift tickets and celebrity spotting. Unfortunately, some of the other state and local taxes aren't quite so taxpayer-friendly. Sure, median income is below the national level, but the cost of living is 11.2% below the national average. Although sales taxes in Vermont are modest, it's an expensive place to own a home (as well as heat it). 10 Richest States in USA 2022 - Wealthiest States in America - VERANDA These Are the 10 Richest States in the U.S. Get quick analyses with our professional research service. Just for good measure, we're also providing important tax and cost-of-living information. They help drive an economy that supports more than 167,000 millionaire households. The city's great appeal is no secret. The southwest corner of the state is the base for many hedge funds and prominent public companies. NY 10036. For more sedentary folks, Breckenridge hosts the National Repertory Orchestra every summer and the Breckenridge Film Festival every autumn. No wonder that top-paying jobs in the Cowboy State include engineering managers and industrial production managers. Zillow estimates the median home value in Maryland to be $384,928. Investable assets include education/custodial accounts, individually owned retirement accounts, stocks, options, bonds, mutual funds, managed accounts, hedge funds, structured products, ETFs, cash accounts, annuities and cash value life insurance policies. Kiplinger. In 2016, New Jersey ranked 7th in the US regarding the median household income which in that year was approximately $68,357. More happily for everyone, folks who call the Pelican State home enjoy a cost of living that's 10.9% below the national average. The largest employer in the New England state is Glencore, according to Zippia. Seattle, which is one of America's fastest-growing cities, also is one of the most expensive. So it should come as no surprise that Breckenridge would make the cut. Located along the Connecticut River bordering Vermont, this 50-square-mile town in the Upper Valley is home to Dartmouth College, the smallest of the eight Ivy League colleges. According to the Federal. North Dakota is one of the nation's tax-friendliest states. Happily for residents, Washington is among the most friendly states for taxes. Indeed, Salina and Pittsburg, Kansas, are two of the cheapest small towns in America. 20 Dividend Stocks to Fund 20 Years of Retirement, Torrington is the largest town in Litchfield County, which has long been a popular retreat for Manhattan's wealthy and chic looking for a remote, mountainous retreat. He's reportedly worth $12.6 billion. Top-paying jobs include surgeons, computer and information research scientists, nuclear engineers and sales engineers. THE MOST 1. tech stocks And property taxes, particularly in Detroit, are steep. The Peace Garden State offers modest sales taxes that favor agriculture, and it has cut income taxes to the point that they barely exist. At the same time, median and average home prices are well below national levels. our Subscriber Agreement and by copyright law. Median income for all households: $64,805. Arkansas might not be bristling with millionaires, but it has the lowest living cost in the U.S., at 14.7% less than the national average. Most of the wealth is concentrated on the East Coast: Maryland boasts the highest ratio of millionaires per capita for the seventh year in a row at 7.87%. However, Social Security benefits are exempted from state income taxes, and property taxes are light. Median home value is a whopping 62% higher than the national level, but median income is less just 20% greater. In, Kiplinger. Kansas fell four spots in the Phoenix Wealth and Affluent Monitor millionaire rankings this year. It's also home to two of .css-7l5upj{-webkit-text-decoration:underline;text-decoration:underline;text-decoration-thickness:0.0625rem;text-decoration-color:inherit;text-underline-offset:0.25rem;color:inherit;-webkit-transition:all 0.3s ease-in-out;transition:all 0.3s ease-in-out;}.css-7l5upj:hover{color:#595959;text-decoration-color:border-link-body-hover;}the richest cities in the U.S. this year. Maryland's 23 counties and Baltimore City have income taxes ranging from 1.75% to 3.20% of taxable income - on top of the state's take. It's easy to see why Glenwood Springs is popular with millionaires. Data on household incomes and home values come from the U.S. Census Bureau. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Show sources information Affordability across a wide swath of goods and services has made Memphis, Knoxville and Jackson some of the least expensive places to live in the U.S. More broadly, the state's cost of living is 10.1% below the national average. Although the Grand Canyon State does have an income tax, the rates are notably low. The state is 3.5% less expensive than the U.S. as a whole. In addition to education, financial services, health care, and technology are the Bay State's top industries. Median income for all households: $74,073. These states have the most millionaires per capita - CNBC It's less than an hour away from Annapolis, the state capital, while Washington, D.C., and Baltimore can be reached by car in about 90 minutes (traffic willing). Even groceries are taxed (albeit at a lower rate). The Evergreen State makes the cut because it doesn't have an income tax. T9. Stephen Bisciotti, owner of the NFL's Baltimore Ravens, is the state's richest citizen with a net worth of $4.4 billion. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2023, Quarterly smartphone market share worldwide by vendor 2009-2023, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. Whether he complains about Oregon's taxes is unknown, but millionaires (and pretty much everyone else) do. "While the total number of high-net-worth households grew, these increases were largely seen in the wealthiest states, reinforcing the broader ongoing wealth-gap issues the country faces," says Carl Uttaro, VP of financial services research at Phoenix MI. The millionaires in the state account for approximately 7.75% of the population. Montana is generally tax-friendly if you're still working. In the former case, the state capital is home to a horde of state, county, local and federal agencies - and the law firms and professional agencies that support them. If there's a silver lining, it's that North Dakota is one of the nation's more tax-friendly states. The States With The Most Billionaires 2021 - Forbes A Division of NBCUniversal. Maryland has the second most millionaires per capita of any state in the U.S., according to Phoenix Marketing International, but it's unfriendly when it comes to taxes. No wonder Massachusetts has a cost of living 22% higher than the national average, according to C2ER. Anesthesiologists, obstetricians and gynecologists are also within the top 10. Hawaii may be best known for its beaches and laid-back surfer mentality, but living in the Aloha State costs a pretty penny. Gardnerville Ranchos and Elko, Nevada, are among the top 20 small towns with the highest concentration of millionaires in the U.S. Many residents find themselves in the 6.27% income tax bracket, which kicks in on income above only $22,900 for singles and $30,540 for joint filers (2018 brackets). Georgia's tax brackets mean that many taxpayers will find themselves paying the top marginal rate, which kicks in at just $10,000 of taxable income for married couples filing jointly or $7,000 for individual filers. The Federal Reserve has been aggressive in its rate hiking, and it's likely not done yet. A million bucks in liquid assets isn't what it used to be, but it's still really hard to amass. Retirees will be happy to know that the tax on Social Security income is in the process of being phased out over a three-year period. [1] They live in 42 of the 50 states. Gail Miller, with $1.7 billion stemming originally from car dealerships, is the state's wealthiest person. Bucolic Wisconsin's 138,283 millionaire households enjoy a relatively affordable cost of living, but taxes in the Badger State can be quite a burden. Happily, for all of Elko's residents, Nevada is a no-income-tax haven, and one of Kiplinger's top 10 most tax-friendly states. The small town of Edwards, for example, is bristling with millionaires thanks to nearby world-class ski resorts such as Vail and Beaver Creek. 3 Stocks to Watch, Best AI Stocks to Buy: Smart Artificial Intelligence Investments, The 5 Safest Vanguard Funds to Own in a Bear Market, 10 Big U.S. Cities With the Cheapest Apartment Rents, Retirement Accounts You Should Withdraw From First, New Hampshire is a relatively tax-friendly state, North Dakota is one of the nation's more tax-friendly states, But for more modest incomes, the impact is far milder, and property taxes are low, reputation as a high-tax state is overblown. Although Minnesota affords residents a cost of living that's 2.5% below the national average, median home value (and median income) easily top national levels. Median income for all households: $55,602. The Beaver State's cost of living is 1.1% higher than the U.S. average. Arkansas is not tax-friendly. Median income for all households: $44,097. Median income for all households: $72,577. New York and Los Angeles are home to the most millionaires in America because of their large populations and lucrative industries. For the record, Maine's richest resident is Susan Alfond, according to Forbes. "Coupeville and Langley have higher incomes, swankier homes and older residents." noting that the top 10 states are so close in millionaires per capita that the order can change in any given . For non-personal use or to order multiple copies, please contact Kentucky has fewer than 84,000 millionaire households. Median income for all households: $74,991. However, part of the reason for the state's high per capita income may be its small population. If you are an admin, please authenticate by logging in again. Several Connecticut's wealthiest residents were also ranked among the wealthiest in the world such as Ray Dalio and Steve Cohen. However, it remains to be seen what happens to their ranks amid an historic crash in oil prices. Gardnerville Ranchos is a favorite hiding place for millionaires because of its proximity to Lake Tahoe, which has long been a getaway for the rich and famous. Kip ETF 20: The Best Cheap ETFs You Can Buy. Mississippi's cost of living stands at 14% below the national average, according to the U.S. Bureau of Economic Analysis. Not only does Oklahoma boast a cost of living that's 11.6% below the national average, but its largest city offers remarkably affordable prices for its size. The state's gas tax is now the 11th-highest in the country. 10 States With the Most Millionaires Per Capita - WSJ All Rights Reserved. Among other policies, income tax rates reach 8.75%. According to the Yankee Institute for Public Policy, the number of millionaires in the state was growing at a rate lower than the US average. Hefty income taxes and high property taxes make the Empire State one of Kiplinger's 10 least tax-friendly states. Median homes prices top the U.S. median by more than $159,000. It costs a lot to live in the state with the fifth longest ocean coastline (behind Alaska, Florida, Louisiana, and Maine): Zillow estimates the median home value to be $745,200. Kiplinger is part of Future plc, an international media group and leading digital publisher. Groceries and utilities are a bit pricier in the Sunshine State, but as a whole, Florida is only 0.6% more expensive than the U.S. average. Seven states don't have any billionaire residents that Forbes could find: Alabama, Alaska, Delaware, New Hampshire, North Dakota, Vermont and West Virginia. Median income for all households: $59,246. 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Tiny Elko, Nevada, owes its high concentration of millionaires to its status as the capital of Nevada's gold mining industry. Larry Ellison, founder of Oracle (ORCL), is the state's richest person with a net worth of $66.7 billion. As for the better-paying occupations, managers in finance, marketing and information systems are in the top 20 for average salary. 20 Best Stocks to Buy for the New Bull Market. Property taxes are low and sales taxes average. It also offers a bayou full of tax breaks to retirees. Social Security, military, civil-service, and state and local government pensions are exempt from state income taxes. The greater D.C. area is a magnet for the highly educated seeking high-powered jobs. For those looking to attain millionaire status in Kentucky, the folks with the highest salaries are surgeons, anesthesiologists and obstetricians. Median income for all households: $47,905. Wyoming accounts for about 40% of the nation's coal production, and the vast majority of the state's output comes from the Gillette area, which has a high concentration of millionaires as a result. The cost of living in Nevada is 2.5% below the national average, according to the BEA, and residents can catch a break on taxes. Helpfully, the Show Me State no longer taxes Social Security benefits for many taxpayers. Connecticut's Stamford metro area, which includes Norwalk and Bridgeport, has the fourth-highest concentration of millionaires in the U.S. Illinois has a higher concentration of millionaires than the national average, and a million bucks goes a bit farther in the Prairie State than it does in much of the rest of the country. As residents like to point out, few towns have a groomed ski area right in their downtown that is accessible to all. Indeed, Illinois is one of Kiplinger's top 10 least tax-friendly states. The cost of living is 3.4% lower than the national average, according to the BEA. Low costs are great, but there's not as much to like when it comes to paying taxes. Rather, he dollar-cost averages into cheap funds and index funds and holds them forever in tax-advantaged accounts. (Those would be Brownsville-Harlingen and McAllen-Edinburg-Mission.). The Beehive State runs a flat tax system. The list is compiled annually by market research firm Phoenix Marketing International. Tourism is under pressure from the coronavirus lockdown, while the petroleum industry has been hit by the crash in oil prices. While millionaires are currently clustered in high-tax, Democratic states, new limits on the deductibility of state and local taxes could drive more of the wealthy to lower tax states like Florida, Texas and Nevada. Millionaire households per capita (Darker shades of green indicate higher per capita millionaire . Virginia's high concentration of millionaires is largely driven by Washington, D.C., and its close-in suburbs such as Arlington and McLean. Then you can access your favorite statistics via the star in the header. Property taxes are modest, but sales taxes lean high. Law professors and podiatrists crack the top 10 jobs with the highest average salaries. Taxes in Kansas aren't kind to retirees either. Indeed, a record 6.71% (or 8,386,508 out of 125,018,808 total U.S. households) can now claim millionaire status. Maryland - 7.55 percent. Several states in the US have a higher number of millionaires, according to research carried out by Phoenix Marketing International. With nearly 7 million people, Massachusetts boasts the highest number of residents per capita with bachelor's degrees, according to the U.S. Census Bureau. Philip Anschutz - a mogul whose interests span oil, railroads, telecom, real estate and entertainment - tops the state's rich list with a net worth of $11.6 billion, Median income for all households: $67,844. Median income for all households: $81,740. Median income for all households: $71,414. Since 2011, Maryland has had the highest number of millionaires per capita in the US, and it retained its ranking in 2017 as nearly 1 out of every 12 households in the state had a net worth equal to or more than $1,000,000. As with Virginia, that's partly thanks to its Washington, D.C., suburbs, but the pull of the nation's capital can't take all the credit. Louisiana's 90,000 millionaires, whose income depends on the state's economic staples, are likely to be feeling a pinch. Indeed, it has been cutting income taxes for several years in a row to the point that they barely exist. Five-star skiing at the Deer Valley and Sundance ski resorts is roughly a half-hour away. 15 States With the Most Millionaires per Capita in America By Dan Burrows On the other hand, sales taxes run high, as do property taxes. As a no-income-tax haven, Nevada is one of Kiplinger's most tax-friendly states. But if you have taxable income, the rate gets high quickly. The cost of living is 12.1% below the national average. It's one of just a handful of U.S. states with a flat tax, but 23 cities levy income taxes as well. The upside of having fewer millionaires is that it helps keep a lid on living costs, which are 8.9% below the U.S. average. One of the reasons New Jersey has a large number of high net worth individuals is because living there allows the residents to access states such as New York and Philadelphia easily. Concord also benefits from being within easy reach of Laconia and the state's famed Lakes Region, as noted earlier. [1] Get this delivered to your inbox, and more info about our products and services. For a $400,000 home in the state, the owner can expect to pay about $6,564 each year in property taxes. Kapaa, on Hawaii's fourth-largest island of Kauai, and Honolulu have two of the highest concentrations of millionaire households in the U.S. At the same time, Hudson is chockablock with architectural gems. List of countries by number of millionaires - Wikipedia Median income for all households: $49,861. Although Torrington might be hidden in the northwest corner of the state, millionaires can't escape Connecticut's onerous tax bite. Tiny Easton, on the Eastern Shore of the Chesapeake Bay, prides itself on its out-of-the-way feel, with country farms mixing with lavish waterfront estates. It's the least populated state in the country (helps with the per capita part) and one in every 94,000 residents is a billionaire. In a difficult market like this, weak positions can get even weaker. ETFs The tax picture for retirees is a little more mixed, however. Medical specialists, CEOs and dentists are among the top-paid jobs in the state. The Ocean State's sales taxes lean high (and are above its neighboring states), but the income tax bite is modest. (The highest payment ever was $2,072 in 2015.). Maryland is a state that spans an area of about 12,407 square miles with an estimated population of 6,052,177 according to estimates from 2017. And income tax is particularly complicated in Arkansas. Fortunately, you don't need to be a millionaire to live well. South Dakota is one of the most tax-friendly states on the whole. Oregonians face the country's highest income tax bracket. To clarify: That means they have at least $1 million in investable assets. Median income is more than $15,000 above the national level. And don't forget that between living costs and taxes, a million dollars goes much further in some states than others. The 2019 dividend was $1,606. The flip side is that Tennessee has the highest combined sales-tax rate in the nation, according to the Tax Foundation. N.J.'s cost of living is 13.4% higher than the U.S. average, according to C2ER. Property taxes are the second-lowest in the country, and all homeowners age 65 or older are exempt from state property taxes. Indeed, Juneau, the state capital, has the third-highest concentration of millionaire households among the country's "micro" areas. 12, 14 billionaires, population 9.56 million). For 2019, it was 5.4% on income over $8,424. Millionaires in America 2020: All 50 States Ranked - Yahoo Finance Then oil prices collapsed in 2014 and some folks even started pulling up stakes. Some are wealthy commuters who make their livings in the Big Apple. Although median income in the micro area is roughly $12,000 above than the national level, median home value beats the U.S. median by a whopping $280,900. Florida is well-known for its absence of a state income tax, which helps put it into Kiplinger's top 10 most tax-friendly states. And thanks to abundant revenue that the state collects from oil and mineral rights, Wyoming millionaires shoulder one of the lowest tax burdens in the U.S. For those living in Idaho, the tax situation is a bit more mixed. In the Peach State, there are 211,662 millionaire households, for a ratio to total households of 5.44 percent, according to the . Nike (NKE) founder Phil Knight is the state's richest person with a net worth of $38.6 billion. Median home values also are below the national level. The numbers get a big lift from Summit Park, a small town with one of the very highest concentrations of millionaires in the country. Which states have the most millionaires per capita? Real estate taxes are the fourth-highest in the country, and the state has not only a gift tax, but a luxury tax. In some cases, these locations benefit from being popular recreational areas or havens for wealthy retirees. Laconia and the state's famed Lakes Region benefits from its popularity as a tourism hub. This state has more millionaires per capita than any other and it's But the area offers a wealth of outdoor fun year-round. And just when Alaska could see an end to the downturn, COVID-19 hammered the energy sector. 10 states with the most millionaires per capita - Financial Planning Median income for all households: $44,717 (U.S. median: $61,937), Median home value: $123,300 (U.S. median: $229,700). The Ultimate Guide to Celebrity Real Estate. The cost of living in Kalamazoo is 21.6% below the U.S. average. Everything is bigger in Texas. The number of households worth $5 million or more surged 8 percent to 1.1 million. But today's picture is more pedestrian. The Centennial State has a flat tax: If you have federal taxable income, the rate is 4.63%. Again, comparatively low home prices lead the way in making the state affordable. List of countries by number of billionaires - Wikipedia As much as Seattle is associated with Washington State, millionaires also can be found outside the Emerald City that Bezos and Gates call home. That's up from 6.21% in 2018 and just 5.81% in 2017. The nearby world-class resorts of Vail and Beaver Creek draw big-spending skiers hoping to see and be seen all winter long. There's no sales tax in the Granite State, either. And although median income is 24% below the national level, home prices are a whopping 42% cheaper than the U.S. median. Data is a real-time snapshot *Data is delayed at least 15 minutes. And although home values have gone up 6% over the past year, Zillow predicts they will fall 0.9% within the next year. Additionally, Alabama allows folks to deduct their federal income taxes (it's one of just of a handful of states with this break). On the other hand, the ratio of median income to median home values is very favorable. Alaska makes much of its revenue from the oil and gas industry. That's up from 6.21% in 2018 and just 5.81% in 2017. In others, a particular industry drives local wealth. Median income for all households: $85,203. State income levels and income data for the United . If you need access to specialists not available at Northfield Hospital & Clinics, the Mayo Clinic is about 60 miles away, in Rochester. It's a good thing, too, considering the high price of homes in the area. We may earn commission from links on this page, but we only recommend products we back. Most millionaires are concentrated on the coasts in high-tax, predominantly blue states. ", Kiplinger, American states with highest ratio of millionaire households per capita in 2020 Statista, https://www.statista.com/statistics/294941/largest-ratio-millionaire-households-per-capita-us/ (last visited July 05, 2023), American states with highest ratio of millionaire households per capita in 2020 [Graph], Kiplinger, May 28, 2020. However, it's within the top 10.
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