Hawaii, Land Of The Millionaires?
If you want to hang with the wealthy you might want to head to Hawaii. Phoenix Marketing International has announced the results of their latest study which shows that Hawaii remains the state with the largest percentage of millionaires per the overall population. In the Aloha State as in most everywhere else, the amount of millionaires has diminished over the past year. They led the list last year with 7.26 percent of the population and continue to dominate in 2009 with 6.4 percent of Hawaii's households being worth $1 million or more in investable or liquid assets, (excluding sponsored retirement plans and real estate).
The other states in the top five are Maryland (6.3 percent), New Jersey (6.2 percent), and Connecticut (6.2 percent), an order of ranking unchanged since 2008 with Virginia sneaking into the top five at 5.5 percent, displacing Massachusetts which is now in sixth place. Since this list ranks the percentage per population the smaller states have a better shot at making it to the top.
Where can you find the lowest percentage of millionaires? That would be Mississippi which has owned the bottom spot for the past four years and hits a new low this year with 3.06 percentage of the population being millionaires. The state with the most millionaire households is California with 662,735 or 5.28 percent of the population. The complete list is available as a PDF download here.
Another survey recently released looked at wealth distribution by city. The Wall Street Journal reports that the new U.S. Metro Wealth Index by Capgemini (which does the World Wealth Report) showed that Orlando Florida lost 42 percent of its millionaire population last year while Las Vegas lost 38 percent and Phoenix lost 34 percent. It's no coincidence that these towns were also some of the hardest hit in the real estate boom-turned-bust. Millionaires in this survey were defined as those with investible assets of $1 million or more, not including the value of primary residence. Add in the value of the primary residence and these numbers might be even lower.
As with the by-state numbers, those with the biggest populations lost the most millionaires meaning that New York City ranked first, Los Angeles was second and Chicago third in the amount of millionaires lost . The rest of the cities in the top ten were Washington D.C., San Francisco, Boston, Philadelphia, Detroit, San Jose and Houston.