As if we needed any more proof the middle class is shrinking, there were 530,000 new millionaires in the United States this year.  This according to a new study by Annual Phoenix Wealth & Affluent Monitor which tracks high net-worth households.  This marks an increase of 7 % over 2017.  Since the financial crash in ’08, that number has increased by more than 2 million.

So let’s take a look at the numbers.  Maryland is no longer the top state for millionaires per capita, being replaced by the one and only New Jersey (take that Maryland, crab cakes and football).   New Jersey is almost always in the top three states, but this year they topped the list because income and employment were very strong (well, for the 1 percent).  If you’re wondering about the Empire State, New York came in 15th.

Top 10 States for Millionaires Per Capita

Rank State $1mm+ Mil/House
1 NJ 293,992 8.95%
2 DC 28,325 8.94%
3 CT 122,045 8.89%
4 MD 200,074 8.85%
5 MA 230,932 8.6%
6 HI 41,063 8.48%
7 NH 42,669 7.98%
8 CA 1,042,027 7.78%
9 AK 21,169 7.71%
10 VA 248,958 7.66%

Data Source: Phoenix Wealth & Affluent Monitor

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On the flip side, let’s take a look at the other half… worst three are Arkansas, West Virginia and Mississippi.

Bottom 10 States for Millionaires Per Capita

Rank State $1mm+  Mil/House
41 SC 96,084 4.83%
42 MN 21,530 4.83%
43 IN 122,974 4.77%
44 OK 73,325 4.75%
45 NM 37,520 4.64%
46 AL 87,849 4.55%
47 ID 28,928 4.53%
48 KY 77,671 4.38%
49 AR 45,985 3.89%
50 WV 29,031 3.84%
51 MS 41,685 3.68%

Data Source: Phoenix Wealth & Affluent Monitor
* the ranking is to 51 as District of Columbia is included in the study

Daan Struyven, Goldman Sachs, said recently: “The wealthiest 0.1% and 1% of households now own about 17% and 50% of total household equities, respectively, up significantly from 13% and 39% in the late 1980s.”

Where are all my millionaire friends and how come you never invite me over??

 

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