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Maryland tops Hawaii for millionaires

By Star-Advertiser staff

POSTED:
LAST UPDATED: 07:47 a.m. HST, Oct 27, 2011



 

You're slightly more likely to meet a millionaire in Maryland than Hawaii, according to Phoenix Marketing International, a global marketing services firm.

The company issued its annual Global Wealth Monitor report that tracks affluent and high net worth households in the U.S., Canada and Europe.

The reports shows that about 7.22 percent of Maryland's households are millionaires, compared to Hawaii's 7.21 percent. Hawaii had led the rankings since 2008. Phoenix defines a millionaire household as one with $1 million or more in investable or liquid assets (excluding sponsored retirement plans and real estate). 

Rounding out the top ten states in millionaires per population are New Jersey (7.19 percent), Connecticut (7.13 percent), Massachusetts (6.41 percent), Alaska (6.39 percent), Virginia (6.26 percent), New Hampshire (6.06 percent), California (6.01 percent), and the District of Columbia (5.88 percent).

"A few things are noteworthy from this year's millionaire rankings," said David Thompson, Managing Director of the Phoenix Global Wealth Monitor said in a news release. "First, this is the closest it's ever been between the top two states. Second, all of the top ten states increased their millionaire ratios during the past year, which underscores that the richest states keep getting richer." 

Phoenix computes its data on the size of affluent and high net worth U.S. households on a mid-year to mid-year basis. As of the end of June, 2011, Phoenix estimates that the number of millionaires in the U.S. grew by 6.9 percent from the previous year, numbering some 5.9 million households.






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Hawaii tops nation in millionaires per capita




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Bully wrote:
who cares?
on October 27,2011 | 07:57AM
joyce1 wrote:
More "eat the rich" bias from liberal journalists. Class envy and warfare is at full throttle. Study and work hard and you too can be part of the 7%.
on October 27,2011 | 08:31AM
all_fed_up wrote:
And own real estate! You can be a millionaire too!
on October 27,2011 | 08:43AM
smith2650 wrote:
Expect Hawaii to continue to lose ground since the Legislature passed the 11% marginal tax rate. It is less expensive to live in California where the top marginal rate is 10.25% starting at $1 million vs. 11% in Hawaii starting at $200,000 for an individual or 250,000 for family. Once the taxes went up to 11% I know three people who changed residence and now live in Hawaii less than six months a year.
on October 27,2011 | 09:20AM
Pelipo wrote:
I wonder how many of the Maryland millionaires are our Washington DC politicians and staff living in Maryland?
on October 27,2011 | 12:38PM
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