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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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