10 States With the Most Millionaires See where America's elite live.
By GOBankingRates •
This story originally appeared on GOBankingRates
In 2016, America welcomed 400,000 new U.S. millionaires into its ranks, raising the membership in the double-comma club to a record 10.8 million. To be considered a millionaire, you must possess at least $1 million in investable assets -- and your primary residence doesn't count.
Related: 25 Proven Ways to Save Money Before Next Year
America's millionaires are not evenly distributed across the country, but the poorest states in the country don't always have fewer of them, and the richest states don't always have more. Here's a look at the states with:
- The most millionaire households per capita
- How much the 1 percent of each state earns
- How those salaries measure up to the incomes earned by the other 99 percent
Read on to find out which state has the most millionaires.
(By Andrea Lisa)
Chones / ShutterstockCalifornia
Although Bill Gates, the richest man in the U.S., resides in Washington state, California has more than its fair share of wealthy and millionaire households. Only five countries in the entire world boast economies larger than that of California -- the $2.46 trillion juggernaut that represents 14 percent of the total U.S. economy. In California, the most populous state in the union, the average member of the top 1 percent makes 29 times more than the average member of the bottom 99 percent.
- Population: 39.25 million
- Number of households: 13.27 million
- Percentage of millionaire households: 0.06 percent
- Average income for top 1 percent: $1.4 million
- Average income for bottom 99 percent: $49,000 a year
Jon Bilous / ShutterstockDelaware
Delaware doesn't even rank among the 35 poorest states in the country, but it's the poorest on this list according to median income. The top 1 percent and the bottom 99 percent are separated by a difference of just 16 times in average annual earnings, which is a relatively low rate of economic disparity.
The agriculture, fishing, mining and manufacturing industries continue to dominate the state. Because of its business-friendly atmosphere, more than half of all the publicly traded companies in the U.S. are incorporated in Delaware.
- Population: 952,100
- Number of households: 361,528
- Percentage of millionaire households: 0.06 percent
- Average income for top 1 percent: $769,109
- Average income for bottom 99 percent: $48,000
Sean Pavone / ShutterstockVirginia
Virginia, where eight American presidents were born, has a relatively low level of income inequality, with the top 1 percent earning 18 times more than the bottom 99 percent. Although the commonwealth suffered a significant economic downturn in recent years, several key indicators suggest that things in Virginia are on the upswing.
- Population: 8.41 million
- Number of households: 3.22 million
- Percentage of millionaire households: 0.07 percent
- Average income for top 1 percent: $988,000
- Average income for bottom 99 percent: $56,000
Related: 15 Ways to Increase Your Income
Sean Pavone / ShutterstockNew Hampshire
New Hampshire residents enjoy the lowest poverty rate of any state in the entire country, and it also boasts the sixth-best nationwide employment rate over the last five years. The average income earned by the bottom 99 percent is 18 times lower than that earned by the top 1 percent.
- Population: 1.33 million
- Number of households: 530,424
- Percentage of millionaire households: 0.07 percent
- Average income for top 1 percent: $1 million
- Average income for bottom 99 percent: $57,000
Sean Pavone / ShutterstockMassachusetts
A wide income disparity exists between the elite and everybody else in Massachusetts, where the average member of the top 1 percent earns 30 times more than the average member of the bottom 99 percent. Although Massachusetts disappointed many with a shrinking economy and stalled wages in the first quarter of 2017, it quickly came roaring back in the second quarter with a burst of economic growth.
- Population: 6.82 million
- Number of households: 2.66 million
- Percentage of millionaire households: 0.07 percent
- Average income for top 1 percent: $1.7 million
- Average income for bottom 99 percent: $56,000
Rocky Grimes / ShutterstockAlaska
Although Alaska has a high concentration of millionaires, the state experiences the lowest level of income inequality on this list. The wealthiest residents aren't particularly wealthy, and the rest of the people in the state do comparatively well. The average income for the top 1 percent is just 13 times greater than the average income earned by the rest of the population. The economy of Alaska can't be compared to that of any other state in the U.S., however, as more than four out of five revenue dollars come by way of the energy industry.
- Population: 741,900
- Number of households: 271,691
- Percentage of millionaire households: 0.07 percent
- Average income for top 1 percent: $833,000
- Average income for bottom 99 percent: $63,000
Izabela23 / ShutterstockHawaii
Hawaii's top 1 percenters make just 14 times more than the bottom 99 percent. Like Alaska, Hawaii has a unique economy, dominated by tourism and the military. Hawaiians face a higher cost of living than residents of any other state, as well as the highest housing prices in the U.S. The median home cost is $646,500, which is more than $135,000 higher than the next costliest state.
- Population: 1.43 million
- Number of households: 483,329
- Percentage of millionaire households: 0.07 percent
- Average income for top 1 percent: $690,000
- Average income for bottom 99 percent: $51,000
Darryl Brooks / ShutterstockNew Jersey
In the Garden State, there is a huge gap between the wealthiest residents and everyone else. The average top 1 percent earns 25 times more than the average member of the bottom 99 percent. New Jersey has the third-highest median household income rate in America -- but the people who live there had better do well. The cost of living in New Jersey is among the country's most expensive, and much of the state consists of bedroom communities for people who work in New York or Philadelphia.
- Population: 8.94 million
- Number of households: 3.29 million
- Percentage of millionaire households: 0.07 percent
- Average income for top 1 percent: $1.5 million
- Average income for bottom 99 percent: $57,000
Related: Interns at These Companies Make More Than the Average American Worker
Jon Bilous / ShutterstockConnecticut
Although America's biggest millionaire metropolitan area is by far New York City, the Empire State doesn't even make this list -- but its neighbor does. Connecticut is home to a higher per-capita rate of millionaire households than all but one other state.
Connecticut also suffers from dramatic income inequality -- the state's elite are by far the richest 1 percent in America. The average earner among the lower 99 percent, however, makes 43 times less. The state is also suffering a major fiscal crisis that is impacting its budget, pension fund and tax revenue -- and the capital city of Hartford is teetering on the brink of bankruptcy.
- Population: 3.58 million
- Number of households: 1.38 million
- Percentage of millionaire households: 0.07 percent
- Average income for top 1 percent: $2.4 million
- Average income for bottom 99 percent: $56,000
Sean Pavone / ShutterstockMaryland
Leading the list of top 10 richest states according to millionaire concentration is Maryland, the most millionaire-dense state in the country. Home to one of the most educated workforces in the U.S., Maryland enjoys the second-lowest poverty rate in America.
On the border of the nation's capital, the small but influential state boasts the highest median income in America and is still among just 11 states that hold the coveted AAA bond rating.
Maryland has the most millionaires, but what is the richest state in the U.S. in terms of median household income? You guessed it. That's also Maryland.
- Population: 6.02 million residents
- Number of households: 2.66 million
- Percentage of millionaire households: 0.07 percent
- Average income for top 1 percent: $1 million
- Average income for bottom 99 percent: $60,000
