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THE INC. LIFE

Which State Has the Highest Percentage of Millionaires? Bet You Can’t Guess. (Hint: Not New York or California)

Every state ranked by its percentage of millionaires plus relative cost of living. (Maybe we should all move to Mississippi?)

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BY Jeff Haden - 26 Jul 2018

Which State Has the Highest Percentage of Millionaires? Bet You Can't Guess. (Hint: Not New York or California)

PHOTO CREDIT: Getty Images

Many people would like to be millionaires. But it ain't easy. (According to Mark Cuban, if he had to start over and rebuild his wealth, he would get a sales job.)

And many succeed: Recent statistics show that 5.8 percent of the country -- just over 7 million households -- are millionaires. In this case "millionaire" is defined as having a million dollars in investable assets so it doesn't include your home, employer-sponsored pension plans, or business partnerships.

So which states have the highest percentage -- not biggest total, but highest concentrations -- of millionaires? And which states have the lowest?

Let's find out. And while we're at it, take a look at the cost of living -- not an absolute measure, since income and sales taxes also make an impact -- for each state.

In some cases (Hi New York!) your money goes a lot less far in relative dollars. In others, a million is worth a lot more. (Respectful nod in your direction, Mississippi.)

51. Mississippi: 4.03 percent. (Cost of living: 19 percent below national average.)

50. West Virginia: 4.20 percent. (Cost of living: 9.9 percent below national average.)

49. Arkansas: 4.25 percent. (Cost of living: 15 percent below national average.)

48. Kentucky: 4.48 percent. (Cost of living: 12.3 percent below national average.)

47. Alabama: 4.61 percent. (Cost of living: 13.4 percent below national average.)

46. Tennessee: 4.67 percent. (Cost of living: 13.2 percent below national average.)

45. Idaho: 4.81 percent. (Cost of living: 11.7 percent below national average.)

44. South Carolina: 4.83 percent. (Cost of living: 7.1 percent below national average.)

43. Louisiana: 4.86 percent. (Cost of living: 10.2 percent below national average.)

42. North Carolina: 4.88 percent. (Cost of living: 11.7 percent below national average.)

41. New Mexico: 4.94 percent. (Cost of living: 7.2 percent below national average.)

40. Montana: 4.98 percent. (Cost of living: 7.1 percent below national average.)

39. Oklahoma: 4.98 percent. (Cost of living: 13 percent below national average.)

38. Indiana: 4.99 percent. (Cost of living: 12.3 percent below national average.)

37. Missouri: 5.01 percent. (Cost of living: 14.3 percent below national average.)

36. South Dakota: 5.06 percent. (Cost of living: 9.4 percent below national average.)

35. Nevada: 5.15 percent. (Cost of living: at national average.)

34. Maine: 5.18 percent. (Cost of living: 9.5 percent above national average.)

33. Ohio: 5.19 percent. (Cost of living: 14 percent below national average.)

32. Georgia: 5.2 percent. (Cost of living: 11.1 percent below national average.)

31. Florida: 5.23 percent. (Cost of living: 3.6 percent below national average.)

30. Arizona: 5.29 percent. (Cost of living: at national average.)

29. Michigan: 5.35 percent. (Cost of living: 14.1 percent below national average.)

28. Wisconsin: 5.40 percent. (Cost of living: 7.3 percent below national average.)

27. Kansas: 5.43 percent. (Cost of living: 11.3 percent below national average.)

26. Nebraska: 5.44 percent. (Cost of living: 10 percent below national average.)

25. Oregon: 5.45 percent. (Cost of living: 4.1 percent above national average.)

24. Iowa: 5.6 percent. (Cost of living: 11.9 percent below national average.)

23. Texas: 5.66 percent. (Cost of living: 8.7 percent below national average.)

22. Pennsylvania: 5.77 percent. (Cost of living: 1.1 percent below national average.)

21. Vermont: 5.88 percent. (Cost of living: 12.8 percent above national average.)

20. North Dakota: 6 percent. (Cost of living: 2.9 percent below national average.)

19. Utah: 6.07 percent. (Cost of living: 3 percent below national average.)

18. Illinois: 6.14 percent. (Cost of living: 4 percent above national average.)

17. New York: 6.15 percent. (Cost of living: 35.9 percent above national average, skewed heavily by Manhattan at 138 percent above national average. Ouch.)

16. Rhode Island: 6.22 percent. (Cost of living: 12.5 percent above national average.)

15. Wyoming: 6.24 percent. (Cost of living: 4.4 percent below national average.)

14. Colorado: 6.47 percent. (Cost of living: .8 percent above national average.)

13. Washington: 6.51 percent. (Cost of living: 7.9 percent above national average.)

12. Minnesota: 6.57 percent. (Cost of living: 4.3 percent below national average.)

11. District of Columbia: 6.57 percent. (Cost of living: 55.7 percent above national average.)

10. California: 6.61 percent. (Cost of living: 33 percent above national average.)

9. Delaware: 6.62 percent. (Cost of living: .6 percent below national average.)

8. Virginia: 6.98 percent. (Cost of living: 1.7 percent below national average.)

7. New Hampshire: 7.36 percent. (Cost of living: 14.7 percent above national average.)

6. Massachusetts: 7.41 percent. (Cost of living: 20.7 percent above national average.)

5. Alaska: 7.50 percent. (Cost of living: 18.5 percent above national average.)

4. Hawaii: 7.57 percent. (Cost of living: 26.9 percent above national average.)

3. Connecticut: 7.75 percent. (Cost of living: 18.5 percent above national average.)

2. New Jersey: 7.86 percent. (Cost of living: 13.4 percent above national average.)

1. Maryland: 7.87 percent. (Cost of living: 21.4 percent above national average.)

Yep: Maryland. Who knew?

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