It's no mystery that the United States is one of the richest countries in the world, with per capita income measuring nearly $60,000. Data from the Business Insider indicates that the US has more millionaires than any other nation on earth with approximately 13,554,000 millionaires out of a population of about 325,719,178 according to 2107 US Census Bureau. Unsurprisingly, several cities in the United States make the list of the world's cities with the most millionaires. Several states in the US have a higher number of millionaires, according to research carried out by Phoenix Marketing International. Their research focused on millionaire households in each state, which made it clear that Maryland is home to more millionaires per capita than any other state in the US.
Maryland is a state that spans an area of about 12,407 square miles with an estimated population of 6,052,177 according to estimates from 2017. Maryland is ranked as the is the richest state in the country in terms of per capita income. Since 2011, Maryland has had the highest number of millionaires per capita in the US, and it retained its ranking in 2017 as nearly 1 out of every 12 households in the state had a net worth equal to or more than $1,000,000. One of the reasons put forward for the dominance of Maryland is due to the number of people who work in the government. Data from 2014 indicated that Montgomery County had the highest number of millionaires in Maryland followed closely by Baltimore. Despite not having as many millionaires as the first two counties, Caroll County registered the highest growth in the number of millionaires within its territory from 2010 to 2014 as the number grew by 115%.
According to Phoenix Marketing International, New Jersey ranks second in the number of millionaires per capita behind Maryland. In 2016, New Jersey ranked 7th in the US regarding the median household income which in that year was approximately $68,357. New Jersey was the leading region during the Industrial Revolution which contributed to the wealth of the residents. One of the reasons New Jersey has a large number of high net worth individuals is because living there allows the residents to access states such as New York and Philadelphia easily. Some of New Jersey's wealthiest residents were included in the list of the richest people with some notable examples being Donald Newhouse and John Overdeck
The 5,567 square mile state of Connecticut ranked third in the US in the number of millionaires per capita. The millionaires in the state account for approximately 7.75% of the population. Connecticut was ranked second in median household income and in 2016 stood at roughly $72,889. According to the Yankee Institute for Public Policy, the number of millionaires in the state was growing at a rate lower than the US average. Several Connecticut's wealthiest residents were also ranked among the wealthiest in the world such as Ray Dalio and Steve Cohen.
Wealth Disparity in the US
According to the Washington Post, in 2017, nearly 40% of America's wealth was in the hands of 1% of the population. Various studies have been carried out to try and determine the exact number of impoverished Americans with some estimates ranging from 43 million to 100 million. Various measures have been suggested to try and reduce the American wealth gap with varying success.
US States With The Most Millionaires Per Capita
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About the Author
Benjamin Elisha Sawe holds a Bachelor of Arts in Economics and Statistics and an MBA in Strategic Management. He is a frequent World Atlas contributor.
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