There has been a rapid increase in the number of super-rich individuals in the US in the last decade. According to reports, there has been an addition of 2,250,000 millionaires to the US economy in the years 2019-20. Furthermore, there are a total of 20.27 million millionaires in the whole US. Given their super-rich backgrounds, 43.45% (approx.) of world wealth is, therefore, concentrated in the hands of the top 1% US population. 75% of the US millionaires are White population. Let us know ‘States With The Most Millionaires’.
The top five states where most US millionaire households, as of 2020, are located are the States of California, Texas, New York, Florida, and Illinois. While the list does not end here, these states however have been recorded to hold the largest population of millionaires.
States With The Most Millionaires
America does not have an even distribution of Millionaires across the continent. The poorest states may not have less of them or the richer ones may not have more of them as well.
The table given below displays the states, their rank, and the number of millionaires:
| Rank | State | No. of millionaire households |
| 1 | California | 1,147,251 |
| 2 | Texas | 650,216 |
| 3 | New York | 570,456 |
| 4 | Florida | 496,971 |
| 5 | Illinois | 346,873 |
There are other states including California that have a large millionaire population and are not necessarily rich ones. The trends have witnessed changes in the post-pandemic times and as of 2021 new states with high millionaire populations have emerged, for instance:
1. Alaska
Given the large number of millionaires residing in the state, there are surprisingly very few income inequalities. The state has 8.18% of millionaire households and an average income of $910,059 for the top 1% population. While the population is wealthy, the ones not a part of the top 1% also do fairly well. The lowest 99% income is only 13 times less than the top 1%. The economy is tied to the oil industry closely.
2. California
Though big names like Jeff Bezos reside in Washington, California has its fair share of millionaires. The state has 8.51% of millionaire households. The hefty $3.1 trillion net worth accounts for 15% of the US economy. The average income of the top 1% of the population is $1,693,094 which is 31 times the bottom 99% population.
3. Columbia District
With an average of 9.12% of millionaire households, the state district of Columbia has its fair share of millionaires residing in it. The state has emerged as the third highest millionaire state next in line to Connecticut and Massachusetts. The average 1% top population income is $1,858,878. However, the state faces large income inequalities with the lowest 99% income being 30 times lower and the top 1%.
4. Connecticut
Currently, with the highest number of millionaire households, Connecticut has a total of 9.44% of millionaire households. Connecticut recorded the highest per capita millionaire households surpassing by far the most millionaire magnet New York City and the Empire State. However, the state has a large income inequality with the lowest 99% earning 37 times less than the top 1% population. The average income of the top 1% of the population is $2,522,806.
5. Hawaii
The Hawaiian economy is dominated by tourism and the military. The percentage of millionaire households in the state of Hawaii is 9.20%. The top 1% population makes about 14 times more than the lowest 99% population income. The average income of the top 1% population is $797,001.
6. Massachusetts
With the second-largest population of millionaires in the state of the USA, Massachusetts has a total of 9.38% of millionaire households. There are large income inequalities with the top 1% population earning 31 times more than the lowest 99% population. The average top 1% population is $1,904,805.
7. New Hampshire
The average percentage of millionaire households in the state of New Hampshire is 8.47%. The average income of the top 1% of the population is $1,134,101. The average income of the lowest 99% of the population is 18 times lower than that of the top 1% population.
8. Virginia
In the home state of 8 American presidents, The average percentage of millionaire households is 8.32% in the state. The state of Virginia has low-income inequalities with top 1% earning only 18% more than the lowest 99% population. The average top 1% population earns about $1,109,984.
Conclusion
A recent survey has reported a total of 13.6 million households as millionaires. These account for a total of $1 billion net worth. Surprisingly enough, these are exclusive to the primary households of these people. As a result, they are the owners of about 10% of the total US households, making the US home to the largest population of millionaires. The US millionaires have only 20% of people who inherited the wealth, the rest 80% are self-made millionaires. They are often referred to as first-generation millionaires.
FAQs
- What Is The Importance Of Millionaires and Billionaires?
The Millionaires and Billionaires of a country are its central figures’ with quick access to money and strategies to further multiply it. While earning individuals in all countries remain to be well paid, some of them tend to do better than the rest.
- What Do Millionaires And Billionaires Provide?
Some individuals become the money-concentrated class who are often termed Billionaires and Millionaires of a State/ country. They provide the state with stable revenue and often do invest in charity work as well.
