States with the highest, lowest number of millionaires per capita

5,700 millionaires left NYC, NJ area in 2018 due to high taxes: Report

Walser Wealth Management President Rebecca Walser on how more millionaires are fleeing high-taxed states.

For the first time since 2006 New Jersey has claimed the No. 1 spot for millionaires per capita, trumping Maryland, which had held the title since 2010.

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The new data was released by Phoenix Marketing International’s annual Phoenix Wealth & Affluent that since 2006 has been tracking U.S. households with assets more than $1 million.

David Thompson, managing director for the report, added that the “7 percent rise in millionaire households in 2018 is the strongest rate of growth in that market since the financial downturn ten years ago.”

While he added that the most interesting part about this year’s data is the sharp rise in millionaires within D.C., rising nine spots last year, some states saw a major decline last year.

Indiana and Oklahoma in particular, fell five spots, while New Mexico dropped four spots, with all three of them making the top 10 states with the least amount of millionaires.

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Wyoming, however, saw the biggest drop last year, falling eight spots to No. 24.

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Here are the top 10 states with the most—and the least—about of millionaires per capita in 2018.

THE MOST

1.  New Jersey

Ratio of millionaires to total households: 8.95 percent

2. District of Columbia

8.94 percent

3. Connecticut

8.89 percent

4. Maryland

8.85 percent

5. Massachusetts

8.60 percent

6. Hawaii

8.48 percent

7. New Hampshire

7.98 percent

8. California

7.78 percent

9. Alaska

7.71 percent

10. Virginia

7.66 percent

THE LEAST

1. Mississippi

Ratio of millionaires to total households: 3.68 percent

2. West Virginia

3.84 percent

3. Arkansas

3.89 percent

4. Kentucky

4.38 percent

5. Idaho

4.53 percent

6. Alabama

4.55 percent

7. New Mexico

4.64 percent

8. Oklahoma

4.75 percent

9. Indiana

4.77 percent

10. Montana

4.83 percent

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