American millionaires how many

In fact, your state might just have a lower population than other states, which could be the reason for a lower number of millionaires. Our team also collected data to find which U. Did you realize how many millionaires are in or around these cities? Well, now you know. Can you relate to any of those numbers? If you want to dive deeper into the findings and the research we did on millionaires and how they built their wealth, check out The National Study of Millionaires.

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Guided Plans. Trusted Pros. Free Tools. The cost of living is South Dakota is one of the most tax-friendly states on the whole. The state has no state income tax, so Social Security benefits and other forms of retirement income get a free ride.

Sales taxes have a broad reach here and include groceries , but they're generally low. The tax picture for retirees is a little more mixed, however. Property taxes are on the high side, and you can only get relief from that if you're a low-income resident. Helpfully, South Dakota ranks second in the U.

So you can have high confidence that it can keep up with short-term expenses and long-term financial obligations. That's significant considering that a million bucks sure goes far in some parts of Indiana.

Richmond, where the cost of living runs The cost of living in Indiana overall is That makes it easier for everyone along the wage scale to put a roof over their heads. Although living costs are low, Indiana isn't a great state for taxes, whether you're working or retired. While the Hoosier State exempts Social Security benefits and offers limited exemptions for military pensions and federal civil-service pensions, IRAs, k plans and private pensions are fully taxable.

Given the state's reputation for hoops — NBA legend Larry Bird was known as the Hick from French Lick Indiana — it should come as no surprise that athletes and sports competitors are among the best-paid professions there.

Anesthesiologists, obstetricians and gynecologists are also within the top Sure, median income is below the national level, but the cost of living is And home prices are a dream compared to what the average American pays.

Anesthesiologists, psychiatrists and other medical specialties are among the state's best-paid jobs. Low costs are great, but there's not as much to like when it comes to paying taxes. But if you have taxable income, the rate gets high quickly.

For , it was 5. In a notable downside for retirees of all means: Missouri ranks 39th in the nation for senior health, according to America's Health Rankings. They also have a higher ranking in this year's millionaire rankings, jumping four spots from last year.

Relatively low prices for housing and transportation help keep the Palmetto State's cost of living under control. South Carolina is one of Kiplinger's most tax-friendly states for retirees , and one of our most tax-friendly states overall. The Palmetto State extends some real Southern hospitality, offering a charming collection of income tax breaks. To start, Social Security benefits are completely exempt. Property tax rates in South Carolina are low too.

North Carolina has a lot going for it whether you're a millionaire or not. It's 8. Medical specialists, CEOs and dentists are among the top-paid jobs in the state. North Carolina's tax situation is just so-so. North Carolina has been shaking up its tax structure, switching out graduated income tax brackets for a flat tax and capturing more services with its sales tax.

The tax rate for was 5. Wyoming has the smallest population of any state, but it punches above its weight when it comes to millionaires, thanks to abundant natural resources and recreational activities. No wonder that top-paying jobs in the Cowboy State include engineering managers and industrial production managers. Wyoming's famed Jackson Hole valley, with three major ski resorts and an abundance of other year-round recreational activities, also is a mecca for millionaires.

And thanks to abundant revenue that the state collects from oil and mineral rights, Wyoming millionaires shoulder one of the lowest tax burdens in the U. With no income tax, it's No. From a resurgent Cleveland to the university city of Columbus to Cincinnati with its touch of the South, Ohio contains multitudes of Midwestern culture. More than a quarter-million of Ohio's 4. At the same time, median and average home prices are well below national levels. That helps make the cost of living in Ohio cheaper by As for the better-paying occupations, managers in finance, marketing and information systems are in the top 20 for average salary.

Sadly for its residents, the Buckeye State is among Kiplinger's least tax-friendly states. Housing costs in Ohio are relatively low, but the state's average property tax bill isn't. And major state and local taxes are above average, which can add up to a sucker punch for your wallet.

There are fewer than 32, millionaire households in Maine — a state in which rich and poor alike face relatively high living costs and taxes. Residents pay more for housing and utilities, in particular. Millionaires and regular folks alike don't catch much of a break when it comes to giving the state government its cut. Although it has been working to lower its income taxes, Maine's lowest rate still is higher than some other states' maximum rate.

Indeed, Maine is one of Kiplinger's least tax-friendly states. For the record, Maine's richest resident is Susan Alfond, according to Forbes. If you need proof that the house always wins, just take a look at Nevada. Median income for all households is below the U. But you don't have to go to Las Vegas to rub elbows with the Silver State's millionaires.

Gardnerville Ranchos and Elko, Nevada, are among the top 20 small towns with the highest concentration of millionaires in the U. The cost of living in Nevada is 2. As a no-income-tax haven, Nevada is one of Kiplinger's most tax-friendly states. The farming and food-processing powerhouse of a state has a relatively low cost of living, but Iowa can be tough on residents' wallets when it comes to paying taxes.

Income taxes are on the high end because more than school districts and Appanoose County add their own income taxes on top of the state-level tax.

And the average property tax rate in the Hawkeye State is the 12th-highest in the nation. Easing the sting of taxes a bit is a cost-of-living index that's Kansas has more than 66, millionaire households out of a total of about 1. Indeed, Salina and Pittsburg, Kansas, are two of the cheapest small towns in America. Offsetting that somewhat is the fact that the Sunflower State is not the friendliest place when it comes to taxes.

Sales taxes are high and are applied to groceries , and property taxes are steep, too. Taxes in Kansas aren't kind to retirees either. Kansas fell four spots in the Phoenix Wealth and Affluent Monitor millionaire rankings this year. Bucolic Wisconsin's , millionaire households enjoy a relatively affordable cost of living, but taxes in the Badger State can be quite a burden. Wisconsin ranks among Kiplinger's least tax-friendly states , thanks to high income and property taxes.

Many residents find themselves in the 6. On the other hand, the ratio of median income to median home values is very favorable. Income is close to national levels, but house prices are well below. Overall, it's 8. John Menard, Jr. B , is the Cornhusker State's richest — and most famous — resident by a wide margin.

But although the Oracle of Omaha is clearly in a league of his own, Nebraska does have 45, other households with at least a million bucks in investable assets. Regardless of wealth, Nebraskans can take comfort in a cost of living that's Again, comparatively low home prices lead the way in making the state affordable. Folks also save on utilities and groceries. When it comes to paying taxes, Nebraska is ranked as "least tax-friendly" by Kiplinger because the average property tax rate is quite high.

That's the eighth-highest property tax amount in Kiplinger's U. Florida's popularity as a retirement destination helps boost its concentration of millionaires. Indeed, an hour's drive north of Walt Disney World, you'll find The Villages, a sprawling retirement haven with a high percentage of affluent residents.

More broadly, median home prices are higher than the national level, while median income is below the national level. Groceries and utilities are a bit pricier in the Sunshine State, but as a whole, Florida is only 0. While there are probably few millionaires in the cockpits of commercial airplanes, airline pilots, co-pilots and flight engineers are among the best-paid workers in the state.

Florida is well-known for its absence of a state income tax, which helps put it into Kiplinger's top 10 most tax-friendly states. Property taxes are in line with the national average, but Florida's gas tax is the 10th-highest state tax on gasoline in the country. Michigan doesn't have the highest concentration of millionaires in the country, but it is certainly well-stocked with billionaires. At the other end of the spectrum, Michigan is home to one of the least expensive places to live in the U.

The cost of living in Kalamazoo is Overall, Michigan is 7. Unfortunately for millionaires and non-millionaires alike, Michigan is not tax-friendly. It's one of just a handful of U. And property taxes, particularly in Detroit, are steep. The state also is home to nine billionaires. Part of Arizona's appeal to the wealthy and retirees is that, like Florida, it's one of Kiplinger's most tax-friendly states.

Although the Grand Canyon State does have an income tax, the rates are notably low. The tax on gasoline also is one of the country's lowest. Arizona's median home values are above the national level, but its cost of living remains more than reasonable. The state is 3. Within the state, you're most likely to find millionaires living in the Phoenix-Mesa-Scottsdale metro area.

Psychiatrists, dentists and CEOs are among the folks earning the highest salaries. Significantly cheaper average home prices drive Georgia's affordability. Sales taxes lean high, and in some areas, groceries are taxed as well.

Property taxes are modest. But if you're a retiree, Georgia's taxes aren't nearly so onerous. The highest concentrations of millionaires are found in the Atlanta and Savannah metro areas. The explosion in shale oil drilling has minted many a millionaire in North Dakota over the past decade. Indeed, small towns such as Dickinson and Williston, located in the oil-rich Bakken Formation, have some of the highest concentrations of millionaires in the U.

However, it remains to be seen what happens to their ranks amid an historic crash in oil prices. North Dakota, the nation's second-largest oil-producing state after Texas, saw its oil output decline 4.

North Dakota is one of the nation's tax-friendliest states. The Peace Garden State offers modest sales taxes that favor agriculture, and it has cut income taxes to the point that they barely exist.

Property taxes are middle of the road, and the state scores well for fiscal stability, indicating that it will be able to stay tax-friendly in the future. To top it off, the cost of living is 9. Tiny Vermont has just 16, millionaire households, and the Green Mountain State is one of the tougher states when it comes to taxing millionaires.

Generally speaking, it's a pricey place to live if you're wealthy. Among other policies, income tax rates reach 8. Although sales taxes in Vermont are modest, it's an expensive place to own a home as well as heat it. Largely rural and remote, Vermont is a comparatively expensive state in which to live in other ways, too.

By the Council for Community and Economic Research's formula, costs are Architectural and engineering managers, CEOs and pharmacists have some of the highest average salaries in the state. Everything is bigger in Texas. No, it doesn't have the highest concentration of millionaires, but in terms of raw numbers, only California has more than the Lone Star State's , millionaire households.

And then there are all the folks in the figures club. Heck, Texas is so big it not only has two of the smallest towns with the most millionaires in the U. On average, the cost of living in Texas is 8. Housing and groceries are particularly affordable. Texas is a place of extremes when it comes to taxes, too. There's no income tax at all. On the other hand, sales taxes run high, as do property taxes. As befits a place that pumps a lot of oil out of the ground, fuel taxes are low. The Beaver State's cost of living is 1.

Median income is higher too, but by a slimmer margin. Whether he complains about Oregon's taxes is unknown, but millionaires and pretty much everyone else do.

Oregonians face the country's highest income tax bracket. The 9. More than 6. That puts the state's concentration of millionaires not far off from the national percentage of 6. Millionaires and other residents deal with some annoyingly high taxes, however. The Keystone State has the second-highest state gas tax in the nation and the sixth-highest state and local cellphone wireless service taxes.

An inheritance tax adds to the state's overall tax burden. When people think about Rhode Island and millionaires, Newport and its grand 19th century mansions naturally come to mind. But today's picture is more pedestrian.

With more than 28, millionaire households out of ,, Rhode Island has a merely in-line concentration of millionaires. San Francisco is third, with 6, millionaires. Chicago and Miami take the fourth and fifth positions with 6, and 5, UHNW individuals, respectively. The finance and investment industry is definitely the industry with the most millionaires and UHNW people. Industrial conglomerates come in second, with 9. From to mid, 2,, new millionaires joined the ranks of millionaires in the United States alone.

The youngest millionaires are millennials, and their wealth is steadily growing. By , millennials are expected to control five times as much wealth as they have now. Both per capita and in absolute numbers, California takes the lead. According to Forbes, the youngest billionaire in the world is Kevin David Lehmann, an year-old German heir. The youngest American billionaire is Austin Russel. There are approximately 51,, people who own one million USD or more worldwide.

According to the Global Wealth Report, Moreover, In contrast, the bottom half of the wealth pyramid manages 1. According to Wealth-X, about Only 7. The United States tops the list of countries with the most millionaires, with China stands at number two with 6. Germany is next with 2. The UK has been knocked out of the top five and is now sixth with 2. So, while researching what percentage of Americans are millionaires, we found out that the American dream is alive and thriving.

The rule of thumb is that with hard work, you can achieve anything in America. There are a lot of inspiring people — both fictional and real — that have made it big that way. Well, our research shows that the number of millionaires will only grow in the future. So you still have a chance to become a part of our statistics.

Pet Ownership Statistics by State. There is an obvious proportional correlation between the percentage of millionaires who are white and the standard population percentage. It appears there are higher percentages of Hispanic Americans and Asian Americans that are millionaires than there are of Caucasian Americans. With the rate that the U. I would expect that trend to continue, if not accelerate in the future. This is going to be a crazy ride.

I find the one percent question to be interesting, The IRS gives the one percent threshold of AGIs of tax returns, I would call that a proxy for households K as last reported so we can see that but the one percent threshold for net worth is commonly considered from two different sources one saying its It would be interesting to see the correlation between cumulative assets of the top 10 percent of earners including assets compared to the national debt for the span of to current.

It would be interesting to see these statistics by gender and highest level of education as well. The countries with the most millionaires paragraph is somewhat misleading. If the data is normalized instead of quoting the absolute numbers, in rough numbers, the USA is still 1 with a chance of being a millionaire, Japan is 2 at , the UK is 3 at , France is 4 at Germany is 5 at , and China, although 2 in absolute numbers has a millionaire ratio of I have not done the research but would guess that the national tax rates are an inverse of the millionaire ratios.

Absolute numbers can be more sensational but misleading, normalized data has greater value. The statistics cited may all be fine, but the commentary is less than adequate once the implications are recognized.

Some of the remarks in the comment section are, too. The author clearly recognizes the difference between wealth and income. The difference can, and in some instances does, play out like this: in the manner of Warren Buffett, many very wealthy people do not spend an inordinate amount on goods and services, at least not when judged according to the funds they have available to them.

Due to their choice of lifestyle, they are not as pressed as they might have been to cash in their investments. They are free to do whatever they can to legally avoid paying taxes, asset management included, and keep watch on their assets while their long term investments grow at a hefty clip on average, in the long run.

As cited by the author, much of those assets, whether they belong to the thrifty or not, are in the form of real estate. This is where the part I find disturbing enters the picture: it is one thing to claim that most great financial wealth is in the hands of, not heirs of great fortunes, but people whose wealth stems from hard work. Another to treat the wealth accumulated on those earnings as accumulating through hard work.

There is no distinction made in the commentary, so far as I can see, between wealth accumulated from hard work and the hefty portion of it that comes from investing that hard earned cash. It would be quite revealing to know the breakdown. The difference has a lot of important ramifications. In fact, that may be the biggest factor in the creation of the insidious problem of the great disparity in wealth we are watching grow by leaps and bounds, which evidence suggests increasingly tears at our social fabric as it gets even larger.

But, then, that can be fairly seen as parasitic on the stable conditions of a society. For relative stability and expectations of returns on investment go hand in hand. A favorable risk-reward ratio is largely a function of such conditions. Does that mean that the investor has no claim to rewards that come from taking the financial risk of purchasing property? Not at all. The United States attracts a great deal of cash from foreign investors, which is mainly why, due the strength provided to it by such investment, the dollar is the closest thing there is to a worldwide currency.

So much cash is invested that Instruments such as government bonds owe their stability to it, the track record of which fuels that attraction. The less stable the society, the more likely would occur shocks to the financial system that have an impact on worldwide perceptions of stability, a cause itself of greater instability, thereby setting up conditions suitable for a vicious cycle detrimental to the US economy.

The United States benefits greatly, as far as its reputation is concerned, as a good place, frequently seen as the best place, to park vast wealth due to its combination of stability and economic dynamism.