Where America's Millionaires Live

Monday, 27 Jan 2014 07:40 AM

By Michelle Smith

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Maryland has the most millionaires per capita, but the state with the most rapid growth in millionaires lies unpretentiously in the Midwest, according to annual research from Phoenix Marketing International, a New York-based research firm.

In 2013, Maryland had approximately 2.2 million households, or 7.7 percent of households, with more than $1 million in investable assets, not including real estate. That allowed Maryland to top the ranks of millionaires per capita.

Maryland's position is not extremely surprising, since 2013 was the third straight year the state ranked #1. New Jersey claimed the #2 spot, up from #3 in 2012.

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"They are small, but they have access to centers of influence," such as Washington D.C. and New York, David Thompson, managing director of the Phoenix Global Wealth Monitor, told CNBC.

But there were a number of unusual movements in the rankings last year. Among them was the fact that North Dakota saw the largest surge in millionaires per capita.

In 2012, the state ranked 43rd. Last year, North Dakota climbed 14 spots to 29th place, as over 13,000, or 4.6 percent, of its households were millionaires.

This is a state that doesn't have a single Tiffany or Saks Fifth Avenue store and the closest BMW dealership is a six-hour drive from the capital, according to The Wall Street Journal.

But the state does have oil and the growing number of millionaires is largely attributed to the energy boom in the Bakken shale region.

North Dakota's healthcare and technology sectors are also growing, Kelvin Hullet president of the chamber of commerce in Bismarck, told The Journal.

Other states that saw significant increases in the number of millionaires per capita, were Maine, which climbed 11 spots to rank 25th, and Louisiana, which climbed 10 spots to 32nd place.

But millionaires aren't multiplying everywhere. In some states the numbers are dwindling and Nevada was the biggest loser. Having lost 8,000 millionaire households in a year, the state fell 20 spots to 39th place in 2013.

Arizona, Florida, Idaho and Michigan also saw notable declines in the number of millionaire households last year.

The large swings seen in 2013 could indicate that the economic recovery was more uneven last year, Thompson told The Journal.

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