Study: Maryland Has Highest Percentage of Millionaire Households

Tuesday, 21 Jan 2014 06:58 AM

By Dan Weil

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Maryland ranks as the No. 1 state in the nation for the percentage of its households that have at least $1 million in investible assets, according to a study by Phoenix Marketing International, a wealth research firm, CNBC reports.

Maryland had 169,287 millionaire households last year, representing 7.7 percent of the state's total households. New Jersey was second at 7.49 percent, with 242,647 millionaire households. And Connecticut was third at 7.32 percent, with 100,754 millionaire households.

The top states benefit from their proximity to the wealthy cities of New York City and Washington, D.C., according to David Thompson, managing director of the Phoenix Global Wealth Monitor, CNBC reports.

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"They are small, but they have access to centers of influence," he said.

A lot of the Maryland millionaires likely work in Washington, and a lot of the New Jersey and Connecticut millionaires likely work in New York.

The biggest gainer in percentage of millionaire households last year was North Dakota—to 4.59 percent from 4 percent in 2012.

The biggest loser was Nevada, whose ratio fell to 4.35 percent from 5.13 percent in 2012.

Some part-time Washington, D.C.-area residents are doing well financially: congressmen.

Among the 534 current members of Congress, at least 268 had an average net worth of $1 million or more for 2012, according to a report from the Center for Responsive Politics. That's the first time ever that more than half of Congress' members were millionaires.

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Related Stories:

North Dakota Oil Boom Fuels Big Growth in Millionaires

Report: U.S. Millionaire Population Drops 2.5 Percent

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