Looking to raise your odds of rubbing elbows with the well-heeled types they talk about on the news all the time? You had better get out of Mississippi, apparently.
While it might come as no surprise that Mississippi, Arkansas and West Virginia have the fewest millionaires per capita — about 3.5 percent of the population in these states have more than $1 million in investable (liquid) assets, which is well below the national average. But would you be surprised to know that Maryland has the highest percentage of millionaires in the United States?
It’s true. According to a new report by Phoenix Marketing International, Maryland boasts the highest ratio of millionaires to total households in the nation — 7.22 percent of the households in the Midatlantic state are millionaires.
Maryland is followed by Hawaii (7.21%), New Jersey (7.19%), Connecticut (7.13%), and Massachusetts (6.39%) — aside from Connecticut, these aren’t the places that one typically associates with millionaires. That’s important to keep in mind if your get-rich-quick schemes depend on chance meetings with high-net-worth individuals. You want to keep your odds high, after all.
And for that reason, you should know which cities and metro areas you’ll want to move to so you can mix it up with the 1%. Moving to Baltimore, after all, will put you closer to more abandoned row homes than millionaires (probably). We must drill down further in the data to get you rubbing elbows with the moneyed class, and fortunately for all of us, PMI ranked 942 cities and towns by their concentration of millionaires. And guess what: you have no clue where millionaires live. Data on table below via Kiplinger:
Rank City Percentage of Millionaire Households
10 San Francisco, CA 7.5%
9 Honolulu, HI 7.6%
8 Juneau, AK 7.6%
7 Oxnard, CA 7.8%
6 Easton, MD 7.9%
5 San Jose, CA 8.1%
4 Washington, DC 8.5%
3 Bridgeport, CT 8.8%
2 Naples, FL 9.1%
1 Los Alamos, NM 11.7%
San Francisco, San Jose, and Washington DC should surprise no one — but Los Alamos, New Mexico? The place where we invented The Bomb? Followed by Naples, Florida? Are these millionaires reduced to eating Panda Express at strip malls with the rest of us? My goodness!