May 27, 2018

Where the Millionaires Reside: 10 Top Cities

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Where the Millionaires Reside: 10 Top Cities

The nation added 6.5 million millionaire households in the middle of last year compared to 2014, a 4 percent increase. That marks the fastest pace since 2011, according to a newly released report conducted by Phoenix Marketing International. Households that have more than $1 million in investable assets -- such as stocks, bonds, and savings (excluding real estate and retirement accounts) – were factored into the study.

Read more: What Luxury Buyers Desire in a Home

Mount Airy, N.C., posted the biggest increase in millionaire households last year, with its metro area seeing its population of millionaires growing by 332 or nearly 30 percent between June 2014 and June 2015. However, just 3.8 percent of the households there have a million dollars or more in assets -- below the national average of 5.4 percent, according to the study.

New York, overall, is the metro area that boasts the most millionaires, adding more than 10,000 over the one-year period. New York has nearly 480,000 millionaire households.

While Los Alamos, N.M., was singled out for having the highest concentration of wealthy households in the country, with about one in eight households having more than $1 million in assets.

On a state level, the study showed Maryland had the highest number of millionaires compared to any other state, with 7.7 percent of its households in that range – followed by Connecticut, New Jersey, and Hawaii. Mississippi had the smallest number of millionaires, with less than 4 percent of its households having $1 million or more in assets, according to the study.

The Phoenix Marketing International report shows the following 10 states have the highest percentage of millionaires by share of households

  1. Los Alamos, N.M.: 12%
  2. Summit Park, Utah: 9.8%
  3. California-Lexington Park, Md.: 8.9%
  4. Washington, N.C.: 8.7%
  5. Bridgeport-Stamford-Norwalk: 8.5%
  6. San Jose-Sunnyvale, Calif.: 8.1%
  7. Juneau, Alaska: 7.9%
  8. Easton, Md.: 7.9%
  9. Torrington, Conn.: 7.9%
  10. Urban Honolulu, Hawaii: 7.9%

View a chart with the full city breakdown at The Wall Street Journal.

Source: “Where America’s Millionaires Live (Increasingly, ‘Mayberry’),” The Wall Street Journal (Jan. 19, 2016)