millionaire rankings by state - phoenix mi...the phoenix wealth and affluent monitor (w&am) u.s....

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Millionaire Rankings by State

Through Year-End 2019

April, 2020

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2019 Summary of Findings



Background & Methodology

W EALTH & AFFLUENT MONITOR

Sizing/Ranking/Methodology The Phoenix Wealth and Affluent Monitor (W&AM) U.S. Study is able to provide

estimates of the number of affluent and HNW households in the country. Sizing estimates are available at the State level as well as by Core-Based Statistical Areas (CBSAs) – this report focuses on state-level data.

The W&AM sizing estimates are developed using a combination of sources including the Survey of Consumer Finance (SCF), as well as Nielsen-Claritas. The SCF provides the framework and allows us to determine the general distribution of households by their level of investable assets. Estimates are further refined using the age and income distributions provided by Claritas. Together, these inputs enable us to estimate the number of households by investable assets at a national level. Formulas are then created by applying national estimates to closely linked variables developed by the Census, which allows us to obtain estimates at smaller units of geography.

Please note that the numbers provided in this report are approximations, not exact actual number of households. They are intended to be used for comparative purposes.

Rankings are based on the percentage of millionaire households out of total estimated households in the state, and go from 1 to 51 (District of Columbia is included).

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2019 Top & Bottom Ranked StatesW EALTH & AFFLUENT MONITOR

1 2 3 4 5

51 50 49 48 47

New Jersey Maryland Connecticut Massachusetts Hawaii

Mississippi West Virginia Arkansas Kentucky Louisiana

• 2nd year in a row ranked #1

• Has ranked in the top-four every year since 2006

• Ratio has gone up 2% in two years

• Trails New Jersey by only .04%

• Moves up two spots from 2018, after ranking #1 from 2011 to 2017

• Fourteenth consecutive year ranked among the top-five states

• Three years in a row at #3

• Increased one spot from 2018, and has slowly improved in recent years, after ranking 7th in 2014

• Hawaii rounds out the top-five after finishing 6th in 2018, and historically ranking in the top-five on average

• The lowest ratio of millionaires reside in Mississippi, for the seventh consecutive year

• Typically ranked near the bottom over the last ten years, 2019 marks West Virginia’s third year in a row ranked 50th

• Arkansas yields the 3rd-lowest ratio of millionaires for the third straight year, and has placed bottom-three since 2007

• Kentucky remains in the bottom five states for the 14th consecutive year (since 2006)

• Louisiana has moved up and down in recent years, falling from 39th in 2018 to 47th this year, after having peaked at 32nd in 2013


Biggest Movers in 2019W EALTH & AFFLUENT MONITOR

Arizona | Idaho | Indiana | South Carolina+4 Spots

Four states each move up four spots in the 2019 rankings South Carolina improves to #37 overall, its first time back in the

top-40 states since 2012 Arizona breaks into the top-half of rankings at #25 overall,

improving for the third time in the last four years Idaho and Indiana gain four rank spots in 2019, but continue to

place around 40th overall in the country over the last several years

Georgia | Nevada+3 Spots

Georgia moves up to 24th-highest, continuing a steady upward trend since ranking merely 40th in 2014

Nevada (32nd) reaches its highest rank since it was a top-20 state from 2010 to 2012



Biggest Movers in 2019W EALTH & AFFLUENT MONITOR

Wyoming-11 Spots

Wyoming suffers the worst decline this year, falling 11 spots to #35 overall

This continues a notable downward trend for Wyoming, which ranked as high as 15th in 2017

Louisiana-8 Spots

Following a five-year trend with an average rank of 40th, Louisiana drops eight spots this year to 47th lowest

Washington D.C. | Kansas | South Dakota-4 Spots

Kansas and South Dakota fall four spots each but remain mid-tier in the country

D.C. moves from 2nd to 6th, though is still the only “state” outside the top-five with over 9% millionaires

Copyright © Phoenix Marketing International 2020. All rights reserved.


2019 Detailed State Ranking TableW EALTH & AFFLUENT MONITOR

Rank StateTotal

Households

$1MM+ Investable

Assets

Ratio Millionaires to Total HH

VS. 2018 Rank StateTotal

Households

$1MM+ Investable

Assets


VS. 2018

1 New Jersey 3,312,916 323,443 9.76% 27 Florida 8,464,598 496,971 5.87% -22 Maryland 2,274,491 221,189 9.72% +2 28 Nebraska 770,566 45,130 5.86% +23 Connecticut 1,380,296 130,291 9.44% 29 Wisconsin 2,370,721 138,283 5.83% +24 Massachusetts 2,710,577 254,201 9.38% +1 30 Kansas 1,142,371 66,406 5.81% -45 Hawaii 482,601 44,383 9.20% +1 31 Iowa 1,280,747 73,129 5.71% +16 District of Columbia 323,410 29,506 9.12% -4 32 Nevada 1,137,374 63,752 5.61% +37 California 13,477,890 1,147,251 8.51% +1 33 Maine 571,089 31,993 5.60% +18 New Hampshire 539,929 45,758 8.47% -1 34 Ohio 4,713,750 261,157 5.54% -19 Virginia 3,272,722 272,103 8.31% +1 35 Wyoming 235,738 12,849 5.45% -11

10 Alaska 272,739 22,302 8.18% -1 36 North Carolina 4,111,516 224,054 5.45% +111 Washington 2,971,172 233,155 7.85% 37 South Carolina 2,016,355 108,812 5.40% +412 New York 7,584,043 570,456 7.52% 38 Missouri 2,452,321 132,176 5.39%13 Colorado 2,275,868 170,223 7.48% 39 Indiana 2,596,546 138,739 5.34% +414 Minnesota 2,250,486 167,206 7.43% 40 South Dakota 354,470 18,905 5.33% -415 Il l inois 4,865,837 346,873 7.13% 41 Montana 450,459 23,785 5.28% +116 Utah 1,016,121 71,613 7.05% +2 42 Tennessee 2,674,857 139,335 5.21% -217 Delaware 371,672 25,937 6.98% -1 43 Idaho 654,878 33,656 5.14% +418 Rhode Island 420,830 28,165 6.69% -1 44 New Mexico 813,135 40,450 4.97% +119 Pennsylvania 5,109,218 328,859 6.44% +1 45 Oklahoma 1,543,632 75,567 4.90% -120 Oregon 1,692,389 108,858 6.43% +2 46 Alabama 1,935,466 94,259 4.87%21 Texas 10,285,623 650,216 6.32% -2 47 Louisiana 1,820,554 87,565 4.81% -822 Vermont 260,740 16,411 6.29% +1 48 Kentucky 1,781,341 83,624 4.69%23 North Dakota 324,512 20,002 6.16% -2 49 Arkansas 1,189,790 51,532 4.33%24 Georgia 3,940,078 239,287 6.07% +3 50 West Virginia 749,518 31,535 4.21%25 Arizona 2,670,859 161,014 6.03% +4 51 Mississippi 1,131,470 47,279 4.18%26 Michigan 3,968,527 236,858 5.97% +2 Total 125,018,808 8,386,508 6.71%

2019 2019

2019

20192019

RankStateTotal Households$1MM+ Investable AssetsRatio Millionaires to Total HHVS. 2018RankStateTotal Households$1MM+ Investable AssetsRatio Millionaires to Total HHVS. 2018

1New Jersey3,312,916323,4439.76%27Florida8,464,598496,9715.87%-2

2Maryland2,274,491221,1899.72%+228Nebraska770,56645,1305.86%+2

3Connecticut1,380,296130,2919.44%29Wisconsin2,370,721138,2835.83%+2

4Massachusetts2,710,577254,2019.38%+130Kansas1,142,37166,4065.81%-4

5Hawaii482,60144,3839.20%+131Iowa1,280,74773,1295.71%+1

6District of Columbia323,41029,5069.12%-432Nevada1,137,37463,7525.61%+3

7California13,477,8901,147,2518.51%+133Maine571,08931,9935.60%+1

8New Hampshire539,92945,7588.47%-134Ohio4,713,750261,1575.54%-1

9Virginia3,272,722272,1038.31%+135Wyoming235,73812,8495.45%-11

10Alaska272,73922,3028.18%-136North Carolina4,111,516224,0545.45%+1

11Washington2,971,172233,1557.85%37South Carolina2,016,355108,8125.40%+4

12New York7,584,043570,4567.52%38Missouri2,452,321132,1765.39%

13Colorado2,275,868170,2237.48%39Indiana2,596,546138,7395.34%+4

14Minnesota2,250,486167,2067.43%40South Dakota354,47018,9055.33%-4

15Illinois4,865,837346,8737.13%41Montana450,45923,7855.28%+1

16Utah1,016,12171,6137.05%+242Tennessee2,674,857139,3355.21%-2

17Delaware371,67225,9376.98%-143Idaho654,87833,6565.14%+4

18Rhode Island420,83028,1656.69%-144New Mexico813,13540,4504.97%+1

19Pennsylvania5,109,218328,8596.44%+145Oklahoma1,543,63275,5674.90%-1

20Oregon1,692,389108,8586.43%+246Alabama1,935,46694,2594.87%

21Texas10,285,623650,2166.32%-247Louisiana1,820,55487,5654.81%-8

22Vermont260,74016,4116.29%+148Kentucky1,781,34183,6244.69%

23North Dakota324,51220,0026.16%-249Arkansas1,189,79051,5324.33%

24Georgia3,940,078239,2876.07%+350West Virginia749,51831,5354.21%

25Arizona2,670,859161,0146.03%+451Mississippi1,131,47047,2794.18%

26Michigan3,968,527236,8585.97%+2Total125,018,8088,386,5086.71%

Largest gainers in millionaires per capita

Larest losers in millionaires per capita

2018 (2)

20182018


1New Jersey3,283,467293,9928.95%+127Georgia3,891,635211,6625.44%+5

2District of Columbia316,92728,3258.94%+928Michigan3,944,777214,3155.43%+1

3Connecticut1,373,068122,0458.89%29Arizona2,637,329142,0855.39%+1

4Maryland2,261,087200,0748.85%-330Nebraska764,86240,5495.30%-4

5Massachusetts2,686,137230,9328.60%+131Wisconsin2,359,204124,9685.30%-3

6Hawaii484,40541,0638.48%-232Iowa1,275,07066,4425.21%-8

7New Hampshire534,88842,6697.98%33Ohio4,686,753243,6085.20%

8California13,388,6531,042,0277.78%+234Maine567,48629,0435.12%

9Alaska274,39121,1697.71%-435Nevada1,115,12256,7485.09%

10Virginia3,248,928248,9587.66%-236South Dakota352,61117,7765.04%

11Washington2,919,671205,4467.04%+237North Carolina4,061,714201,4494.96%+5

12New York7,533,370529,3037.03%+538Missouri2,441,372120,9384.95%-1

13Colorado2,251,735158,0737.02%+139Louisiana1,821,63489,0974.89%+4

14Minnesota2,220,975150,1376.76%-240Tennessee2,646,608128,7384.86%+6

15Illinois4,859,251326,0816.71%+341South Carolina1,988,95396,0844.83%+3

16Delaware367,59324,6156.70%-742Montana446,17621,5304.83%-2

17Rhode Island418,29527,1706.50%-143Indiana2,579,621122,9744.77%-5

18Utah999,46263,8706.39%+144Oklahoma1,543,81673,3254.75%-5

19Texas10,131,556622,0656.14%+445New Mexico809,28737,5204.64%-4

20Pennsylvania5,090,306309,1746.07%+246Alabama1,929,04387,8494.55%+1

21North Dakota327,39319,2485.88%-147Idaho639,11028,9284.53%-2

22Oregon1,671,06397,1605.81%+348Kentucky1,772,38277,6714.38%

23Vermont260,60715,0905.79%-249Arkansas1,181,65845,9853.89%

24Wyoming239,44113,1305.48%-950West Virginia756,67129,0313.84%

25Florida8,314,234454,8785.47%+651Mississippi1,133,14941,6853.68%

26Kansas1,140,01462,0735.44%+1Total123,942,9607,698,7656.21%



2018

20182018


1New Jersey3,283,467293,9928.95%+127Georgia3,891,635211,6625.44%+5

2District of Columbia316,92728,3258.94%+928Michigan3,944,777214,3155.43%+1

3Connecticut1,373,068122,0458.89%29Arizona2,637,329142,0855.39%+1

4Maryland2,261,087200,0748.85%-330Nebraska764,86240,5495.30%-4

5Massachusetts2,686,137230,9328.60%+131Wisconsin2,359,204124,9685.30%-3

6Hawaii484,40541,0638.48%-232Iowa1,275,07066,4425.21%-8

7New Hampshire534,88842,6697.98%33Ohio4,686,753243,6085.20%

8California13,388,6531,042,0277.78%+234Maine567,48629,0435.12%

9Alaska274,39121,1697.71%-435Nevada1,115,12256,7485.09%

10Virginia3,248,928248,9587.66%-236South Dakota352,61117,7765.04%

11Washington2,919,671205,4467.04%+237North Carolina4,061,714201,4494.96%+5

12New York7,533,370529,3037.03%+538Missouri2,441,372120,9384.95%-1


14Minnesota2,220,975150,1376.76%-240Tennessee2,646,608128,7384.86%+6

15Illinois4,859,251326,0816.71%+341South Carolina1,988,95396,0844.83%+3


17Rhode Island418,29527,1706.50%-143Indiana2,579,621122,9744.77%-5

18Utah999,46263,8706.39%+144Oklahoma1,543,81673,3254.75%-5

19Texas10,131,556622,0656.14%+445New Mexico809,28737,5204.64%-4

20Pennsylvania5,090,306309,1746.07%+246Alabama1,929,04387,8494.55%+1

21North Dakota327,39319,2485.88%-147Idaho639,11028,9284.53%-2

22Oregon1,671,06397,1605.81%+348Kentucky1,772,38277,6714.38%

23Vermont260,60715,0905.79%-249Arkansas1,181,65845,9853.89%


25Florida8,314,234454,8785.47%+651Mississippi1,133,14941,6853.68%

26Kansas1,140,01462,0735.44%+1Total123,942,9607,698,7656.21%



2017

20172017


1Maryland2,263,021178,0037.87%27Kansas1,144,28762,1685.43%-2

2New Jersey3,294,365258,9887.86%+128Wisconsin2,354,510127,2605.40%

3Connecticut1,379,979106,8927.75%-129Michigan3,939,976210,9575.35%

4Hawaii487,70836,9037.57%30Arizona2,595,635137,3595.29%

5Alaska272,49620,4447.50%31Florida8,173,428427,8245.23%+1

6Massachusetts2,682,402198,7507.41%32Georgia3,854,460200,3955.20%+2

7New Hampshire532,37639,2097.36%33Ohio4,685,647243,1185.19%-2

8Virginia3,242,493226,1676.98%34Maine565,29329,3015.18%+1

9Delaware365,66624,2126.62%+135Nevada1,096,91656,4525.15%+2

10California13,384,483885,2256.61%+136South Dakota349,39717,7725.09%-3

11District of Columbia312,54620,5346.57%-237Missouri2,439,229122,3235.01%+1

12Minnesota2,206,236144,9446.57%38Indiana2,575,466128,6004.99%+2

13Washington2,865,392186,3966.51%+139Oklahoma1,543,59976,8194.98%+2

14Colorado2,217,977143,5646.47%-140Montana441,22221,9534.98%-4

15Wyoming240,37814,9896.24%+541New Mexico810,60940,0314.94%+2

16Rhode Island418,81526,0326.22%-142North Carolina4,019,126196,0944.88%

17New York7,568,120465,4796.15%+143Louisiana1,818,50488,3714.86%-4

18Illinois4,886,159300,1426.14%-244South Carolina1,960,25594,6754.83%

19Utah978,82659,3906.07%-245Idaho625,83430,1104.81%+1

20North Dakota327,53619,6626.00%+146Tennessee2,625,681122,5854.67%-1

21Vermont261,09515,3635.88%-247Alabama1,928,66988,8804.61%

22Pennsylvania5,099,166294,0025.77%48Kentucky1,768,85279,2054.48%

23Texas10,005,417566,5785.66%49Arkansas1,178,43850,1064.25%+1

24Iowa1,270,56671,2125.60%50West Virginia763,79732,0824.20%-1

25Oregon1,639,49389,3835.45%+251Mississippi1,134,57845,7714.03%

26Nebraska760,51041,3485.44%Total123,356,6297,164,0225.81%

2016

20162016


1Maryland2,254,798170,1407.55%27Oregon1,607,72082,5665.14%+3

2Connecticut1,382,565102,2927.40%28Wisconsin2,345,698119,2445.08%-

3New Jersey3,289,113242,9577.39%+129Michigan3,929,629199,6285.08%+5

4Hawaii483,32935,5407.35%-130Arizona2,556,662128,1865.01%+5

5Alaska271,69119,4267.15%31Ohio4,672,122234,1545.01%+5

6Massachusetts2,661,460185,8956.98%32Florida7,994,749396,9404.97%-1

7New Hampshire530,42436,1996.82%-33South Dakota347,86516,9954.89%-7

8Virginia3,223,503213,9776.64%-34Georgia3,802,007185,1164.87%+3

9District of Columbia305,23119,2896.32%+135Maine565,15727,5084.87%-6


11California13,272,794832,8496.27%+237Nevada1,075,91451,8164.82%+4

12Minnesota2,190,378135,2896.18%-138Missouri2,428,974115,9294.77%+1


14Washington2,813,040169,7016.03%+340Indiana2,566,592119,3984.65%-2

15Rhode Island418,03325,0145.98%+441Oklahoma1,529,23071,1134.65%+1

16Illinois4,893,577289,1535.91%+442North Carolina3,976,162183,3664.61%+2

17Utah960,12656,6925.90%+543New Mexico810,95637,3614.61%-11

18New York7,543,815444,6165.89%-344South Carolina1,929,50588,3944.58%-1

19Vermont261,00215,1325.80%-745Tennessee2,604,209117,8164.52%-

20Wyoming239,63113,8425.78%-446Idaho617,75727,6494.48%+1

21North Dakota324,97418,0635.56%-347Alabama1,925,51085,8244.46%-1

22Pennsylvania5,087,465282,7405.56%-148Kentucky1,762,62176,1054.32%+1

23Texas9,804,313526,9775.37%+249West Virginia765,83632,2864.22%-1

24Iowa1,262,62467,3345.33%-150Arkansas1,173,62547,8994.08%-

25Kansas1,141,18460,0025.26%+251Mississippi1,134,35542,8073.77%-

26Nebraska753,99639,2205.20%-2Total122,265,4376,752,1415.52%

2015

20152015


1Maryland2,237,507172,2497.70%27Kansas1,137,13457,6765.07%-2

2Connecticut1,383,854100,9967.30%28Wisconsin2,336,787116,6484.99%+1

3Hawaii478,31734,6787.25%+129Maine562,62927,8814.96%-1

4New Jersey3,273,605237,0647.24%-130Oregon1,585,29578,0994.93%+5

5Alaska273,22518,7266.85%31Florida7,839,517383,2904.89%+1

6Massachusetts2,638,781179,6576.81%+132New Mexico811,36539,3214.85%-2

7New Hampshire527,26935,8466.80%+133Montana431,68320,8994.84%+6

8Virginia3,201,996215,4516.73%-234Michigan3,915,936188,7054.82%-3

9Delaware357,32822,7826.38%35Arizona2,510,996120,3154.79%-2

10District of Columbia299,67218,8616.29%36Ohio4,651,051221,6674.77%

11Minnesota2,172,362130,3306.00%+537Georgia3,755,662175,5574.67%+3

12Vermont260,54015,4355.92%-138Indiana2,556,127118,0944.62%+3

13California13,097,549772,5555.90%39Missouri2,418,499111,4834.61%-5

14Colorado2,127,178124,5145.85%+440Louisiana1,796,63882,4734.59%-2

15New York7,502,148437,8895.84%41Nevada1,054,25148,2304.57%-4

16Wyoming240,40014,0165.83%+142Oklahoma1,520,32769,1584.55%

17Washington2,770,334161,2205.82%-343South Carolina1,899,61885,7314.51%+1

18North Dakota318,19018,4925.81%+244North Carolina3,936,705177,2914.50%-1

19Rhode Island416,12624,1625.81%-745Tennessee2,580,393114,2954.43%+2

20Illinois4,894,599280,2665.73%-146Alabama1,919,96284,8024.42%-1

21Pennsylvania5,078,566275,7925.43%47Idaho606,75226,5554.38%+3

22Utah945,29050,9035.38%+248West Virginia767,36133,2594.33%-2

23Iowa1,253,52066,2855.29%49Kentucky1,756,59674,3894.23%-1

24Nebraska748,59039,0075.21%-250Arkansas1,171,88648,4574.13%-1

25Texas9,600,635490,6345.11%+251Mississippi1,133,79844,6263.94%

26South Dakota344,60817,4875.07%Total121,099,1576,504,2015.37%

2014

20142014


1Maryland2,220,791170,2497.67%27Texas9,468,956468,3924.95%-5

2Connecticut1,382,02699,9667.23%+128Maine561,96427,3224.86%-3

3New Jersey3,258,464232,5147.14%-129Wisconsin2,323,821111,3584.79%-1

4Hawaii473,75032,8296.93%30New Mexico812,90938,1664.69%-3

5Alaska272,76218,6046.82%31Michigan3,899,340180,6154.63%+6

6Virginia3,173,330214,3616.76%+132Florida7,745,850358,1914.62%-2

7Massachusetts2,612,989174,1146.66%-133Arizona2,482,555114,6844.62%+1

8New Hampshire525,49034,9216.65%34Missouri2,404,069110,4314.59%-1

9Delaware353,88722,9056.47%35Oregon1,571,25371,5624.55%-4

10District of Columbia292,39818,2676.25%36Ohio4,628,997210,6114.55%

11Vermont259,03615,1685.86%+737Nevada1,042,75446,5604.47%+2

12Rhode Island414,11424,0565.81%+538Louisiana1,785,26379,6854.46%-6

13California13,003,529753,1435.79%-239Montana425,08918,8854.44%+1

14Washington2,737,011156,8175.73%-140Georgia3,734,136165,7054.44%-5

15New York7,461,926427,1475.72%-341Indiana2,537,304111,6314.40%+4

16Minnesota2,147,610122,8625.72%-242Oklahoma1,503,68565,8334.38%

17Wyoming237,89113,5445.69%+343North Carolina3,895,324170,5014.38%+1

18Colorado2,088,780118,2935.66%-244South Carolina1,874,99481,6924.36%-1

19Illinois4,886,204266,4705.45%-445Alabama1,915,16282,9144.33%-4

20North Dakota304,16016,5185.43%+946West Virginia767,97732,5124.23%+2

21Pennsylvania5,073,114268,2335.29%-247Tennessee2,568,174107,5364.19%-1

22Nebraska742,57238,5355.19%+248Kentucky1,749,22772,3744.14%-1

23Iowa1,242,91264,0475.15%+349Arkansas1,167,61346,8134.01%+1

24Utah928,72947,6635.13%-350Idaho598,42823,9754.01%-1

25Kansas1,135,19556,6184.99%-251Mississippi1,131,47943,1383.81%

26South Dakota338,31216,7424.95%+12Total120,163,3056,265,6685.21%

2013

20132013


1Maryland2,199,912169,2877.70%27New Mexico815,45337,9574.65%+7

2New Jersey3,238,448242,6477.49%+128Wisconsin2,312,821106,6474.61%+1

3Connecticut1,376,955100,7547.32%+129North Dakota293,99413,4944.59%+14

4Hawaii466,70533,5207.18%-230Florida7,631,375348,6234.57%-10

5Alaska269,89018,2096.75%+131Oregon1,559,40670,7314.54%-6

6Massachusetts2,587,868174,2256.73%-132Louisiana1,774,06079,6814.49%+10

7Virginia3,137,169208,1876.64%33Missouri2,399,696106,3904.43%+2

8New Hampshire522,86733,8676.48%+134Arizona2,453,991108,6824.43%-13

9Delaware349,79421,6796.20%+235Georgia3,694,439163,1444.42%-5

10District of Columbia284,86717,3786.10%36Ohio4,625,934204,1214.41%-4

11California12,883,977777,6246.04%-337Michigan3,883,070169,9914.38%-10

12New York7,408,730429,1535.79%38South Dakota333,00114,5534.37%+8

13Washington2,711,326155,6685.74%39Nevada1,022,47844,4374.35%-20

14Minnesota2,131,481118,4105.56%+340Montana420,80018,1064.30%+4

15Illinois4,884,048270,4145.54%41Alabama1,905,88680,1384.20%+1

16Colorado2,057,819113,9145.54%42Oklahoma1,496,64662,2334.16%+5

17Rhode Island413,19622,8455.53%-143South Carolina1,852,78676,8314.15%-5

18Vermont259,01513,6305.26%+444North Carolina3,853,043158,4474.11%-4

19Pennsylvania5,060,354265,3505.24%+545Indiana2,532,022101,7894.02%-8

20Wyoming231,87712,0585.20%+346Tennessee2,542,865101,4653.99%-1

21Utah917,04345,3934.95%-347Kentucky1,748,83267,0683.84%+1

22Texas9,336,438456,9494.89%+448West Virginia767,94529,3673.82%+1

23Kansas1,128,77654,2664.81%+549Idaho595,10622,3793.76%-10

24Nebraska736,87734,9164.74%+750Arkansas1,167,42843,5883.73%+1

25Maine560,00626,2764.69%+1151Mississippi1,128,84240,9553.63%

26Iowa1,239,15258,0954.69%+7Total119,206,5096,145,5335.16%

2012

20122012


1Maryland2,179,476159,2867.31%27Michigan3,866,579179,8634.65%-1

2Hawaii461,43833,6397.29%28Kansas1,127,02152,3204.64%

3New Jersey3,236,020235,2927.27%29Wisconsin2,308,632106,8414.63%+1

4Connecticut1,375,45599,2357.21%30Georgia3,678,015170,1034.62%-1

5Massachusetts2,569,813167,4156.51%31Nebraska733,56732,4564.42%+1

6Alaska264,74817,1336.47%32Ohio4,609,230203,7064.42%-1

7Virginia3,123,109198,5166.36%33Iowa1,236,06054,5144.41%

8California12,732,704774,9016.09%-134New Mexico814,58335,6114.37%

9New Hampshire527,20632,0846.09%35Missouri2,411,179105,0734.36%

10District of Columbia271,60416,3536.02%36Maine567,25924,2644.28%

11Delaware346,71620,3585.87%37Indiana2,529,002107,6674.26%

12New York7,386,838419,2645.68%38South Carolina1,851,61078,0004.21%

13Washington2,680,136148,3335.53%39Idaho598,59525,1444.20%

14Colorado2,019,541111,5345.52%40North Carolina3,851,922160,3324.16%

15Illinois4,878,682268,4875.50%41Louisiana1,757,18472,7194.14%

16Rhode Island414,76122,6255.45%42Alabama1,915,29077,7944.06%+1

17Minnesota2,121,163115,5755.45%43North Dakota287,98911,6974.06%+2

18Utah908,89247,0535.18%+244Montana418,93917,0104.06%-2

19Nevada1,029,24952,8175.13%-145Tennessee2,530,432102,0154.03%-1

20Florida7,531,011379,0185.03%-146South Dakota330,71213,2994.02%

21Arizona2,439,788122,2685.01%47Oklahoma1,491,44559,4723.99%

22Vermont260,34413,0425.01%48Kentucky1,748,15066,2423.79%

23Wyoming233,72511,6294.98%49West Virginia776,12927,9213.60%

24Pennsylvania5,071,561252,1594.97%50Mississippi1,134,07439,6063.49%+1

25Oregon1,548,80373,7314.76%51Arkansas1,173,35340,7903.48%-1

26Texas9,222,834436,3774.73%+1Total118,582,5686,092,5855.14%

2011

20112011


1Maryland2,186,613157,7797.22%+127Texas8,962,137417,0504.65%-1

2Hawaii464,35233,4617.21%-128Kansas1,115,07851,2244.59%+2

3New Jersey3,220,564231,4567.19%29Georgia3,579,336164,3734.59%

4Connecticut1,379,72398,3927.13%30Wisconsin2,272,648104,2744.59%-2

5Massachusetts2,538,474162,6196.41%31Ohio4,599,428202,2754.40%+1

6Alaska254,10316,2396.39%32Nebraska720,19631,6174.39%-1

7Virginia3,113,444195,0066.26%33Iowa1,218,01352,7904.33%

8New Hampshire514,05331,1596.06%34New Mexico791,58534,1574.31%

9California12,487,377750,6866.01%35Missouri2,393,887102,9594.30%

10District of Columbia265,55815,6035.88%36Maine561,66723,8654.25%

11Delaware348,77420,1405.77%37Indiana2,537,932107,3254.23%+1

12New York7,196,816403,3075.60%38South Carolina1,837,17376,6594.17%+1

13Washington2,626,668143,7065.47%39Idaho580,50924,0694.15%-2

14Colorado1,947,817106,2165.45%+340North Carolina3,793,073156,9474.14%+1

15Illinois4,750,715258,1965.43%41Louisiana1,723,95570,0424.06%+1

16Rhode Island412,52422,2425.39%-242Montana401,48516,1784.03%-2

17Minnesota2,086,981112,4385.39%-143Alabama1,922,89576,9864.00%

18Nevada1,014,69351,5655.08%44Tennessee2,555,775101,6043.98%

19Florida7,492,687376,3435.02%45North Dakota278,34610,9793.94%+2

20Utah881,35444,2585.02%+246South Dakota320,19712,6243.94%-1

21Arizona2,374,847117,8434.96%47Oklahoma1,477,98358,1483.93%-1

22Vermont255,19412,6034.94%+148Kentucky1,766,30265,7623.72%


24Pennsylvania5,018,137246,1314.90%50Arkansas1,157,40039,7493.43%

25Oregon1,506,26470,8684.70%51Mississippi1,124,67238,5743.43%

26Michigan3,821,022178,3224.67%+1Total116,862,3905,935,9735.08%

2010

20102010


1Hawaii444,20230,7936.93%-27Michigan3,846,728166,6114.33%-1

2Maryland2,129,773144,6866.79%-28Wisconsin2,252,66497,2664.32%-1

3New Jersey3,175,894212,3966.69%-29Georgia3,639,796156,9434.31%-

4Connecticut1,347,69389,6476.65%-30Kansas1,096,73647,2264.31%-

5Massachusetts2,521,928150,8445.98%+131Nebraska704,04929,2724.16%+2

6Alaska248,00914,8055.97%+132Ohio4,566,369188,9084.14%-1

7Virginia3,043,091180,6385.94%-233Iowa1,204,90649,4514.10%-1

8New Hampshire514,66729,7905.79%-34New Mexico766,05031,1454.07%+2

9California12,653,856716,3165.66%-35Missouri2,364,93395,3124.03%-1

10District of Columbia262,97614,5335.53%-36Maine553,49322,1914.01%-1

11Delaware343,32218,4125.36%-37Idaho575,62122,9173.98%+2

12New York7,263,927381,1975.25%-38Indiana2,501,28099,4403.98%-1

13Washington2,577,274133,5825.18%-39South Carolina1,802,90471,1143.94%-1

14Rhode Island409,57520,8735.10%+140Montana394,19615,4913.93%-

15Illinois4,800,176242,5365.05%+141North Carolina3,725,318144,0293.87%-

16Minnesota2,057,554103,6415.04%+242Louisiana1,701,74565,3823.84%+1

17Colorado1,949,58398,0855.03%-43Alabama1,881,96671,2243.78%-1

18Nevada990,85548,2204.87%-444Tennessee2,519,91494,5603.75%-

19Florida7,455,767362,2854.86%-45South Dakota317,03011,8653.74%+2

20Wyoming219,30910,6314.85%+146Oklahoma1,442,98553,9103.74%-1

21Arizona2,458,106117,0944.76%-147North Dakota265,7869,9073.73%-1

22Utah891,90142,2384.74%-48Kentucky1,743,58761,3153.52%-

23Vermont252,58411,8064.67%-49West Virginia761,49326,0903.43%-

24Pennsylvania4,934,144227,6804.61%-50Arkansas1,138,31836,8543.24%-

25Oregon1,513,33666,8394.42%-51Mississippi1,113,21735,8473.22%-

26Texas8,796,031381,1654.33%+2Total116,136,6175,555,0024.78%

2009

20092009

RankStateTotal Households$1MM+ Investable AssetsRatio Millionaires to Total HHRankStateTotal Households$1MM+ Investable AssetsRatio Millionaires to Total HH

1Hawaii442,14428,3636.41%27Wisconsin2,244,12789,9774.01%

2Maryland2,128,530133,2996.26%28Texas8,650,034346,3024.00%


4Connecticut1,346,85082,8376.15%30Kansas1,085,56743,2053.98%

5Virginia3,024,189166,5965.51%31Ohio4,563,201177,5123.89%

6Massachusetts2,504,234137,7925.50%32Iowa1,197,79545,8983.83%

7Alaska247,66313,3485.39%33Nebraska701,13226,7403.81%


9California12,553,966662,7355.28%35Maine555,25020,9973.78%

10District of Columbia260,74913,0285.00%36New Mexico762,68828,6663.76%




14Nevada987,89446,1754.67%40Montana390,04314,4743.71%

15Rhode Island412,34819,2724.67%41North Carolina3,660,988133,6483.65%

16Illinois4,787,419223,6364.67%42Alabama1,867,71366,3143.55%

17Colorado1,909,03789,0924.67%43Louisiana1,685,51759,7473.54%

18Minnesota2,049,84595,3214.65%44Tennessee2,499,45388,2843.53%

19Florida7,458,092344,8424.62%45Oklahoma1,432,40550,3043.51%

20Arizona2,415,231107,3554.44%46North Dakota264,9689,0513.42%

21Wyoming214,4239,4894.43%47South Dakota314,15110,6463.39%

22Utah863,31037,3694.33%48Kentucky1,731,38457,0593.30%

23Vermont253,34410,9414.32%49West Virginia759,82324,9413.28%

24Pennsylvania4,907,949211,1624.30%50Arkansas1,131,31235,2863.12%


26Michigan3,886,432157,6424.06%Total115,306,1035,139,3854.46%

2008

20082008


1Hawaii442,27432,1037.26%27Kansas1,082,38547,6134.40%

2Maryland2,144,808148,3956.92%28Wisconsin2,233,10598,1094.39%


4Connecticut1,353,56492,2826.82%30Texas8,469,530362,6934.28%

5Massachusetts2,502,147150,9066.03%31Nebraska702,72330,0134.27%

6Virginia3,003,153179,7525.99%32New Mexico755,99332,2744.27%

7California12,588,862722,6815.74%33Ohio4,573,875193,7124.24%

8District of Columbia257,81914,7815.73%34Iowa1,200,92250,2144.18%


10Alaska242,68713,4175.53%36Maine559,36423,0684.12%



13Florida7,398,258386,0775.22%39North Carolina3,573,460143,9844.03%

14Rhode Island416,37921,6985.21%40Alabama1,859,09674,1623.99%

15Illinois4,786,787247,1655.16%41South Dakota308,61112,1513.94%

16Minnesota2,040,608104,4355.12%42Montana385,84715,1493.93%

17Nevada980,06849,5745.06%43Louisiana1,660,62465,1633.92%


19Colorado1,877,77993,6054.98%45Tennessee2,454,61795,0243.87%

20Arizona2,374,996114,7444.83%46North Dakota263,10710,1483.86%

21Pennsylvania4,916,414233,3494.75%47Oklahoma1,421,63153,6893.78%

22Vermont254,93211,9674.69%48Kentucky1,718,12563,9913.72%

23Michigan3,916,061181,7484.64%49West Virginia762,65527,6293.62%

24Wyoming209,9519,7354.64%50Arkansas1,129,11839,5973.51%


26Utah835,53837,0744.44%Total114,694,2015,607,9894.89%

2007

20072007


1New Jersey3,210,592228,4427.12%27Wyoming207,24810,1604.90%

2Maryland2,143,128151,7567.08%28Ohio4,578,456224,3054.90%

3Connecticut1,358,17095,0287.00%29Oregon1,456,02171,0464.88%

4Hawaii438,89329,3656.69%30Kansas1,075,66651,5804.80%

5Massachusetts2,493,707156,2086.26%31Indiana2,468,351118,3064.79%

6Virginia2,979,225186,5766.26%32Texas8,333,041393,6404.72%

7Delaware333,26320,2746.08%33Iowa1,191,01356,2354.72%

8Alaska240,84214,5946.06%34Nebraska697,60032,8964.72%


10California12,461,651720,7335.78%36Maine557,04325,9604.66%

11Colorado1,841,538105,3515.72%37New Mexico750,42834,6104.61%

12Minnesota2,026,451115,5875.70%38South Carolina1,704,37678,2854.59%

13Illinois4,760,856269,0985.65%39North Carolina3,496,649160,3074.58%

14Michigan3,936,519214,0695.44%40Alabama1,841,00681,9944.45%

15Washington2,489,441133,8125.38%41Tennessee2,415,110107,3554.45%

16Nevada952,86451,1535.37%42Idaho540,84723,6524.37%

17Rhode Island424,21622,5505.32%43Montana382,77816,5114.31%

18Florida7,308,878387,8865.31%44Louisiana1,632,82469,2964.24%

19New York7,235,413381,7865.28%45Kentucky1,699,59070,7204.16%

20District of Columbia261,79213,7765.26%46Oklahoma1,406,41257,7894.11%

21Arizona2,297,734120,1165.23%47South Dakota306,17612,5634.10%

22Vermont253,58213,1635.19%48North Dakota262,50110,7634.10%

23Pennsylvania4,916,948252,3265.13%49West Virginia759,93730,3744.00%

24Wisconsin2,228,294112,6925.06%50Arkansas1,112,64343,5333.91%

25Utah801,82139,6704.95%51Mississippi1,108,62942,7033.85%

26Georgia3,439,800170,1604.95%Total113,668,0035,970,9295.25%

2006

20062006


1Hawaii433,43429,4236.79%27Kansas1,067,28947,8554.48%

2New Jersey3,216,409207,6936.46%28Ohio4,570,485203,4044.45%

3Maryland2,131,079132,3546.21%29Nebraska691,59729,8624.32%

4Connecticut1,362,86284,5086.20%30Texas8,166,147350,7274.29%

5Massachusetts2,504,160141,1865.64%31Iowa1,177,64650,5294.29%

6Delaware327,41917,9395.48%32Missouri2,298,77098,2794.28%

7Virginia2,924,931159,3955.45%33Indiana2,448,619104,5394.27%

8California12,284,895663,3945.40%34Georgia3,325,526141,7014.26%

9District of Columbia241,39112,8715.33%35Wyoming205,5968,7084.24%

10Florida7,127,034369,9125.19%36New Mexico734,37430,8914.21%

11New Hampshire513,92326,4985.16%37North Carolina3,418,306140,5014.11%

12Illinois4,744,796243,3505.13%38South Carolina1,672,11368,1784.08%

13New York7,199,377368,3885.12%39Maine555,59722,2184.00%

14Alaska237,88412,1675.11%40Alabama1,819,18472,2993.97%

15Colorado1,800,35089,8964.99%41Tennessee2,377,19194,4193.97%

16Minnesota2,003,49899,2464.95%42Idaho521,11720,4933.93%

17Washington2,432,897118,1324.86%43North Dakota259,46410,1633.92%

18Michigan3,933,380190,8714.85%44South Dakota302,49311,7693.89%

19Arizona2,211,235105,7224.78%45Oklahoma1,391,52153,9393.88%

20Rhode Island428,94120,2294.72%46Louisiana1,714,65364,9723.79%

21Nevada914,85242,8884.69%47Montana378,24214,1553.74%

22Utah778,05836,3484.67%48Arkansas1,098,28040,7563.71%

23Pennsylvania4,903,270228,2704.66%49Kentucky1,681,81862,3943.71%

24Wisconsin2,202,20799,9764.54%50West Virginia759,12627,3023.60%

25Vermont252,52611,3904.51%51Mississippi1,096,16639,2703.58%

26Oregon1,425,17463,9434.49%Total112,267,3025,385,3154.80%


Key TakeawaysW EALTH & AFFLUENT MONITOR

Rankings generally remain consistent year over year• The top-five and bottom-five states saw little movement in

2019, and over time have mostly stayed the same

Ratios of Millionaires are rising in the top states• Up through 2017, the highest ranked state never had above

an 8% ratio of Millionaires – then six states did so in 2018• In 2019, 10 states rated above 8%, including the top-six

each ending up with over 9% Millionaire households

Overall population does not always correlate with percentages of Millionaires• Some of the most populous states place highly in the latest

Millionaire rankings, such as New York and California• However, other large states such as Texas and Florida rank

only 21st and 27th, respectively – while top-10 performers include relatively sparsely-populated states such as Hawaii, Alaska and New Hampshire



Appendix: Historical State Ranking Charts



Millionaire Households Per Capita - 2018W EALTH & AFFLUENT MONITOR

Rank StateTotal

Households$1MM+

Investable Assets

Ratio Millionaires to

Total HHVS. 2017 Rank State Total Households

$1MM+ Investable Assets

Ratio Millionaires to

Total HHVS. 2017

1 New Jersey 3,283,467 293,992 8.95% +1 27 Georgia 3,891,635 211,662 5.44% +52 District of Columbia 316,927 28,325 8.94% +9 28 Michigan 3,944,777 214,315 5.43% +13 Connecticut 1,373,068 122,045 8.89% 29 Arizona 2,637,329 142,085 5.39% +14 Maryland 2,261,087 200,074 8.85% -3 30 Nebraska 764,862 40,549 5.30% -45 Massachusetts 2,686,137 230,932 8.60% +1 31 Wisconsin 2,359,204 124,968 5.30% -36 Hawaii 484,405 41,063 8.48% -2 32 Iowa 1,275,070 66,442 5.21% -87 New Hampshire 534,888 42,669 7.98% 33 Ohio 4,686,753 243,608 5.20%8 California 13,388,653 1,042,027 7.78% +2 34 Maine 567,486 29,043 5.12%9 Alaska 274,391 21,169 7.71% -4 35 Nevada 1,115,122 56,748 5.09%

10 Virginia 3,248,928 248,958 7.66% -2 36 South Dakota 352,611 17,776 5.04%11 Washington 2,919,671 205,446 7.04% +2 37 North Carolina 4,061,714 201,449 4.96% +512 New York 7,533,370 529,303 7.03% +5 38 Missouri 2,441,372 120,938 4.95% -113 Colorado 2,251,735 158,073 7.02% +1 39 Louisiana 1,821,634 89,097 4.89% +414 Minnesota 2,220,975 150,137 6.76% -2 40 Tennessee 2,646,608 128,738 4.86% +615 Illinois 4,859,251 326,081 6.71% +3 41 South Carolina 1,988,953 96,084 4.83% +316 Delaware 367,593 24,615 6.70% -7 42 Montana 446,176 21,530 4.83% -217 Rhode Island 418,295 27,170 6.50% -1 43 Indiana 2,579,621 122,974 4.77% -518 Utah 999,462 63,870 6.39% +1 44 Oklahoma 1,543,816 73,325 4.75% -519 Texas 10,131,556 622,065 6.14% +4 45 New Mexico 809,287 37,520 4.64% -420 Pennsylvania 5,090,306 309,174 6.07% +2 46 Alabama 1,929,043 87,849 4.55% +121 North Dakota 327,393 19,248 5.88% -1 47 Idaho 639,110 28,928 4.53% -222 Oregon 1,671,063 97,160 5.81% +3 48 Kentucky 1,772,382 77,671 4.38%23 Vermont 260,607 15,090 5.79% -2 49 Arkansas 1,181,658 45,985 3.89%24 Wyoming 239,441 13,130 5.48% -9 50 West Virginia 756,671 29,031 3.84%25 Florida 8,314,234 454,878 5.47% +6 51 Mississippi 1,133,149 41,685 3.68%26 Kansas 1,140,014 62,073 5.44% +1 Total 123,942,960 7,698,765 6.21%

2018 2018



Rank State Total Households

$1MM+ Investable

Assets


VS. 2014 Rank State Total Households

$1MM+ Investable

Assets


VS. 2014

1 Maryland 2,237,507 172,249 7.70% 27 Kansas 1,137,134 57,676 5.07% -22 Connecticut 1,383,854 100,996 7.30% 28 Wisconsin 2,336,787 116,648 4.99% +13 Hawaii 478,317 34,678 7.25% +1 29 Maine 562,629 27,881 4.96% -14 New Jersey 3,273,605 237,064 7.24% -1 30 Oregon 1,585,295 78,099 4.93% +55 Alaska 273,225 18,726 6.85% 31 Florida 7,839,517 383,290 4.89% +16 Massachusetts 2,638,781 179,657 6.81% +1 32 New Mexico 811,365 39,321 4.85% -27 New Hampshire 527,269 35,846 6.80% +1 33 Montana 431,683 20,899 4.84% +68 Virginia 3,201,996 215,451 6.73% -2 34 Michigan 3,915,936 188,705 4.82% -39 Delaware 357,328 22,782 6.38% 35 Arizona 2,510,996 120,315 4.79% -210 District of Columbia 299,672 18,861 6.29% 36 Ohio 4,651,051 221,667 4.77%11 Minnesota 2,172,362 130,330 6.00% +5 37 Georgia 3,755,662 175,557 4.67% +312 Vermont 260,540 15,435 5.92% -1 38 Indiana 2,556,127 118,094 4.62% +313 California 13,097,549 772,555 5.90% 39 Missouri 2,418,499 111,483 4.61% -514 Colorado 2,127,178 124,514 5.85% +4 40 Louisiana 1,796,638 82,473 4.59% -215 New York 7,502,148 437,889 5.84% 41 Nevada 1,054,251 48,230 4.57% -416 Wyoming 240,400 14,016 5.83% +1 42 Oklahoma 1,520,327 69,158 4.55%17 Washington 2,770,334 161,220 5.82% -3 43 South Carolina 1,899,618 85,731 4.51% +118 North Dakota 318,190 18,492 5.81% +2 44 North Carolina 3,936,705 177,291 4.50% -119 Rhode Island 416,126 24,162 5.81% -7 45 Tennessee 2,580,393 114,295 4.43% +220 Illinois 4,894,599 280,266 5.73% -1 46 Alabama 1,919,962 84,802 4.42% -121 Pennsylvania 5,078,566 275,792 5.43% 47 Idaho 606,752 26,555 4.38% +322 Utah 945,290 50,903 5.38% +2 48 West Virginia 767,361 33,259 4.33% -223 Iowa 1,253,520 66,285 5.29% 49 Kentucky 1,756,596 74,389 4.23% -124 Nebraska 748,590 39,007 5.21% -2 50 Arkansas 1,171,886 48,457 4.13% -125 Texas 9,600,635 490,634 5.11% +2 51 Mississippi 1,133,798 44,626 3.94%26 South Dakota 344,608 17,487 5.07% Total 121,099,157 6,504,201 5.37%

2015 2015




$1MM+ Investable

Assets



$1MM+ Investable

Assets


VS. 2012

1 Maryland 2,199,912 169,287 7.70% 27 New Mexico 815,453 37,957 4.65% +72 New Jersey 3,238,448 242,647 7.49% +1 28 Wisconsin 2,312,821 106,647 4.61% +13 Connecticut 1,376,955 100,754 7.32% +1 29 North Dakota 293,994 13,494 4.59% +144 Hawaii 466,705 33,520 7.18% -2 30 Florida 7,631,375 348,623 4.57% -105 Alaska 269,890 18,209 6.75% +1 31 Oregon 1,559,406 70,731 4.54% -66 Massachusetts 2,587,868 174,225 6.73% -1 32 Louisiana 1,774,060 79,681 4.49% +107 Virginia 3,137,169 208,187 6.64% 33 Missouri 2,399,696 106,390 4.43% +28 New Hampshire 522,867 33,867 6.48% +1 34 Arizona 2,453,991 108,682 4.43% -139 Delaware 349,794 21,679 6.20% +2 35 Georgia 3,694,439 163,144 4.42% -510 District of Columbia 284,867 17,378 6.10% 36 Ohio 4,625,934 204,121 4.41% -411 California 12,883,977 777,624 6.04% -3 37 Michigan 3,883,070 169,991 4.38% -1012 New York 7,408,730 429,153 5.79% 38 South Dakota 333,001 14,553 4.37% +813 Washington 2,711,326 155,668 5.74% 39 Nevada 1,022,478 44,437 4.35% -2014 Minnesota 2,131,481 118,410 5.56% +3 40 Montana 420,800 18,106 4.30% +415 Illinois 4,884,048 270,414 5.54% 41 Alabama 1,905,886 80,138 4.20% +116 Colorado 2,057,819 113,914 5.54% 42 Oklahoma 1,496,646 62,233 4.16% +517 Rhode Island 413,196 22,845 5.53% -1 43 South Carolina 1,852,786 76,831 4.15% -518 Vermont 259,015 13,630 5.26% +4 44 North Carolina 3,853,043 158,447 4.11% -419 Pennsylvania 5,060,354 265,350 5.24% +5 45 Indiana 2,532,022 101,789 4.02% -820 Wyoming 231,877 12,058 5.20% +3 46 Tennessee 2,542,865 101,465 3.99% -121 Utah 917,043 45,393 4.95% -3 47 Kentucky 1,748,832 67,068 3.84% +122 Texas 9,336,438 456,949 4.89% +4 48 West Virginia 767,945 29,367 3.82% +123 Kansas 1,128,776 54,266 4.81% +5 49 Idaho 595,106 22,379 3.76% -1024 Nebraska 736,877 34,916 4.74% +7 50 Arkansas 1,167,428 43,588 3.73% +125 Maine 560,006 26,276 4.69% +11 51 Mississippi 1,128,842 40,955 3.63%26 Iowa 1,239,152 58,095 4.69% +7 Total 119,206,509 6,145,533 5.16%

2013 2013




$1MM+ Investable

Assets



$1MM+ Investable

Assets


VS. 2011

1 Maryland 2,179,476 159,286 7.31% 27 Michigan 3,866,579 179,863 4.65% -12 Hawaii 461,438 33,639 7.29% 28 Kansas 1,127,021 52,320 4.64%3 New Jersey 3,236,020 235,292 7.27% 29 Wisconsin 2,308,632 106,841 4.63% +14 Connecticut 1,375,455 99,235 7.21% 30 Georgia 3,678,015 170,103 4.62% -15 Massachusetts 2,569,813 167,415 6.51% 31 Nebraska 733,567 32,456 4.42% +16 Alaska 264,748 17,133 6.47% 32 Ohio 4,609,230 203,706 4.42% -17 Virginia 3,123,109 198,516 6.36% 33 Iowa 1,236,060 54,514 4.41%8 California 12,732,704 774,901 6.09% -1 34 New Mexico 814,583 35,611 4.37%9 New Hampshire 527,206 32,084 6.09% 35 Missouri 2,411,179 105,073 4.36%10 District of Columbia 271,604 16,353 6.02% 36 Maine 567,259 24,264 4.28%11 Delaware 346,716 20,358 5.87% 37 Indiana 2,529,002 107,667 4.26%12 New York 7,386,838 419,264 5.68% 38 South Carolina 1,851,610 78,000 4.21%13 Washington 2,680,136 148,333 5.53% 39 Idaho 598,595 25,144 4.20%14 Colorado 2,019,541 111,534 5.52% 40 North Carolina 3,851,922 160,332 4.16%15 Illinois 4,878,682 268,487 5.50% 41 Louisiana 1,757,184 72,719 4.14%16 Rhode Island 414,761 22,625 5.45% 42 Alabama 1,915,290 77,794 4.06% +117 Minnesota 2,121,163 115,575 5.45% 43 North Dakota 287,989 11,697 4.06% +218 Utah 908,892 47,053 5.18% +2 44 Montana 418,939 17,010 4.06% -219 Nevada 1,029,249 52,817 5.13% -1 45 Tennessee 2,530,432 102,015 4.03% -120 Florida 7,531,011 379,018 5.03% -1 46 South Dakota 330,712 13,299 4.02%21 Arizona 2,439,788 122,268 5.01% 47 Oklahoma 1,491,445 59,472 3.99%22 Vermont 260,344 13,042 5.01% 48 Kentucky 1,748,150 66,242 3.79%23 Wyoming 233,725 11,629 4.98% 49 West Virginia 776,129 27,921 3.60%24 Pennsylvania 5,071,561 252,159 4.97% 50 Mississippi 1,134,074 39,606 3.49% +125 Oregon 1,548,803 73,731 4.76% 51 Arkansas 1,173,353 40,790 3.48% -126 Texas 9,222,834 436,377 4.73% +1 Total 118,582,568 6,092,585 5.14%

2012 2012




$1MM+ Investable

Assets



$1MM+ Investable

Assets


VS. 2010

1 Maryland 2,186,613 157,779 7.22% +1 27 Texas 8,962,137 417,050 4.65% -12 Hawaii 464,352 33,461 7.21% -1 28 Kansas 1,115,078 51,224 4.59% +23 New Jersey 3,220,564 231,456 7.19% 29 Georgia 3,579,336 164,373 4.59%4 Connecticut 1,379,723 98,392 7.13% 30 Wisconsin 2,272,648 104,274 4.59% -25 Massachusetts 2,538,474 162,619 6.41% 31 Ohio 4,599,428 202,275 4.40% +16 Alaska 254,103 16,239 6.39% 32 Nebraska 720,196 31,617 4.39% -17 Virginia 3,113,444 195,006 6.26% 33 Iowa 1,218,013 52,790 4.33%8 New Hampshire 514,053 31,159 6.06% 34 New Mexico 791,585 34,157 4.31%9 California 12,487,377 750,686 6.01% 35 Missouri 2,393,887 102,959 4.30%10 District of Columbia 265,558 15,603 5.88% 36 Maine 561,667 23,865 4.25%11 Delaware 348,774 20,140 5.77% 37 Indiana 2,537,932 107,325 4.23% +112 New York 7,196,816 403,307 5.60% 38 South Carolina 1,837,173 76,659 4.17% +113 Washington 2,626,668 143,706 5.47% 39 Idaho 580,509 24,069 4.15% -214 Colorado 1,947,817 106,216 5.45% +3 40 North Carolina 3,793,073 156,947 4.14% +115 Illinois 4,750,715 258,196 5.43% 41 Louisiana 1,723,955 70,042 4.06% +116 Rhode Island 412,524 22,242 5.39% -2 42 Montana 401,485 16,178 4.03% -217 Minnesota 2,086,981 112,438 5.39% -1 43 Alabama 1,922,895 76,986 4.00%18 Nevada 1,014,693 51,565 5.08% 44 Tennessee 2,555,775 101,604 3.98%19 Florida 7,492,687 376,343 5.02% 45 North Dakota 278,346 10,979 3.94% +220 Utah 881,354 44,258 5.02% +2 46 South Dakota 320,197 12,624 3.94% -121 Arizona 2,374,847 117,843 4.96% 47 Oklahoma 1,477,983 58,148 3.93% -122 Vermont 255,194 12,603 4.94% +1 48 Kentucky 1,766,302 65,762 3.72%23 Wyoming 229,436 11,271 4.91% -3 49 West Virginia 782,528 27,892 3.56%24 Pennsylvania 5,018,137 246,131 4.90% 50 Arkansas 1,157,400 39,749 3.43%25 Oregon 1,506,264 70,868 4.70% 51 Mississippi 1,124,672 38,574 3.43%26 Michigan 3,821,022 178,322 4.67% +1 Total 116,862,390 5,935,973 5.08%

2011 2011




$1MM+ Investable

Assets



$1MM+ Investable

Assets


VS. 2009

1 Hawaii 444,202 30,793 6.93% - 27 Michigan 3,846,728 166,611 4.33% -12 Maryland 2,129,773 144,686 6.79% - 28 Wisconsin 2,252,664 97,266 4.32% -13 New Jersey 3,175,894 212,396 6.69% - 29 Georgia 3,639,796 156,943 4.31% -4 Connecticut 1,347,693 89,647 6.65% - 30 Kansas 1,096,736 47,226 4.31% -5 Massachusetts 2,521,928 150,844 5.98% +1 31 Nebraska 704,049 29,272 4.16% +26 Alaska 248,009 14,805 5.97% +1 32 Ohio 4,566,369 188,908 4.14% -17 Virginia 3,043,091 180,638 5.94% -2 33 Iowa 1,204,906 49,451 4.10% -18 New Hampshire 514,667 29,790 5.79% - 34 New Mexico 766,050 31,145 4.07% +29 California 12,653,856 716,316 5.66% - 35 Missouri 2,364,933 95,312 4.03% -110 District of Columbia 262,976 14,533 5.53% - 36 Maine 553,493 22,191 4.01% -111 Delaware 343,322 18,412 5.36% - 37 Idaho 575,621 22,917 3.98% +212 New York 7,263,927 381,197 5.25% - 38 Indiana 2,501,280 99,440 3.98% -113 Washington 2,577,274 133,582 5.18% - 39 South Carolina 1,802,904 71,114 3.94% -114 Rhode Island 409,575 20,873 5.10% +1 40 Montana 394,196 15,491 3.93% -15 Illinois 4,800,176 242,536 5.05% +1 41 North Carolina 3,725,318 144,029 3.87% -16 Minnesota 2,057,554 103,641 5.04% +2 42 Louisiana 1,701,745 65,382 3.84% +117 Colorado 1,949,583 98,085 5.03% - 43 Alabama 1,881,966 71,224 3.78% -118 Nevada 990,855 48,220 4.87% -4 44 Tennessee 2,519,914 94,560 3.75% -19 Florida 7,455,767 362,285 4.86% - 45 South Dakota 317,030 11,865 3.74% +220 Wyoming 219,309 10,631 4.85% +1 46 Oklahoma 1,442,985 53,910 3.74% -121 Arizona 2,458,106 117,094 4.76% -1 47 North Dakota 265,786 9,907 3.73% -122 Utah 891,901 42,238 4.74% - 48 Kentucky 1,743,587 61,315 3.52% -23 Vermont 252,584 11,806 4.67% - 49 West Virginia 761,493 26,090 3.43% -24 Pennsylvania 4,934,144 227,680 4.61% - 50 Arkansas 1,138,318 36,854 3.24% -25 Oregon 1,513,336 66,839 4.42% - 51 Mississippi 1,113,217 35,847 3.22% -26 Texas 8,796,031 381,165 4.33% +2 Total 116,136,617 5,555,002 4.78%

2010 2010




$1MM+ Investable

Assets



$1MM+ Investable

Assets


1 Hawaii 442,144 28,363 6.41% 27 Wisconsin 2,244,127 89,977 4.01%2 Maryland 2,128,530 133,299 6.26% 28 Texas 8,650,034 346,302 4.00%3 New Jersey 3,178,888 197,694 6.22% 29 Georgia 3,600,149 143,957 4.00%4 Connecticut 1,346,850 82,837 6.15% 30 Kansas 1,085,567 43,205 3.98%5 Virginia 3,024,189 166,596 5.51% 31 Ohio 4,563,201 177,512 3.89%6 Massachusetts 2,504,234 137,792 5.50% 32 Iowa 1,197,795 45,898 3.83%7 Alaska 247,663 13,348 5.39% 33 Nebraska 701,132 26,740 3.81%8 New Hampshire 515,887 27,562 5.34% 34 Missouri 2,354,198 89,230 3.79%9 California 12,553,966 662,735 5.28% 35 Maine 555,250 20,997 3.78%10 District of Columbia 260,749 13,028 5.00% 36 New Mexico 762,688 28,666 3.76%11 Delaware 340,003 16,763 4.93% 37 Indiana 2,491,917 93,649 3.76%12 New York 7,184,280 345,892 4.81% 38 South Carolina 1,772,822 66,240 3.74%13 Washington 2,547,695 122,520 4.81% 39 Idaho 567,995 21,121 3.72%14 Nevada 987,894 46,175 4.67% 40 Montana 390,043 14,474 3.71%15 Rhode Island 412,348 19,272 4.67% 41 North Carolina 3,660,988 133,648 3.65%16 Illinois 4,787,419 223,636 4.67% 42 Alabama 1,867,713 66,314 3.55%17 Colorado 1,909,037 89,092 4.67% 43 Louisiana 1,685,517 59,747 3.54%18 Minnesota 2,049,845 95,321 4.65% 44 Tennessee 2,499,453 88,284 3.53%19 Florida 7,458,092 344,842 4.62% 45 Oklahoma 1,432,405 50,304 3.51%20 Arizona 2,415,231 107,355 4.44% 46 North Dakota 264,968 9,051 3.42%21 Wyoming 214,423 9,489 4.43% 47 South Dakota 314,151 10,646 3.39%22 Utah 863,310 37,369 4.33% 48 Kentucky 1,731,384 57,059 3.30%23 Vermont 253,344 10,941 4.32% 49 West Virginia 759,823 24,941 3.28%24 Pennsylvania 4,907,949 211,162 4.30% 50 Arkansas 1,131,312 35,286 3.12%25 Oregon 1,495,882 61,621 4.12% 51 Mississippi 1,105,187 33,792 3.06%26 Michigan 3,886,432 157,642 4.06% Total 115,306,103 5,139,385 4.46%

2009 2009




$1MM+ Investable

Assets



$1MM+ Investable

Assets


1 Hawaii 442,274 32,103 7.26% 27 Kansas 1,082,385 47,613 4.40%2 Maryland 2,144,808 148,395 6.92% 28 Wisconsin 2,233,105 98,109 4.39%3 New Jersey 3,199,900 220,372 6.89% 29 Georgia 3,548,295 153,975 4.34%4 Connecticut 1,353,564 92,282 6.82% 30 Texas 8,469,530 362,693 4.28%5 Massachusetts 2,502,147 150,906 6.03% 31 Nebraska 702,723 30,013 4.27%6 Virginia 3,003,153 179,752 5.99% 32 New Mexico 755,993 32,274 4.27%7 California 12,588,862 722,681 5.74% 33 Ohio 4,573,875 193,712 4.24%8 District of Columbia 257,819 14,781 5.73% 34 Iowa 1,200,922 50,214 4.18%9 New Hampshire 518,560 29,277 5.65% 35 Missouri 2,349,919 97,030 4.13%10 Alaska 242,687 13,417 5.53% 36 Maine 559,364 23,068 4.12%11 Delaware 334,883 18,322 5.47% 37 Indiana 2,484,730 101,987 4.10%12 New York 7,204,492 379,745 5.27% 38 South Carolina 1,734,072 70,185 4.05%13 Florida 7,398,258 386,077 5.22% 39 North Carolina 3,573,460 143,984 4.03%14 Rhode Island 416,379 21,698 5.21% 40 Alabama 1,859,096 74,162 3.99%15 Illinois 4,786,787 247,165 5.16% 41 South Dakota 308,611 12,151 3.94%16 Minnesota 2,040,608 104,435 5.12% 42 Montana 385,847 15,149 3.93%17 Nevada 980,068 49,574 5.06% 43 Louisiana 1,660,624 65,163 3.92%18 Washington 2,526,352 127,726 5.06% 44 Idaho 556,843 21,739 3.90%19 Colorado 1,877,779 93,605 4.98% 45 Tennessee 2,454,617 95,024 3.87%20 Arizona 2,374,996 114,744 4.83% 46 North Dakota 263,107 10,148 3.86%21 Pennsylvania 4,916,414 233,349 4.75% 47 Oklahoma 1,421,631 53,689 3.78%22 Vermont 254,932 11,967 4.69% 48 Kentucky 1,718,125 63,991 3.72%23 Michigan 3,916,061 181,748 4.64% 49 West Virginia 762,655 27,629 3.62%24 Wyoming 209,951 9,735 4.64% 50 Arkansas 1,129,118 39,597 3.51%25 Oregon 1,480,382 66,590 4.50% 51 Mississippi 1,097,900 37,170 3.39%26 Utah 835,538 37,074 4.44% Total 114,694,201 5,607,989 4.89%

2008 2008




$1MM+ Investable

Assets



$1MM+ Investable

Assets


1 New Jersey 3,210,592 228,442 7.12% 27 Wyoming 207,248 10,160 4.90%2 Maryland 2,143,128 151,756 7.08% 28 Ohio 4,578,456 224,305 4.90%3 Connecticut 1,358,170 95,028 7.00% 29 Oregon 1,456,021 71,046 4.88%4 Hawaii 438,893 29,365 6.69% 30 Kansas 1,075,666 51,580 4.80%5 Massachusetts 2,493,707 156,208 6.26% 31 Indiana 2,468,351 118,306 4.79%6 Virginia 2,979,225 186,576 6.26% 32 Texas 8,333,041 393,640 4.72%7 Delaware 333,263 20,274 6.08% 33 Iowa 1,191,013 56,235 4.72%8 Alaska 240,842 14,594 6.06% 34 Nebraska 697,600 32,896 4.72%9 New Hampshire 517,725 30,918 5.97% 35 Missouri 2,330,315 109,256 4.69%10 California 12,461,651 720,733 5.78% 36 Maine 557,043 25,960 4.66%11 Colorado 1,841,538 105,351 5.72% 37 New Mexico 750,428 34,610 4.61%12 Minnesota 2,026,451 115,587 5.70% 38 South Carolina 1,704,376 78,285 4.59%13 Illinois 4,760,856 269,098 5.65% 39 North Carolina 3,496,649 160,307 4.58%14 Michigan 3,936,519 214,069 5.44% 40 Alabama 1,841,006 81,994 4.45%15 Washington 2,489,441 133,812 5.38% 41 Tennessee 2,415,110 107,355 4.45%16 Nevada 952,864 51,153 5.37% 42 Idaho 540,847 23,652 4.37%17 Rhode Island 424,216 22,550 5.32% 43 Montana 382,778 16,511 4.31%18 Florida 7,308,878 387,886 5.31% 44 Louisiana 1,632,824 69,296 4.24%19 New York 7,235,413 381,786 5.28% 45 Kentucky 1,699,590 70,720 4.16%20 District of Columbia 261,792 13,776 5.26% 46 Oklahoma 1,406,412 57,789 4.11%21 Arizona 2,297,734 120,116 5.23% 47 South Dakota 306,176 12,563 4.10%22 Vermont 253,582 13,163 5.19% 48 North Dakota 262,501 10,763 4.10%23 Pennsylvania 4,916,948 252,326 5.13% 49 West Virginia 759,937 30,374 4.00%24 Wisconsin 2,228,294 112,692 5.06% 50 Arkansas 1,112,643 43,533 3.91%25 Utah 801,821 39,670 4.95% 51 Mississippi 1,108,629 42,703 3.85%26 Georgia 3,439,800 170,160 4.95% Total 113,668,003 5,970,929 5.25%

2007 2007




$1MM+ Investable

Assets



$1MM+ Investable

Assets


1 Hawaii 433,434 29,423 6.79% 27 Kansas 1,067,289 47,855 4.48%2 New Jersey 3,216,409 207,693 6.46% 28 Ohio 4,570,485 203,404 4.45%3 Maryland 2,131,079 132,354 6.21% 29 Nebraska 691,597 29,862 4.32%4 Connecticut 1,362,862 84,508 6.20% 30 Texas 8,166,147 350,727 4.29%5 Massachusetts 2,504,160 141,186 5.64% 31 Iowa 1,177,646 50,529 4.29%6 Delaware 327,419 17,939 5.48% 32 Missouri 2,298,770 98,279 4.28%7 Virginia 2,924,931 159,395 5.45% 33 Indiana 2,448,619 104,539 4.27%8 California 12,284,895 663,394 5.40% 34 Georgia 3,325,526 141,701 4.26%9 District of Columbia 241,391 12,871 5.33% 35 Wyoming 205,596 8,708 4.24%10 Florida 7,127,034 369,912 5.19% 36 New Mexico 734,374 30,891 4.21%11 New Hampshire 513,923 26,498 5.16% 37 North Carolina 3,418,306 140,501 4.11%12 Illinois 4,744,796 243,350 5.13% 38 South Carolina 1,672,113 68,178 4.08%13 New York 7,199,377 368,388 5.12% 39 Maine 555,597 22,218 4.00%14 Alaska 237,884 12,167 5.11% 40 Alabama 1,819,184 72,299 3.97%15 Colorado 1,800,350 89,896 4.99% 41 Tennessee 2,377,191 94,419 3.97%16 Minnesota 2,003,498 99,246 4.95% 42 Idaho 521,117 20,493 3.93%17 Washington 2,432,897 118,132 4.86% 43 North Dakota 259,464 10,163 3.92%18 Michigan 3,933,380 190,871 4.85% 44 South Dakota 302,493 11,769 3.89%19 Arizona 2,211,235 105,722 4.78% 45 Oklahoma 1,391,521 53,939 3.88%20 Rhode Island 428,941 20,229 4.72% 46 Louisiana 1,714,653 64,972 3.79%21 Nevada 914,852 42,888 4.69% 47 Montana 378,242 14,155 3.74%22 Utah 778,058 36,348 4.67% 48 Arkansas 1,098,280 40,756 3.71%23 Pennsylvania 4,903,270 228,270 4.66% 49 Kentucky 1,681,818 62,394 3.71%24 Wisconsin 2,202,207 99,976 4.54% 50 West Virginia 759,126 27,302 3.60%25 Vermont 252,526 11,390 4.51% 51 Mississippi 1,096,166 39,270 3.58%26 Oregon 1,425,174 63,943 4.49% Total 112,267,302 5,385,315 4.80%

2006 2006


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