For the first time since 2010, Maryland gets bumped as the top state for millionaires per capita, falling to No. 4, as New Jersey now claims the No. 1 spot.
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According to Phoenix Marketing International’s annual Phoenix Wealth & Affluent Monitor survey, over the past 12 months, households in the U.S. with assets more than $1 million has increased by over 534,000. The group has been analyzing annual household data since 2006.
David Thompson, managing director for the report, added that the “7 percent rise in millionaire households in 2018 is the strongest rate of growth in that market since the financial downturn ten years ago.”
He added that overall growth in capital markets in 2018 clearly “lifted many more households into the millionaire ranks” but noted that the most interesting part about this year’s data is the sharp rise in millionaires within D.C.
Birds eye view of the West Facade of the U.S. Capitol Building and Pennsylvania Avenue in Washington, DC.
D.C. rose nine spots last year from 2017, just falling shortly behind New Jersey, for the No. 2 spot on the list. Thompson credited that increase to property prices and the movement of skilled workers to the area.
Wyoming, however, saw the biggest drop in millionaire households last year, falling eight spots to No. 24.
Here’s are the top 10 states for millionaires per capita in 2018, according to the report.
1. New Jersey
Ratio of millionaires to total households: 8.95 percent
2. District of Columbia
7. New Hampshire