Money
Visualizing U.S. Millionaires by State of Residence
Visualizing U.S. Millionaires by State of Residence
There are literally millions of millionaires in the United States.
In fact, there are 7.1 million households in the country that have investable assets of $1 million or more.
Impressively, this gives the U.S. a higher total population of millionaires than any other country in the world, even though China’s rapidly rising wealth is also quite notable.
Millionaires by State
Today’s visualization comes to us from HowMuch.net, and it breaks down U.S. millionaires by state.
Here are the states with the highest millionaire populations, in absolute terms:
Rank | State | Millionaire households | % of all households |
---|---|---|---|
#1 | California | 885,225 | 6.61% |
#2 | Texas | 566,578 | 5.66% |
#3 | New York | 465,479 | 6.15% |
#4 | Florida | 427,824 | 5.23% |
#5 | Illinois | 300,142 | 6.14% |
#6 | Pennsylvania | 294,002 | 5.77% |
#7 | New Jersey | 258,988 | 7.86% |
#8 | Ohio | 243,118 | 5.19% |
#9 | Virginia | 226,167 | 6.98% |
#10 | Michigan | 210,957 | 5.35% |
Not surprisingly, states like California, Texas, New York, and Florida dominate this list. They all have high millionaire populations, but they are also the four most populous states in general.
Millionaire Concentration
When looking at millionaires per capita, aforementioned states like New York, Texas, and Florida all fall off the Top 10 list altogether.
The state of California, however, remains clinging on to the #10 spot:
Rank | State | Millionaire households | % of all households |
---|---|---|---|
#1 | Maryland | 178,003 | 7.87% |
#2 | New Jersey | 258,988 | 7.86% |
#3 | Connecticut | 106,892 | 7.75% |
#4 | Hawaii | 36,903 | 7.57% |
#5 | Alaska | 20,444 | 7.50% |
#6 | Massachusetts | 198,750 | 7.41% |
#7 | New Hampshire | 39,209 | 7.36% |
#8 | Virginia | 226,167 | 6.98% |
#9 | Delaware | 24,212 | 6.62% |
#10 | California | 885,225 | 6.61% |
As you can see, the states surrounding hubs like New York City and D.C. shoot up the rankings when looking at the data this way.
New Jersey and Connecticut are in two of the top three spots – and of course New York City is home to well over 300,000 millionaires itself.
Meanwhile, Maryland walks away with the title of most millionaires per capita. It may be surprising, but this is the seventh year in a row that Maryland has ranked number one in the country for this metric.
Money
Visualizing All of the U.S. Currency in Circulation
This graphic illustrates the amount of U.S. currency in circulation globally, by denomination, based on data from the Federal Reserve.
Visualizing All of the U.S. Currency in Circulation
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Have you ever wondered how much U.S. currency is in circulation?
Every year, the U.S. Federal Reserve submits a print order for U.S. currency to the Treasury Department’s Bureau of Engraving and Printing (BEP). The BEP will then print billions of notes in various denominations, from $1 bills to $100 bills.
In this graphic, we’ve used the latest Federal Reserve data to visualize the approximate number of bills for each denomination globally, as of Dec. 31, 2022.
Breakdown of U.S. Currency in Circulation
The following table lists all of the data we used to create the visualization above. Note that value figures were rounded for simplicity.
Type of Bill | Number of notes in circulation (billions) | Value ($B) |
---|---|---|
$1 | 14.3 | $14B |
$2 | 1.5 | $3B |
$5 | 3.5 | $18B |
$10 | 2.3 | $23B |
$20 | 11.5 | $230B |
$50 | 2.5 | $125B |
$100 | 18.5 | $1,850B |
$500-10,000* | 0.0004 | n/a |
*$500-10,000 bills are listed as a range, and a total circulation of 0.0004 billion. Not included in graphic.
From these numbers, we can see that $100 bills are the most common bill in circulation, even ahead of $1 bills.
One reason for this is $100 bills have a longer lifespan than smaller denominations, due to people using $100 bills less often for transactions. Some businesses may also decline $100 bills as payment.
Based on 2018 estimates from the Federal Reserve, a $100 bill has a lifespan of over 20 years, which is significantly higher than $1 bills (7 years) and $5 bills (5 years).
If you’re interested in more visualizations on the U.S. dollar, consider this animated chart which shows how the dollar overtook the British pound as the world’s most prominent reserve currency.
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