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Visualizing U.S. Millionaires by State of Residence

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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:

RankStateMillionaire households% of all households
#1California885,2256.61%
#2Texas566,5785.66%
#3New York465,4796.15%
#4Florida427,8245.23%
#5Illinois300,1426.14%
#6Pennsylvania294,0025.77%
#7New Jersey258,9887.86%
#8Ohio243,1185.19%
#9Virginia226,1676.98%
#10Michigan210,9575.35%

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:

RankStateMillionaire households% of all households
#1Maryland178,0037.87%
#2New Jersey258,9887.86%
#3Connecticut106,8927.75%
#4Hawaii36,9037.57%
#5Alaska20,4447.50%
#6Massachusetts198,7507.41%
#7New Hampshire39,2097.36%
#8Virginia226,1676.98%
#9Delaware24,2126.62%
#10California885,2256.61%

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.

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Personal Finance

Mapped: The Income a Family Needs to Live Comfortably in Every U.S. State

Families in expensive states require over $270,000 annually to live comfortably.

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A map showing the income that two working adults with two children need to live comfortably in each U.S. state.

The Income a Family Needs to Live Comfortably in Every U.S. State

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.

Families in the top five most expensive U.S. states require an annual income exceeding $270,000 to live comfortably.

This visualization illustrates the income necessary for two working adults with two children to maintain a comfortable lifestyle in each state.

“Comfortable” is defined as the income needed to cover a 50/30/20 budget, with 50% allocated to necessities like housing and utilities, 30% to discretionary spending, and 20% to savings or investments.

The calculations for family income needed in each state were done by SmartAsset, using the cost of necessities sourced from the MIT Living Wage Calculator, last updated on Feb. 14, 2024.

Massachusetts Tops the List

Massachusetts is the most expensive state to live comfortably in, requiring a total family income of about $301,184. Hawaii ($294,611) comes in second, followed by Connecticut ($279,885).

Housing is one main reason Massachusetts is an expensive state to live in, particularly in the Boston area. In addition, the state also has a high cost of living, including expenses such as healthcare and utilities.

RankStateIncome for 2 working adults raising 2 children
1Massachusetts$301,184
2Hawaii$294,611
3Connecticut$279,885
4New York$278,970
5California$276,723
6Colorado$264,992
7Washington$257,421
8Oregon$257,338
9New Jersey$251,181
10Rhode Island$249,267
11Vermont$248,352
12Minnesota$244,774
13New Hampshire$244,109
14Alaska$242,611
15Maryland$239,450
16Nevada$237,286
17Virginia$235,206
18Illinois$231,962
19Arizona$230,630
20Pennsylvania$230,464
21Maine$229,549
22Delaware$228,966
23Wisconsin$225,056
24Utah$218,483
25Michigan$214,490
26Nebraska$213,075
27Georgia$212,826
28Montana$211,411
28Iowa$211,411
30Idaho$211,245
31North Carolina$209,331
31Ohio$209,331
33Florida$209,082
34Indiana$206,003
35New Mexico$203,923
36Wyoming$203,424
37Missouri$202,259
38North Dakota$202,176
39Texas$201,344
40South Carolina$200,762
41Kansas$196,768
42Tennessee$195,770
43Oklahoma$194,106
44Alabama$193,606
45South Dakota$192,608
46Kentucky$190,112
47Louisiana$189,613
48West Virginia$189,363
49Arkansas$180,794
50Mississippi$177,798

Meanwhile, Mississippi is the least expensive state for a family to live comfortably, requiring $177,798 per year. Arkansas ($180,794) comes in second, followed by West Virginia ($189,363). In common, all these states share low prices of housing.

Learn More About Cost of Living From Visual Capitalist

If you enjoyed this post, be sure to check out this graphic, which ranks the median down payment for a house by U.S. state.

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