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.
Markets
Visualizing $97 Trillion of Global Debt in 2023
Global debt has soared since the pandemic. Which countries have the biggest stockpile of debt outstanding in 2023?
Visualizing $97 Trillion of Government Debt in 2023
Global government debt is projected to hit $97.1 trillion this year, a 40% increase since 2019.
During the COVID-19 pandemic, governments introduced sweeping financial measures to support the job market and prevent a wave of bankruptcies. However, this has exposed vulnerabilities as higher interest rates are amplifying borrowing costs.
This graphic shows global debt by country in 2023, based on projections from the International Monetary Fund (IMF).
Debt by Country in 2023
Below, we rank countries by their general government gross debt, or the financial liabilities owed by each country:
| Country | Gross Debt (B) | % of World Total | Debt to GDP |
|---|---|---|---|
| 🇺🇸 U.S. | $33,228.9 | 34.2% | 123.3% |
| 🇨🇳 China | $14,691.7 | 15.1% | 83.0% |
| 🇯🇵 Japan | $10,797.2 | 11.1% | 255.2% |
| 🇬🇧 UK | $3,468.7 | 3.6% | 104.1% |
| 🇫🇷 France | $3,353.9 | 3.5% | 110.0% |
| 🇮🇹 Italy | $3,141.4 | 3.2% | 143.7% |
| 🇮🇳 India | $3,056.7 | 3.1% | 81.9% |
| 🇩🇪 Germany | $2,919.3 | 3.0% | 65.9% |
| 🇨🇦 Canada | $2,253.3 | 2.3% | 106.4% |
| 🇧🇷 Brazil | $1,873.7 | 1.9% | 88.1% |
| 🇪🇸 Spain | $1,697.5 | 1.7% | 107.3% |
| 🇲🇽 Mexico | $954.6 | 1.0% | 52.7% |
| 🇰🇷 South Korea | $928.1 | 1.0% | 54.3% |
| 🇦🇺 Australia | $875.9 | 0.9% | 51.9% |
| 🇸🇬 Singapore | $835.0 | 0.9% | 167.9% |
| 🇧🇪 Belgium | $665.2 | 0.7% | 106.0% |
| 🇦🇷 Argentina | $556.5 | 0.6% | 89.5% |
| 🇮🇩 Indonesia | $552.8 | 0.6% | 39.0% |
| 🇳🇱 Netherlands | $540.9 | 0.6% | 49.5% |
| 🇵🇱 Poland | $419.4 | 0.4% | 49.8% |
| 🇬🇷 Greece | $407.2 | 0.4% | 168.0% |
| 🇹🇷 Türkiye | $397.2 | 0.4% | 34.4% |
| 🇷🇺 Russia | $394.8 | 0.4% | 21.2% |
| 🇦🇹 Austria | $393.6 | 0.4% | 74.8% |
| 🇪🇬 Egypt | $369.3 | 0.4% | 92.7% |
| 🇨🇭 Switzerland | $357.7 | 0.4% | 39.5% |
| 🇹🇭 Thailand | $314.5 | 0.3% | 61.4% |
| 🇮🇱 Israel | $303.6 | 0.3% | 58.2% |
| 🇵🇹 Portugal | $299.4 | 0.3% | 108.3% |
| 🇲🇾 Malaysia | $288.3 | 0.3% | 66.9% |
| 🇿🇦 South Africa | $280.7 | 0.3% | 73.7% |
| 🇵🇰 Pakistan | $260.9 | 0.3% | 76.6% |
| 🇸🇦 Saudi Arabia | $257.7 | 0.3% | 24.1% |
| 🇮🇪 Ireland | $251.7 | 0.3% | 42.7% |
| 🇵🇭 Philippines | $250.9 | 0.3% | 57.6% |
| 🇫🇮 Finland | $225.0 | 0.2% | 73.6% |
| 🇳🇴 Norway | $204.5 | 0.2% | 37.4% |
| 🇨🇴 Colombia | $200.1 | 0.2% | 55.0% |
| 🇹🇼 Taiwan | $200.0 | 0.2% | 26.6% |
| 🇸🇪 Sweden | $192.9 | 0.2% | 32.3% |
| 🇷🇴 Romania | $178.7 | 0.2% | 51.0% |
| 🇧🇩 Bangladesh | $175.9 | 0.2% | 39.4% |
| 🇺🇦 Ukraine | $152.8 | 0.2% | 88.1% |
| 🇨🇿 Czech Republic | $152.2 | 0.2% | 45.4% |
| 🇳🇬 Nigeria | $151.3 | 0.2% | 38.8% |
| 🇦🇪 UAE | $149.7 | 0.2% | 29.4% |
| 🇻🇳 Vietnam | $147.3 | 0.2% | 34.0% |
| 🇭🇺 Hungary | $140.0 | 0.1% | 68.7% |
| 🇨🇱 Chile | $132.2 | 0.1% | 38.4% |
| 🇩🇰 Denmark | $126.7 | 0.1% | 30.1% |
| 🇮🇶 Iraq | $125.5 | 0.1% | 49.2% |
| 🇩🇿 Algeria | $123.5 | 0.1% | 55.1% |
| 🇳🇿 New Zealand | $115.0 | 0.1% | 46.1% |
| 🇮🇷 Iran | $112.1 | 0.1% | 30.6% |
| 🇲🇦 Morocco | $102.7 | 0.1% | 69.7% |
| 🇶🇦 Qatar | $97.5 | 0.1% | 41.4% |
| 🇵🇪 Peru | $89.7 | 0.1% | 33.9% |
| 🇦🇴 Angola | $79.6 | 0.1% | 84.9% |
| 🇰🇪 Kenya | $79.1 | 0.1% | 70.2% |
| 🇸🇰 Slovakia | $75.4 | 0.1% | 56.7% |
| 🇩🇴 Dominican Republic | $72.1 | 0.1% | 59.8% |
| 🇪🇨 Ecuador | $65.9 | 0.1% | 55.5% |
| 🇸🇩 Sudan | $65.5 | 0.1% | 256.0% |
| 🇬🇭 Ghana | $65.1 | 0.1% | 84.9% |
| 🇰🇿 Kazakhstan | $60.7 | 0.1% | 23.4% |
| 🇪🇹 Ethiopia | $59.0 | 0.1% | 37.9% |
| 🇧🇭 Bahrain | $54.5 | 0.1% | 121.2% |
| 🇨🇷 Costa Rica | $53.9 | 0.1% | 63.0% |
| 🇭🇷 Croatia | $51.2 | 0.1% | 63.8% |
| 🇺🇾 Uruguay | $47.0 | 0.0% | 61.6% |
| 🇯🇴 Jordan | $46.9 | 0.0% | 93.8% |
| 🇸🇮 Slovenia | $46.8 | 0.0% | 68.5% |
| 🇨🇮 Côte d'Ivoire | $45.1 | 0.0% | 56.8% |
| 🇵🇦 Panama | $43.5 | 0.0% | 52.8% |
| 🇲🇲 Myanmar | $43.0 | 0.0% | 57.5% |
| 🇴🇲 Oman | $41.4 | 0.0% | 38.2% |
| 🇹🇳 Tunisia | $39.9 | 0.0% | 77.8% |
| 🇷🇸 Serbia | $38.5 | 0.0% | 51.3% |
| 🇧🇴 Bolivia | $37.8 | 0.0% | 80.8% |
| 🇹🇿 Tanzania | $35.8 | 0.0% | 42.6% |
| 🇺🇿 Uzbekistan | $31.7 | 0.0% | 35.1% |
| 🇿🇼 Zimbabwe | $30.9 | 0.0% | 95.4% |
| 🇧🇾 Belarus | $30.4 | 0.0% | 44.1% |
| 🇬🇹 Guatemala | $29.1 | 0.0% | 28.3% |
| 🇱🇹 Lithuania | $28.7 | 0.0% | 36.1% |
| 🇸🇻 El Salvador | $25.8 | 0.0% | 73.0% |
| 🇺🇬 Uganda | $25.3 | 0.0% | 48.3% |
| 🇸🇳 Senegal | $25.2 | 0.0% | 81.0% |
| 🇨🇾 Cyprus | $25.2 | 0.0% | 78.6% |
| 🇱🇺 Luxembourg | $24.6 | 0.0% | 27.6% |
| 🇭🇰 Hong Kong SAR | $23.5 | 0.0% | 6.1% |
| 🇧🇬 Bulgaria | $21.7 | 0.0% | 21.0% |
| 🇨🇲 Cameroon | $20.6 | 0.0% | 41.9% |
| 🇲🇿 Mozambique | $19.7 | 0.0% | 89.7% |
| 🇵🇷 Puerto Rico | $19.6 | 0.0% | 16.7% |
| 🇳🇵 Nepal | $19.3 | 0.0% | 46.7% |
| 🇱🇻 Latvia | $18.9 | 0.0% | 40.6% |
| 🇮🇸 Iceland | $18.7 | 0.0% | 61.2% |
| 🇵🇾 Paraguay | $18.1 | 0.0% | 40.9% |
| 🇱🇦 Lao P.D.R. | $17.3 | 0.0% | 121.7% |
| 🇭🇳 Honduras | $15.7 | 0.0% | 46.3% |
| 🇵🇬 Papua New Guinea | $15.7 | 0.0% | 49.5% |
| 🇹🇹 Trinidad and Tobago | $14.6 | 0.0% | 52.5% |
| 🇦🇱 Albania | $14.5 | 0.0% | 62.9% |
| 🇨🇬 Republic of Congo | $14.1 | 0.0% | 97.8% |
| 🇦🇿 Azerbaijan | $14.1 | 0.0% | 18.2% |
| 🇾🇪 Yemen | $14.0 | 0.0% | 66.4% |
| 🇯🇲 Jamaica | $13.6 | 0.0% | 72.3% |
| 🇲🇳 Mongolia | $13.1 | 0.0% | 69.9% |
| 🇧🇫 Burkina Faso | $12.7 | 0.0% | 61.2% |
| 🇬🇦 Gabon | $12.5 | 0.0% | 64.9% |
| 🇬🇪 Georgia | $11.9 | 0.0% | 39.6% |
| 🇲🇺 Mauritius | $11.8 | 0.0% | 79.7% |
| 🇦🇲 Armenia | $11.8 | 0.0% | 47.9% |
| 🇧🇸 Bahamas | $11.7 | 0.0% | 84.2% |
| 🇲🇱 Mali | $11.0 | 0.0% | 51.8% |
| 🇲🇹 Malta | $11.0 | 0.0% | 54.1% |
| 🇰🇭 Cambodia | $10.9 | 0.0% | 35.3% |
| 🇧🇯 Benin | $10.6 | 0.0% | 53.0% |
| 🇲🇼 Malawi | $10.4 | 0.0% | 78.6% |
| 🇪🇪 Estonia | $9.0 | 0.0% | 21.6% |
| 🇨🇩 Democratic Republic of Congo | $9.0 | 0.0% | 13.3% |
| 🇷🇼 Rwanda | $8.8 | 0.0% | 63.3% |
| 🇳🇦 Namibia | $8.5 | 0.0% | 67.6% |
| 🇲🇬 Madagascar | $8.5 | 0.0% | 54.0% |
| 🇳🇪 Niger | $8.3 | 0.0% | 48.7% |
| 🇲🇰 North Macedonia | $8.2 | 0.0% | 51.6% |
| 🇧🇦 Bosnia and Herzegovina | $7.7 | 0.0% | 28.6% |
| 🇲🇻 Maldives | $7.7 | 0.0% | 110.3% |
| 🇬🇳 Guinea | $7.3 | 0.0% | 31.6% |
| 🇳🇮 Nicaragua | $7.2 | 0.0% | 41.5% |
| 🇧🇧 Barbados | $7.2 | 0.0% | 115.0% |
| 🇹🇬 Togo | $6.1 | 0.0% | 67.2% |
| 🇰🇬 Kyrgyz Republic | $6.0 | 0.0% | 47.0% |
| 🇲🇩 Moldova | $5.6 | 0.0% | 35.1% |
| 🇹🇩 Chad | $5.4 | 0.0% | 43.2% |
| 🇰🇼 Kuwait | $5.4 | 0.0% | 3.4% |
| 🇲🇷 Mauritania | $5.1 | 0.0% | 49.5% |
| 🇭🇹 Haiti | $5.1 | 0.0% | 19.6% |
| 🇬🇾 Guyana | $4.9 | 0.0% | 29.9% |
| 🇲🇪 Montenegro | $4.6 | 0.0% | 65.8% |
| 🇫🇯 Fiji | $4.6 | 0.0% | 83.6% |
| 🇹🇲 Turkmenistan | $4.2 | 0.0% | 5.1% |
| 🇹🇯 Tajikistan | $4.0 | 0.0% | 33.5% |
| 🇧🇼 Botswana | $3.9 | 0.0% | 18.7% |
| 🇬🇶 Equatorial Guinea | $3.8 | 0.0% | 38.3% |
| 🇸🇷 Suriname | $3.8 | 0.0% | 107.0% |
| 🇸🇸 South Sudan | $3.8 | 0.0% | 60.4% |
| 🇧🇹 Bhutan | $3.3 | 0.0% | 123.4% |
| 🇦🇼 Aruba | $3.2 | 0.0% | 82.9% |
| 🇸🇱 Sierra Leone | $3.1 | 0.0% | 88.9% |
| 🇨🇻 Cabo Verde | $2.9 | 0.0% | 113.1% |
| 🇧🇮 Burundi | $2.3 | 0.0% | 72.7% |
| 🇱🇷 Liberia | $2.3 | 0.0% | 52.3% |
| 🇽🇰 Kosovo | $2.2 | 0.0% | 21.3% |
| 🇸🇿 Eswatini | $2.0 | 0.0% | 42.4% |
| 🇧🇿 Belize | $1.9 | 0.0% | 59.3% |
| 🇱🇨 Saint Lucia | $1.8 | 0.0% | 74.2% |
| 🇬🇲 Gambia | $1.7 | 0.0% | 72.3% |
| 🇩🇯 Djibouti | $1.6 | 0.0% | 41.8% |
| 🇦🇬 Antigua and Barbuda | $1.6 | 0.0% | 80.5% |
| 🇸🇲 San Marino | $1.5 | 0.0% | 74.0% |
| 🇬🇼 Guinea-Bissau | $1.5 | 0.0% | 73.9% |
| 🇱🇸 Lesotho | $1.5 | 0.0% | 61.3% |
| 🇦🇩 Andorra | $1.4 | 0.0% | 37.7% |
| 🇨🇫 Central African Republic | $1.4 | 0.0% | 50.1% |
| 🇸🇨 Seychelles | $1.3 | 0.0% | 60.8% |
| 🇻🇨 Saint Vincent and the Grenadines | $0.9 | 0.0% | 86.2% |
| 🇬🇩 Grenada | $0.8 | 0.0% | 60.2% |
| 🇩🇲 Dominica | $0.7 | 0.0% | 93.9% |
| 🇰🇳 Saint Kitts and Nevis | $0.6 | 0.0% | 53.2% |
| 🇻🇺 Vanuatu | $0.5 | 0.0% | 46.8% |
| 🇰🇲 Comoros | $0.5 | 0.0% | 33.3% |
| 🇸🇹 São Tomé and Príncipe | $0.4 | 0.0% | 58.5% |
| 🇸🇧 Solomon Islands | $0.4 | 0.0% | 22.2% |
| 🇧🇳 Brunei Darussalam | $0.3 | 0.0% | 2.3% |
| 🇼🇸 Samoa | $0.3 | 0.0% | 36.2% |
| 🇹🇱 Timor-Leste | $0.3 | 0.0% | 16.4% |
| 🇵🇼 Palau | $0.2 | 0.0% | 85.4% |
| 🇹🇴 Tonga | $0.2 | 0.0% | 41.1% |
| 🇫🇲 Micronesia | $0.1 | 0.0% | 12.5% |
| 🇲🇭 Marshall Islands | $0.1 | 0.0% | 18.1% |
| 🇳🇷 Nauru | <$0.1 | 0.0% | 29.1% |
| 🇰🇮 Kiribati | <$0.1 | 0.0% | 13.1% |
| 🇹🇻 Tuvalu | <$0.1 | 0.0% | 8.0% |
| 🇲🇴 Macao SAR | <$0.1 | 0.0% | 0.0% |
| 🌐 World | $97,129.8 | 100% | 93.0% |
With $33.2 trillion in government debt, the U.S. makes up over a third of the world total.
Given the increasing debt load, the cost of servicing this debt now accounts for 20% of government spending. It is projected to reach $1 trillion by 2028, surpassing the total spent on defense.
The world’s third-biggest economy, Japan, has one of the highest debt to GDP ratios, at 255%. Over the last two decades, its national debt has far exceeded 100% of its GDP, driven by an aging population and social security expenses.
In 2023, Egypt faces steep borrowing costs, with 40% of revenues going towards debt repayments. It has the highest debt on the continent.
Like Egypt, several emerging economies are facing strain. Lebanon has been in default since 2020, and Ghana defaulted on the majority of its external debt—debt owed to foreign lenders—in 2022 amid a deepening economic crisis.
Global Debt: A Regional Perspective
How does debt compare on a regional level in 2023?
| Region | Gross Debt (B) | % of World Total | Debt to GDP |
|---|---|---|---|
| North America | $36,451.8 | 37.5% | 117.6% |
| Asia and Pacific | $34,257.4 | 35.3% | 92.5% |
| Europe | $20,123.4 | 20.7% | 79.1% |
| South America | $3,164.9 | 3.3% | 77.2% |
| Africa | $1,863.6 | 1.9% | 65.2% |
| Other/Rest of World | $1,269.1 | 1.3% | 31.4% |
We can see that North America has both the highest debt and debt to GDP compared to other regions. Just as U.S. debt has ballooned, so has Canada’s—ranking as the 10th-highest globally in government debt outstanding.
Across Asia and the Pacific, debt levels hover close to North America.
At 3.3% of the global total, South America has $3.2 trillion in debt. As inflation has trended downwards, a handful of governments have already begun cutting interest rates. Overall, public debt levels are projected to stay elevated across the region.
Debt levels have also risen rapidly in Africa, with an average 40% of public debt held in foreign currencies—leaving it exposed to exchange rate fluctuations. Another challenge is that interest rates are also higher across the region compared to advanced economies, increasing debt-servicing costs.
By 2028, the IMF projects that global public debt will exceed 100% of GDP, hitting levels only seen during the pandemic.
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