It excludes primary residence and real estate, business partnerships, employer-sponsored retirement plans (401k, 403b), restricted stocks, and the like.
While California has more millionaires, it ranks just ninth in the nation with 6.01 percent of all households crossing that million dollar mark this year, says the report.
Tops for percentage of millionaires is Maryland, edging out Hawaii.
The top ten follow. Listed first is the number of households with more than $1 million in liquid assets followed by the percentage of households.
1. Maryland: 157,779; 7.22 percent
2. Hawaii: 33,461; 7.21 percent
3. New Jersey: 231,456; 7.19 percent
4. Connecticut: 98,392; 7.13 percent
5. Massachusetts: 162,619; 6.41 percent
6. Alaska: 16,239; 6.39 percent
7. Virginia: 195,006; 6.26 percent
8. New Hampshire: 31,159; 6.06 percent
9. California: 750,686; 6.01 percent
10. District of Columbia: 15,603; 5.88 percent:
The states with the lowest percentage of millionaire households are Arkansas and Mississippi at 3.43 percent each, although Arkansas has more of them at 39,749 compared to the 38,574 who call Mississippi home, the report says.
Wyoming has the fewest millionaire households at just 11,271.
"A few things are noteworthy from this year's millionaire rankings," says David Thompson, managing director of the Phoenix Global Wealth Monitor. "First, this is the closest it's ever been between the top two states. Second, all of the top ten states increased their millionaire ratios during the past year, which underscores that the richest states keep getting richer."
Phoenix computes its data on the size of affluent and high net worth U.S. households on a mid-year to mid-year basis. As of the end of June, 2011, Phoenix estimates that the number of millionaires in the U.S. grew by 6.9 percent from the previous year, numbering some 5.9 million households.
SOURCE: http://www.centralvalleybusinesstimes.com/stories/001/?ID=19664
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