Maryland is No Longer the Top State for Millionaire Households after 7-year Streak
This article was featured in the Baltimore Business Journal on January 29, 2019
By Carley Milligan Digital Editor, Baltimore Business Journal
Maryland is no longer the state with the highest ratio of millionaire households.
The state has held the No. 1 spot since 2010, but new 2018 data shows it is down to the No. 4 position.
New York-based Phoenix Marketing International released its annual wealth and affluent monitor survey Tuesday, which has tracked the number of millionaire households in the 50 states and Washington, D.C., since 2006.
The new top state, New Jersey, now holds the position for the highest ratio of millionaire households to total households at 8.95 percent in 2018. Last year, it was in the No. 2 in the country.
Maryland, which according to the study has 2.26 million total households, was found to have a ratio of 8.85 percent. That means there are 200,074 households with more than $1 million in investable assets in the state.
The ratio of millionaire households in Maryland hasn’t gone down though, it has actually increased from 7.87 percent in 2017. The ratio has risen more quickly in other states, causing Maryland to drop in rankings.
Overall, Phoenix Marketing reports that the number of millionaire households across the U.S. has risen to 7.7 million. That’s an increase of more than 500,000 households over the past 12 months.
Maryland was also passed on the list by Washington, D.C., which moved up nine spots to No. 2, as well as Connecticut at No. 3.
D.C. had the highest growth of any state, rising from 6.57 percent in 2017 to 8.94 percent in 2018. David M. Thompson, managing director at Phoenix Affluent Practice, suggests the increase may be due to several factors including increased property prices and more skilled workers moving into the area.
Mississippi has the lowest ratio of millionaires at 3.68 percent, followed by West Virginia, Arkansas and Kentucky.Back to learn