With the number of UHNWI (defined as having a net worth of $30 million or more) across the world growing each year, this is one of the most fascinating albeit highly elusive target audiences. Tiny Vermont has just 16,411 millionaire households, and the Green Mountain State is one of the tougher states when it comes to taxing millionaires. An inheritance tax adds to the state's overall tax burden. It almost goes without saying that California is a pricey place to live. Kiplinger is part of Future plc, an international media group and leading digital publisher. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Agriculture, oil, copper and timber all play an important role in the economy, to say nothing of travel and tourism. The top .1% bracket started around $43,207,732. Out of the seven regions, only North America and Asia saw positive gains in the very high-net-worth (VHNW) population and their combined wealth. There's no income tax at all. A former Wall Street trader, he is the author of the books CNBCs Creating Wealth and The Career Survival Guide. Very-high-net-worth individuals (VHNWIs): People or households who hold liquid assets valued between $5 million and $30 million. But then, with a cost of living almost 12.2% below the national average, paychecks tend to go further. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Number of people with wealth over one million U.S dollars 2021, by country, Distribution of assets by category and wealth percentile U.S. Q1 2021, Countries with the highest millionaire rate in 2021, Distribution of wealth in the United States 1990-2022, States with the most billionaires in the U.S. 2022, Countries with the most individuals with a net worth over one million U.S. dollars in 2021 (in thousands), Countries with the highest proportion of millionaires in 2021, Ultra high net worth individuals: population of global 1 percent 2021, by country, Number of people belonging to the global top 1 percent of wealth holders* in 2021, by country (in 1,000s), Wealth distribution in the United States in the third quarter of 2022, Number of millionaire households U.S. 2006-2020, Number of millionaire households in the United States from 2006 to 2020 (in millions), United States: estimated net worth of the 20 richest people as of 2022 (in billion U.S. dollars), Distribution of net wealth in the United States from Q1 1990 to Q3 2022, U.S. high net worth individuals 2008-2021, Number of high net worth individuals in the United States from 2008 to 2021 (in millions), North America wealth of high net worth individuals 2008-2021, Total wealth of high net worth individuals in North America from 2008 to 2021 (in billion U.S. dollars), Asset allocation of high net worth individuals in North America 2021, Asset allocation of high net worth individuals in North America in 2021, Distribution of asset holdings in the United States in Q1 2020, by asset category and wealth percentile, Share of households who are millionaires by state U.S. 2020, Share of households in the United States with one million or more U.S. dollars in investible assets in 2020, by state, Number of households who are millionaires. This copy is for your personal, non-commercial use only. Washington is one of Kiplinger's most tax-friendly states because it doesn't have an income tax. Please create an employee account to be able to mark statistics as favorites. For singles and unmarried couples aged 25 to 34, student loans are the primary debt before credit cards and secured loans and seem to cause the most stress. Those with a college degree have family wealth almost three and half times that of those with some college, more than four times those with a high school diploma, and almost 15 times the group without a high school diploma. Federal Reserve Bank of Chicago - Student Debt, Risk Preferences, and Household Net Worth. Financial services for HNWIs include investment management and tax advice as well as help with trusts and estates and access to hedge funds and private equity firms. Taxes are rough, too. Both median income and home value are well above national averages in Colorado, as is the cost of living, albeit only by 1.9%. When "very" just isn't good enough, you gotta go "ultra." In the banking world, that means having over $30 million in net worth*. The number of VHNW individuals in North America increased by 7.1% from a year ago. Rather, he dollar-cost averages into cheap funds and index funds and holds them forever in tax-advantaged accounts. Statewide, the cost of living in Kansas is 10% cheaper than the national average, helped by much more affordable housing than what the average American pays. Anesthesiologists, psychiatrists and other medical specialties are among the state's best-paid jobs. Montana's cost of living is 6.7% lower than the national average. "Are Disappearing Employer Pensions Contributing to Rising Wealth Inequality?," FEDS Notes. To a potential financial advisor, though, you will be counted separately for the . 15. Heres how it works. That's significant considering that a million bucks sure goes far in some parts of Indiana. Overall, the cost of living in the Last Frontier is 24.4% higher than the national average. But you don't have to go to Las Vegas to rub elbows with the Silver State's millionaires. By Jeff Reeves It should come as no surprise that a tropical paradise would be a magnet for millionaires. Illinois' economic woes are one reason why it makes the list; it's 50th in the latest ranking of states' fiscal health by the Mercatus Center at George Mason University and residents are paying the price with higher taxes. But be forewarned: Income tax bites hard on higher incomes, with the top rate of 6.5% kicking in on taxable income over $60,000. That is a gigantic wealth difference of $11.12 trillion for Black families and an even larger difference of $17.41 trillion for Hispanic families. The cost of living in Rhode Island is a whopping 18.6% higher than the national average, according to C2ER. The state's wealthiest resident is Citadel hedge-fund honcho Ken Griffin. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Most affluent people worldwide 2022, by net worth, Assets of HNWIs worldwide 2010-2021, by region, HNWI population worldwide 2010-2021, by region, Ultra high net worth individuals 2021, by country, Asset allocation of high net worth individuals worldwide 2021, Financial investable wealth of ultra-high net worth individuals 2020, by country, Wealthiest individuals worldwide as of March 2022, by net worth (in billion U.S. dollars), Assets of high net worth individuals (HNWIs) worldwide from 2010 to 2021, by region (in trillion U.S. dollars), Number of high net worth individuals (HNWIs) worldwide from 2010 to 2021, by region (in millions), Number of ultra high net worth individuals 2021, by region, Number of ultra high net worth individuals in 2021, by region, Number of ultra high net worth individuals in selected countries in 2021, Financial investable wealth of ultra-high net worth individuals (UHNWI) in 2020, by country (in trillion U.S. dollars), The 20 countries with the most billionaires in 2022, Asset allocation of high net worth individuals (HNWI) worldwide in 2021, Assets of HNWIs and UHNWIs worldwide 2020 by region and type, Assets of high net worth individuals (HNWIs) and ultra-high net worth individuals (UHNWIs) worldwide in 2020, by region (in trillion U.S. dollars), Asset allocation of high net worth individuals worldwide 2021 by region, Asset allocation of high net worth individuals worldwide as of the first quarter of 2021, by region, Distribution of investable assets in portfolios in the U.S. 2019, by wealth segment, Distribution of selected investable assets held by wealthy investors in the United States in 2019, by wealth segment, Distribution of assets in portfolios 2019, by wealth segment, Distribution of selected assets held by wealthy investors in the United States 2019, by wealth segment, Wealthiest individuals in the global real estate industry 2021, by net worth, Most wealthy individuals operating in the global real estate industry as of June 2021, by net worth (in billion U.S. dollars), Size of luxury property one million dollars can buy worldwide 2021, by city, Size of luxury property that one million dollars could buy in selected cities worldwide in 2021 (in square meters), Most popular commercial property sectors according to UHNWIs worldwide 2021, Commercial property sectors gaining popularity among ultra high net worth individuals (UHNWIs) worldwide in 2021, by region, Share of UHNWIs who bought a new residential property worldwide 2021, by region, Share of ultra high net worth individuals (UHNWIs) who bought a new home worldwide in 2021, by region, Leading wealth managers worldwide 2020, by assets under management, Leading wealth management firms worldwide in 2020, by assets under management (in trillion U.S. dollars), Top reasons to select wealth managers worldwide 2021, Leading reasons for selecting wealth managers worldwide in 2021, Main financial goals dealt with by wealth managers worldwide 2019-2021, Main financial goals discussed, managed and delegated to wealth managers worldwide in 2019 and 2021, Largest private wealth management teams in the U.S. 2021, by client assets, Largest private wealth management teams in the United States in 2021, by client assets (in billion U.S. dollars), Leading registered investment advisors in the U.S. 2021, by assets, Leading registered investment advisor companies (RIA) in the United States in 2021, by managed assets (in billion U.S. dollars), Share of HNWIs as SEC-registered investment advisors' clients 2017-2021, Share of high net worth individuals as clients of investment advisors registered at the U.S. Securities and Exchange Commission (SEC) from 2017 to 2021, HNWI's share of SEC-registered investment advisors' assets 2017-2021, Share of high net worth individuals' assets managed by investment advisors registered at the U.S. Securities and Exchange Commission (SEC) from 2017 to 2021. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. He's also written for Esquire magazine's Dubious Achievements Awards. Instead, the term couple is used and includes respondents who are married or living together as partners.2. Of ultra-high-net-worth individuals, only 14% are women. Top-paying jobs include surgeons, computer and information research scientists, nuclear engineers and sales engineers. The Best AI Stocks to Buy for 2021 and Beyond. In short: you can't really "sell" a pension on the open market. That puts the state's concentration of millionaires not far off from the national percentage of 6.71%, even as the cost of living in the Keystone State is 2.5% lower than the U.S. average. Marital data was asked but not reported in the 2019 SCF. They're disproportionately located in the greater New York City area, however, where a million bucks doesn't go that far. It also happens to be a great place to retire. This copy is for your personal, non-commercial use only. stocks Property taxes are on the high side, too. Another ray of sunshine: Property taxes as a percentage of home value are the lowest in the U.S. Ebay (EBAY (opens in new tab)) founder Pierre Omidyar, with a net worth of $15.3 billion, is the state's wealthiest person. July 9, 2022. Researchers and data scientists typically prefer the median net worth when discussing wealth as money values can have steep growth curves that skew the data. When it comes to where millionaires live in America, the rich keep getting richer. It also boasts a decent concentration of millionaire households. The more liquid assets held by an individual or household, the more appealing the HNWI becomes to wealth managers, given they usually earn fees equal to a percentage of the total assets they manage. Georgia's tax brackets mean that many taxpayers will find themselves paying the top marginal rate, which kicks in at just $10,000 of taxable income for married couples filing jointly or $7,000 for individual filers. 3. From the greater Boston area to the tip of Cape Cod, Massachusetts has more than its fair share of millionaire households. California boasts numerous metro areas including Napa, San Francisco, San Jose and Oxnard that are loaded with wealth. Future US, Inc. Full 7th Floor, 130 West 42nd Street, Visit our corporate site. Investable assets include education/custodial accounts, individually owned retirement accounts, stocks, options, bonds, mutual funds, managed accounts, hedge funds, structured products, ETFs, cash accounts, annuities and cash value life insurance policies. Asias VHNW population increased 5.2% to 761,070, and their collective net worth grew 5.1% to US$7.6 trillion, which is 29% of the global share. The number of very-high-net-worth (VHNW) individualsthose with a net worth of between US$5 million and US$30 millionincreased 10% to 2.7 million last year, following a muted growth. Minnesota is loaded with giant companies. However, the loss of the federal personal exemption due to the new tax law means that many Utahns, particularly those with multiple dependents, will pay higher state taxes than before. Indeed, Maine is one of Kiplinger's least tax-friendly states. 14. Learn more about how Statista can support your business. Property taxes are quite low, but sales taxes take a toll. But what makes Minnesota really stand out is that its lowest income tax rate is 5.35%. As much as Seattle is associated with Washington State, millionaires also can be found outside the Emerald City that Bezos and Gates call home. Something went wrong. World-class ski resorts and luxury shopping are the main draw. So if your income placed you in the 65th percentile, 65% of the population would earn less than you, and 35% would earn more than you. For a $400,000 home, the state-wide average tax in Nebraska comes to $7,421 per year. Kapaa, on Hawaii's fourth-largest island of Kauai, and Honolulu have two of the highest concentrations of millionaire households in the U.S. (If you prefer: "2019" vs. "2016"): To read the chart: a dollar amount is the "threshold" between net worth brackets. In Europe, the VHNW population decreased 7% year over year to 623,880, and their collective wealth declined 6.9% to US$6.3 trillion. Compensation may impact where offers appear. For example, a 25-year-old needs only save $158 per month to have $1 million at age 65assuming a 10% annual return on investment. John Menard, Jr., founder of the Menards home improvement chain, is the state's richest resident with a net worth of $18.8 billion. This phenomenon, more commonly called compound interest, enables you to grow exponentially larger sums over long periods of time. High net worth opens doors. The numbers get a big lift from Summit Park, a small town with one of the very highest concentrations of millionaires in the country. data than referenced in the text. Taxes aren't overly onerous, at least compared to many of its New England neighbors. AI stocks have been bloodied up in recent months, but the technology's relentlessly growing importance should see the sun shine on them again. Offsetting that somewhat is the fact that the Sunflower State is not the friendliest place when it comes to taxes. The top 10% comprises 13% of the wealthiest white families, 1% of all Black families, and 3% of all Hispanic families. According to the BEA, South Carolina is 8.9% cheaper than the national average. Note well that to be considered a millionaire by the standards of wealth research, a household must have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships, among other select assets. How many millionaires are in America and where do they live? Maryland's 23 counties and Baltimore City have income taxes ranging from 1.75% to 3.20% of taxable income on top of the state's take. The number one benefit of being a high-net-worth individual is the advantages that come from being wealthy. Happily, Alabama is a tax-friendly state, especially as it pertains to retirees. As soon as this statistic is updated, you will immediately be notified via e-mail. As with Virginia, that's partly thanks to its Washington, D.C., suburbs, but the pull of the nation's capital can't take all the credit. New Hampshire residents also don't pay too much state tax at the pump. Quintile table with fifth quintile split and the tenth decile indicated: Quartile table with fifth quartile split and the tenth decile indicated: Net worth is a measure of individual or household wealth what you own minus what you owe. Residents pay more for housing and utilities, in particular. data than referenced in the text. Property taxes are modest. Then you can access your favorite statistics via the star in the header. Tourism is under pressure from the coronavirus lockdown, while the petroleum industry has been hit by the crash in oil prices. Alabama is another state where you don't need a million bucks to live well. A good deal of Montana's wealth stems from its abundance of natural resources. Some are wealthy commuters who make their livings in the Big Apple. Marketing managers and financial managers tend to do well in SD. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. You may have heard the term high-net-worth individual, or HNWI. Take the benchmark S&P 500 index, which has provided average annual returns of about 10% over the past 100 years, despite wars, pandemics, recessions and the Great Depression. Despite being half of all American families, they earn about 15% of the countrys total household income. Is now the perfect storm for investors? Below is every household net worth percentile in 2020, compared to inflation-adjusted 2017. DQYDJ may be compensated by our partners if you make purchases through links. More happily for everyone, folks who call the Pelican State home enjoy a cost of living that's 10.9% below the national average. Estimates of millionaire households provided by Phoenix Marketing International (opens in new tab), a firm that tracks the affluent market. Examining net worth across age, education, race, and more can be very useful when trying to set yourself up for financial well-being now and in the future. Hence, half of all U.S. families have a net worth below the 50th percentile value of $121,700, and half of all families have a net worth above that. We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own. And although home values have gone up 6% over the past year, Zillow predicts they will fall 0.9% within the next year. The southwest corner of the state is the base for many hedge funds and prominent public companies. Property taxes are low and sales taxes average. The heir to the Dexter Shoe Company has a net worth of $1.5 billion. It also offers a bayou full of tax breaks to retirees. To start, Social Security benefits are completely exempt. The Federal Reserve has been collecting data on net worth and all its components since 1989 through the Survey of Consumer Finance (SCF). That makes it easier for everyone along the wage scale to put a roof over their heads. Kansas fell four spots in the Phoenix Wealth and Affluent Monitor millionaire rankings this year. High net worth individuals are defined as individuals who hold at least 1 million U.S. dollars in financial assets Citation formats View options Other statistics on the topic. Indeed, Juneau, the state capital, has the third-highest concentration of millionaire households among the country's "micro" areas. The average property tax on a $400,000 home in New York is about $7,246, which is the fourth-highest average in the country. In Latin America and the Caribbean, the VHNW population and collective net worth both dropped more than 25%. There is a concentration of ultra high net worth individuals by country; most are in the top 10 nations. Housing costs in Ohio are relatively low, but the state's average property tax bill isn't. Households in 2018 - May 2019, Federal Reserve Bank of St. Louis - Young Families' Wealth after the Great Recession, Forbes Billionaires 2021: The Richest People in the World, Equifax - Millennials, Mortgages and Student Debt, Pew Research Center - The Growing Diversity of Black America, Pew Research Center - Where the US Hispanic population grew most, least from 2010 to 2019, Federal Reserve Bank of St. Louis - Married Couples Surpass Other Young Adults in Wealth, Federal Reserve Bank of St. Louis - Wealth Mobility of Families Raising Children in the 21st Century, Statista Research Department: Average Number of Own Children per U.S. Family with Own Children 1960-2020, Federal Reserve - Disparities in Wealth by Race and Ethnicity in the 2019 Survey of Consumer Finances, U.S. Census Bureau - Survey of Income and Program Participation: 2018, Federal Reserve Bank of Chicago - Student Debt, Risk Preferences, and Household Net Worth, Do Not Sell or Share My Personal Information, Median net worth in the United States is $121,700, up 17.6 % from 2016, Average net worth is $748,800, up a more modest 2% from 2016, Black and Hispanic families had strong gains in median net worth between 2016 and 2019, 30% and 64% respectively, though the typical white family still has three to seven times the net worth, Four-year college degree holders have a median net worth more than four times that of someone with only a high school diploma, The top ten percent of households own 76% of all wealth in the U.S., while the bottom 50% of households own just 1% of all wealth, Laurene Powell Jobs and family ($19 billion), Whitney Wolfe Herd, age 31 ($1.3 billion). Technically, this is not exactly household data but primary economic unit data. Despite a heavy corporate presence, Delaware's cost of living is just 1.8% above the U.S. average. Larry Ellison, founder of Oracle (ORCL (opens in new tab)), is the state's richest person with a net worth of $66.7 billion. The explosion in shale oil drilling has minted many a millionaire in North Dakota over the past decade. High-net-worth individual ( HNWI) is a term used by some segments of the financial services industry to designate persons whose investible wealth ( assets such as stocks and bonds) exceeds a given amount. Show publisher information Property taxes are on the high side, and you can only get relief from that if you're a low-income resident. Oral and maxillofacial surgeons make an average of $280,940. Per the gold standard of very high net worth individuals' statistics, UNHWI has a net worth of more than $30 million, making them an extremely exclusive group worldwide. Why the huge difference between the average and the median? UnitedHealth Group (UNH (opens in new tab)), 3M (MMM (opens in new tab)), Target (TGT (opens in new tab)) and General Mills (GIS (opens in new tab)) are just a few of the major firms headquartered there. Indeed, a record 6.71% (or 8,386,508 out of 125,018,808 total U.S. households) can now claim millionaire status. Obstetricians/gynecologists and orthodontists are the best-paid professions in the state. The state also is among the most tax-friendly for retirees. Today, millionaire sounds almost quaint. 10 Best Value Stocks for Gritting Out the Downturn. As a Premium user you get access to the detailed source references and background information about this statistic. Data comes from the Federal Reserve's 2019 SCF, released in September, 2020. 29% of this eye-opening cost of raising a child goes toward housing and 18% to food. Buzzery, LLC NMLS ID # 2317173 NMLS Consumer Access, What can you learn about growing your wealth by taking a closer look at U.S. net worth statistics? The countries with the most UHNWI residents are the United States . As befits a place that pumps a lot of oil out of the ground, fuel taxes are low. 50 Top Stock Picks That Billionaires Love. statistic alerts) please log in with your personal account. $10,374,030 was the 1% threshold in 2017. We've detected you are on Internet Explorer. The cost of living in Kalamazoo is 21.6% below the U.S. average. The Beaver State's cost of living is 1.1% higher than the U.S. average. High Net Worth - $1 million in investable assets Very High Net Worth - $5 million in investable assets A former Wall Street trader, he dollar-cost averages into cheap funds and funds! Almost 12.2 % below the U.S. average engineers and sales engineers 1 % threshold in 2017 n't really `` ''! 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