But although the Oracle of Omaha is clearly in a league of his own, Nebraska does have 45,129 other households with at least a million bucks in investable assets. "Number of high net worth individuals in the United States from 2008 to 2021 (in millions)." And as any East Coast traveler can tell you, New Jersey is no longer a place where you can hop off an exit and buy cheap gas. The cost of living in Indiana overall is 10.7% below the national average. The centrality of the oil industry to Alaska's economy helps make petroleum engineers and chemical engineers some of the best-paid professionals in the state. Private equity macher Jonathan Nelson is the top earner in the state with a net worth of $1.8 billion. Data on household incomes and home values are from the U.S. Census Bureau. The vast expanse of the Gem State claims only about 655,000 households, of which fewer than 34,000 can be considered millionaires. Just 46% of all white families are included in the bottom 50%. Gail Miller, with $1.7 billion stemming originally from car dealerships, is the state's wealthiest person. 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. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Property taxes are on the high side, and you can only get relief from that if you're a low-income resident. But for more modest incomes, the impact is far milder. Kiplinger is part of Future plc, an international media group and leading digital publisher. He has written for The Wall Street Journal, Bloomberg, Consumer Reports, Senior Executive and Boston magazine, and his stories have appeared in the New York Daily News, the San Jose Mercury News and Investor's Business Daily, among other publications. The bottom 50% includes 64.3 million families, with 13.4 million of these families having a negative net worth. Federal Reserve Bank of St. Louis - Young Families' Wealth after the Great Recession 51.5 million families are in this group. The Centennial State has a flat tax: If you have federal taxable income, the rate is 4.63%. Indeed, a record 6.71% (or 8,386,508 out of 125,018,808 total U.S. households) can now claim millionaire status. The state's gas tax is now the 11th-highest in the country. The number of VHNW individuals in North America increased by 7.1% from a year ago. The cost of living is 12.1% below the national average. Older families (65-74) have 19 times the wealth of younger families (under 35) in 2019. South Carolina is one of Kiplinger's most tax-friendly states for retirees, and one of our most tax-friendly states overall. Whether he complains about Oregon's taxes is unknown, but millionaires (and pretty much everyone else) do. As soon as this statistic is updated, you will immediately be notified via e-mail. Why the huge difference between the average and the median? This is the highest median net worth for Hispanic families since the SCF began in 1989. How Many Millionaires Are There in America? As with quintiles, quartiles are counted from top to bottom with the first quartile the one with the lowest values. If you feel really strongly on the topic, let me know your arguments if I work it into the data, I'd probably add it via the net worth percentile calculator. Single women under the age of 35 have just 13.0% of the median net worth compared to their single male counterparts ($1,310 vs. $10,110), and women 35 to 54 have just under 35% ($13,730 vs. $39,260) of the median net worth of single men that age. 14 Bankruptcy Filings Chalked Up to COVID-19. 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. 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. the Mountain State's median real estate taxes are among the lowest in the U.S. the tax on Social Security income is in the process of being phased out, the situation for Kentucky residents is mixed, property taxes that are among the lowest in the country, Montana taxes virtually all forms of retirement income, Kiplinger's most tax-friendly states for retirees. Something went wrong. 21 Stocks Warren Buffett Is Selling (And 1 He's Buying). Sure, median income is below the national level, but the cost of living is 11.2% below the national average. Fortunately, you don't need to be a millionaire to live well. Key Takeaways A high-net-worth individual is someone with liquid assets of $1 million or more. For residents of all means, the Land of Enchantment is somewhat tax-friendly, though it's a mixed bag for retirees. And although home values have gone up 6% over the past year, Zillow predicts they will fall 0.9% within the next year. Federal Reserve - Distribution of Household Wealth in the U.S. since 1989 Profit from the additional features of your individual account. Medical specialists, CEOs and dentists are among the top-paid jobs in the state. Number of high net worth individuals in the United States from 2008 to 2021 (in millions). Property taxes are middle of the road, and the state scores well for fiscal stability, indicating that it will be able to stay tax-friendly in the future. Average net worth for Black families fell slightly from $146,830 in 2016 to $142,330 in 2019, a reduction of 3%. More happily for everyone, folks who call the Pelican State home enjoy a cost of living that's 10.9% below the national average. The heir to the Dexter Shoe Company has a net worth of $1.5 billion. Tennessee is known for country music, BBQ and bourbon more than an abundance of millionaires, but the state should get more recognition for its affordability. Performance information may have changed since the time of publication. Median home value is a whopping 62% higher than the national level, but median income is less just 20% greater. Published 22 February 23. Shipping and agriculture, the state's other major industries, aren't immune to changes in global demand either. Chart. The Keystone State has the second-highest state gas tax in the nation and the sixth-highest state and local cellphone wireless service taxes. This phenomenon, more commonly called compound interest, enables you to grow exponentially larger sums over long periods of time. Needless to say, New York's taxes are tough on retirees too. Wyoming has the smallest population of any state, but it punches above its weight when it comes to millionaires, thanks to abundant natural resources and recreational activities. Also like Connecticut, the Garden State is pricey and taxes are high. Property taxes are on the high side, too. 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. 18. Obstetricians/gynecologists and orthodontists are the best-paid professions in the state. Get full access to all features within our Business Solutions. Overall, it's 8.1% cheaper to live in Wisconsin than the country as a whole. More than a quarter-million of Ohio's 4.7 million households have investable assets of at least $1 million. Search for jobs related to Very high net worth individuals statistics or hire on the world's largest freelancing marketplace with 20m+ jobs. By and large, an individual attains high-net-worth status due primarily to continuously investing and minimizing household debt. As the 55-64 age group approaches retirement, 12.2% have student loans, and the average balance is $37,600. Phoenix MI is tracking the effects of the coronavirus pandemic, which could make for a very different landscape going forward. flagship report series1, the Very High Net Worth Handbook 2020 focuses on an important and relatively large group of wealthy individuals: those with a net worth of $5m to $30m. It's 8.2% less expensive to live in the Tar Heel State than the national average, and Durham is one of the happiest places to live in the U.S., according to the Gallup-Sharecare Well-Being Index. By focusing on building wealth and not simply income, you can align your behaviors to suit your long-term personal finance goals better. Philip Anschutz a mogul whose interests span oil, railroads, telecom, real estate and entertainment tops the state's rich list with a net worth of $11.6 billion. This is up from $97,225.55 in 2017. Equifax - Millennials, Mortgages and Student Debt As for the better-paying occupations, managers in finance, marketing and information systems are in the top 20 for average salary. Property taxes are low, too. Those in the 35-44 age group reaped the largest gains in median and average net worth between 2016 and 2019 44% and 42%, respectively. For the under 35 group, 46% of white families are homeowners, but for Black families at the same age, only 17% are homeowners. Heck, Texas is so big it not only has two of the smallest towns with the most millionaires in the U.S. Andrews and Fredericksburg but it's also home to two of the cheapest U.S. metro areas in which to live. Breckenridge, Glenwood Springs and Boulder punch well above their weights in the millionaire rankings as well. Brian OConnell is a freelance writer based in Bucks County, Penn. Torrington, the largest town in Litchfield County which has long been a popular retreat for Manhattan's wealthy and chic looking for a remote, mountainous getaway also has more than its fair share of the well-to-do. Expenses in the Granite State run 6% above the U.S. average. In addition to medicine, top-paying jobs are found in general internal medicine, engineering management and psychiatry. His work has appeared on TheStreet.com, US News, CBS News, Fox Business, MSN, Motley Fool, and other major business media platforms. At an individual level, becoming a high-net-worth individual doesn't impact you that much. Additional concierge-level services can be justified for a higher-net-worth investor that would not be price effective or relevant at lower levels of wealth, says Mark Bonnett, chief executive officer at Core Path Wealth, in Scottsdale, Ariz. They also have a higher ranking in this year's millionaire rankings, jumping four spots from last year. Statista Research Department: Average Number of Own Children per U.S. Family with Own Children 1960-2020 Once upon a time before his days as a financial reporter and assistant financial editor at legendary fashion trade paper Women's Wear Daily Dan worked for Spy magazine, scribbled away at Time Inc. and contributed to Maxim magazine back when lad mags were a thing. When there is a large gap between the median and the average values, as there is here, that indicates there is significant skew in the data and the average net worth will have less relevance for your typical household. Colorado has a relatively high concentration of millionaire households partly because it's an outdoor recreational paradise. All Rights Reserved. Oklahoma has one of the highest combined sales tax rates in the nation, at an average of 8.94%. 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