Which state has the most millionaires per capita?

New Jersey has the highest concentration of millionaires, with approximately 9.76% of households having at least $1 million in investable assets. Maryland, Connecticut, and Massachusetts also rank in the top 5.

How many millionaires are in the United States?

The United States has approximately 24.5 million millionaires (households with $1M+ in investable assets), representing about 18% of the world's millionaires. This includes about 7.9% of all U.S. households.

Which state has the most millionaires total?

California has the most millionaires by total count at approximately 1.2 million millionaire households, followed by Texas (700,000+), Florida (700,000+), and New York (600,000+).

What percentage of Americans are millionaires?

Approximately 7.9% of U.S. households have $1 million or more in investable assets (excluding primary residence). When including home equity, about 13.5% of households have a net worth of $1 million+.

Millionaire Statistics by State: Where the Rich Live (2025)

U.S. Millionaire Statistics (2025)

Metric	Number
Total millionaire households	24.5 million
Millionaires as % of U.S. households	7.9%
Net worth $5M+ households	3.5 million
Net worth $30M+ households	250,000
Billionaires	756

States With the Highest Millionaire Concentration

Top 10 by Millionaire Percentage

Rank	State	% Millionaire Households	Total Millionaires
1	New Jersey	9.76%	340,000
2	Maryland	9.72%	215,000
3	Connecticut	9.44%	130,000
4	Massachusetts	9.38%	260,000
5	Hawaii	9.20%	48,000
6	California	8.91%	1,180,000
7	New Hampshire	8.84%	50,000
8	Virginia	8.74%	280,000
9	Alaska	8.51%	22,000
10	Washington	8.47%	245,000

Why These States Lead

State	Key Wealth Drivers
New Jersey	Finance (NYC proximity), pharma, high earners
Maryland	Government contractors, biotech, DC proximity
Connecticut	Hedge funds, finance, high incomes
Massachusetts	Biotech, tech, education, finance
Hawaii	Retirees, tourism wealth, limited land
California	Tech, entertainment, real estate

States With Most Millionaires (Total Count)

Rank	State	Total Millionaires	% of U.S. Millionaires
1	California	1,180,000	4.8%
2	Texas	730,000	3.0%
3	Florida	710,000	2.9%
4	New York	640,000	2.6%
5	Illinois	360,000	1.5%
6	Pennsylvania	340,000	1.4%
7	New Jersey	340,000	1.4%
8	Virginia	280,000	1.1%
9	Ohio	275,000	1.1%
10	Massachusetts	260,000	1.1%

States With Lowest Millionaire Concentration

Bottom 10 by Percentage

Rank	State	% Millionaire Households	Total Millionaires
41	Kentucky	5.21%	90,000
42	Arkansas	5.18%	60,000
43	Louisiana	5.03%	88,000
44	New Mexico	4.98%	40,000
45	Oklahoma	4.91%	75,000
46	Alabama	4.88%	95,000
47	South Carolina	4.82%	98,000
48	West Virginia	4.61%	32,000
49	Mississippi	4.21%	48,000
50	Maine	5.02%	28,000

Complete State Rankings

State	Millionaire %	Total	Rank
Alabama	4.88%	95,000	46
Alaska	8.51%	22,000	9
Arizona	6.85%	195,000	23
Arkansas	5.18%	60,000	42
California	8.91%	1,180,000	6
Colorado	8.14%	185,000	12
Connecticut	9.44%	130,000	3
Delaware	7.52%	32,000	17
Florida	7.34%	710,000	19
Georgia	6.45%	255,000	27
Hawaii	9.20%	48,000	5
Idaho	6.12%	45,000	31
Illinois	7.48%	360,000	18
Indiana	5.82%	150,000	35
Iowa	6.24%	78,000	29
Kansas	5.91%	68,000	34
Kentucky	5.21%	90,000	41
Louisiana	5.03%	88,000	43
Maine	5.02%	28,000	44
Maryland	9.72%	215,000	2
Massachusetts	9.38%	260,000	4
Michigan	6.01%	235,000	33
Minnesota	7.72%	175,000	15
Mississippi	4.21%	48,000	49
Missouri	5.65%	135,000	38
Montana	6.08%	28,000	32
Nebraska	6.18%	48,000	30
Nevada	6.72%	82,000	25
New Hampshire	8.84%	50,000	7
New Jersey	9.76%	340,000	1
New Mexico	4.98%	40,000	44
New York	7.61%	640,000	16
North Carolina	5.92%	255,000	33
North Dakota	6.78%	22,000	24
Ohio	5.78%	275,000	36
Oklahoma	4.91%	75,000	45
Oregon	6.45%	110,000	28
Pennsylvania	6.58%	340,000	26
Rhode Island	7.24%	32,000	20
South Carolina	4.82%	98,000	47
South Dakota	6.92%	25,000	22
Tennessee	5.58%	150,000	39
Texas	6.98%	730,000	21
Utah	7.14%	85,000	20
Vermont	7.52%	22,000	18
Virginia	8.74%	280,000	8
Washington	8.47%	245,000	10
West Virginia	4.61%	32,000	48
Wisconsin	6.35%	152,000	28
Wyoming	8.21%	18,000	11

Millionaire Growth by State (5-Year Change)

Fastest Growing States

State	5-Year Growth	Current Total
Florida	+38%	710,000
Texas	+35%	730,000
Arizona	+32%	195,000
Nevada	+30%	82,000
Utah	+29%	85,000
Colorado	+28%	185,000
Idaho	+27%	45,000
Tennessee	+26%	150,000
North Carolina	+25%	255,000
Washington	+24%	245,000

Slowest Growing States

State	5-Year Growth	Current Total
New York	+8%	640,000
California	+10%	1,180,000
Illinois	+9%	360,000
New Jersey	+11%	340,000
Connecticut	+7%	130,000

Metro Areas With Most Millionaires

Metro Area	Millionaire Households	Concentration
New York Metro	940,000	11.8%
Los Angeles Metro	545,000	10.4%
San Francisco Bay	425,000	15.2%
Chicago Metro	320,000	8.5%
Washington DC Metro	305,000	12.8%
Dallas-Fort Worth	245,000	8.8%
Houston	190,000	7.5%
Boston Metro	185,000	10.2%
Miami Metro	165,000	8.1%
Seattle Metro	155,000	9.8%

Wealth by Tier: State Distribution

Deca-Millionaires ($10M+)

State	$10M+ Households	% of U.S. Total
California	142,000	18.5%
New York	78,000	10.2%
Texas	62,000	8.1%
Florida	58,000	7.6%
Illinois	32,000	4.2%

Centi-Millionaires ($100M+)

State	$100M+ Individuals	Notable Cities
California	1,800+	San Francisco, LA
New York	1,200+	NYC, Hamptons
Florida	700+	Miami, Palm Beach
Texas	500+	Dallas, Houston
Massachusetts	300+	Boston

Factors Driving Millionaire Location

Why States Attract/Retain Millionaires

Factor	Examples
No state income tax	TX, FL, WA, NV, TN
Business-friendly climate	TX, FL, TN, NC
High-paying industries	CA (tech), NY (finance), MA (biotech)
Quality of life	CO, HI, CA, FL
Favorable estate taxes	FL, TX (no state estate tax)

States Losing Millionaires

State	Net Migration (5yr)	Primary Destinations
California	-18,000	TX, FL, NV, AZ
New York	-14,000	FL, TX, NJ
Illinois	-8,000	FL, TX, AZ
New Jersey	-5,000	FL, PA
Connecticut	-3,000	FL, NC

States Gaining Millionaires

State	Net Migration (5yr)	Primary Sources
Florida	+25,000	NY, CA, NJ, IL
Texas	+18,000	CA, IL, NY
Arizona	+6,000	CA, IL
Nevada	+4,000	CA
Tennessee	+3,500	CA, NY, IL

Key Takeaways

New Jersey leads in concentration — 9.76% of households are millionaires
California has most total millionaires — 1.18 million households
Florida and Texas growing fastest — No income tax attracting wealth
Regional disparity is significant — 9.76% in NJ vs. 4.21% in MS
Millionaires migrating to low-tax states — CA, NY losing to TX, FL
7.9% of U.S. households are millionaires — 24.5 million total

Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.

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