And high taxes don't help matters. 2015-2023 Chasing Chains, LLC. The Keystone State has the second-highest state gas tax in the nation and the sixth-highest state and local cellphone wireless service taxes. Pros' Picks: The 15 Best Nasdaq Stocks You Can Buy. But then, with a cost of living almost 12.2% below the national average, paychecks tend to go further. And median home prices are more than a third less expensive than the national level. The cost of living for Illinois is 1.9% below the U.S. average, but taxes can take quite a toll. By the Council for Community and Economic Research's formula, costs are 14.3% higher in Vermont. As for taxes, millionaires could do better, but then, they could also do worse. Warren Buffett Stocks Ranked: The Berkshire Hathaway Portfolio. Indeed, Juneau, the state capital, has the third-highest concentration of millionaire households among the country's "micro" areas. The richest places in West Virginia share common characteristics such as having a genius level populous, sky high home prices, and a Pleasantville level of married couples. Expenses in the Granite State run 6% above the U.S. average. The once-exclusive group of citizens with debt-free assets of more than $1 million has risen by 15 percent over the last year.Currently, there are 520,000 American millionaires, the company said . Texas has 56 billionaires among its ranks, led by Alice Walton ($55.1 billion) of Walmart (WMT (opens in new tab)) fame. This is a list of U.S. states and federal district by the number of households with more than $1 million in investable assets as of 2020 (data for the year 2019). Although sales taxes in Vermont are modest, it's an expensive place to own a home (as well as heat it). It turns out there are numerous states with higher percentages of well-off households, several of which probably will surprise you. With six more "Do it for Babydog: Save a life, Change your life" prize giveaways scheduled, all West Virginians who have received at least one dose of any of the COVID-19 vaccines are encouraged to register at DoitforBabydog.wv.gov to join the list of winners.. Batten the hatches for continued market tumult without eating high fees with these six Vanguard ETFs and mutual funds. 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. Florida's popularity as a retirement destination helps boost its concentration of millionaires. Although only 4.9% of its 1.9 million households hit the millionaire threshold, some of the cheapest home prices in the country help spread the wealth. New Jersey's property taxes are the highest in America. Indiana jumped four places in the millionaire rankings year-over-year. Median income for all households is below the U.S. level, and yet home prices are well above the national median. The flip side is, the burden of other state and local taxes in the Evergreen State is heavier. St. Albans. HENRYs dont consider themselves to be wealthy, and they have a reputation for being good bargain hunters. So we looked at this set of criteria from the newly released 2017-2021 American Community Survey: Median household income is the most digestible way to understand how rich a place really is. The tax on gasoline also is one of the country's lowest. 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. How did we come up with these mega wealthy cities? Oregonians face the country's highest income tax bracket. For a $400,000 home in the state, the owner can expect to pay about $6,564 each year in property taxes. There's no income tax at all. Property taxes are modest. Year after year, the Old Line State routinely has one of the highest concentrations of millionaire households of any state in the union. The downside is that folks there need higher incomes; everything costs more in Alaska because it's so remote. Given the number of major corporation headquarters, it should come as no surprise that CEOs have some of the highest average salaries. For example, many of the wealthiest people in the country have made their fortune through some association a successful company and these people often live in close proximity to these companies. Which U.S. city has the most millionaires? It also happens to be a great place to retire. John Overdeck, founder of Two Sigma Investments hedge fund, is the wealthiest person in N.J. with a net worth of $6.1 billion, according to Forbes. However, we dont believe that one statistic wholly encompasses what it means to be one of the richest places. Kentucky has fewer than 84,000 millionaire households. Median home values also are below the national level. The cost of living in Washington is 7.8% higher than the national average, according to the BEA. Forbes Magazine has recently published a list of richest person in each state naming Jim Justice II the winner in West Virginia. The upside of having fewer millionaires is that it helps keep a lid on living costs, which are 8.9% below the U.S. average. Although Minnesota affords residents a cost of living that's 2.5% below the national average, median home value (and median income) easily top national levels. For the 40th annual Forbes 400 list of the wealthiest Americans, the members' collective fortune rose a massive 40% over the last year to $4.5 trillion, up from $3.2 trillion. Jim Justice Net Worth Jim Justice II net worth: Jim Justice II is an American billionaire who has a net worth of $1.68 billion dollars which makes him the richest person in West Virginia. HomeSnacks is reader-supported. The Greenbrier Hotel, which operates the famed luxury resort in West Virginia and is owned by billionaire West Virginia Gov. Jacqueline Mars, heir to the Mars candy fortune, is the state's wealthiest resident with a net worth of $27.4 billion, per Forbes. Millionaires and regular folks alike don't catch much of a break when it comes to giving the state government its cut. Maine is one of Kiplinger's least tax-friendly states, Nevada is one of Kiplinger's most tax-friendly states, Kiplinger's top 10 most tax-friendly states. You can find out more about him on LinkedIn or his website. . Millionaires and other residents deal with some annoyingly high taxes, however. 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. Wyoming's famed Jackson Hole valley, with three major ski resorts and an abundance of other year-round recreational activities, also is a mecca for millionaires. New Hampshire residents also don't pay too much state tax at the pump. In the Portland metro area the state's most populous region costs are 15% above the national average. Indeed, the median home value in Tennessee is 23% below the national level. Median income is higher too, but by a slimmer margin. There are fewer than 32,000 millionaire households in Maine a state in which rich and poor alike face relatively high living costs and taxes. You can learn more about the top ten below or skip to the end to see the rankings for all 25 places. Among other policies, income tax rates reach 8.75%. 0.8% (year: 2018) As of October 2019. Check out his net worth and all of the other people on the list HERE . The state also is among the most tax-friendly for retirees. The states with the highest number of millionaire households just might surprise you. If youre thinking of moving to one of these towns, youll probably need to start saving. They're disproportionately located in the greater New York City area, however, where a million bucks doesn't go that far. 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. Ray Dalio, founder of hedge fund Bridgewater Associates, tops the state's rich list with a net worth estimated at $18 billion. The cost of living is 48% higher than what the average American pays. Some are wealthy commuters who make their livings in the Big Apple. Computer and information systems management is one of the best-paying jobs in the state. N ew York City has taken back its crown. By Jeff Reeves The 25 Best Low-Fee Mutual Funds You Can Buy. Wyoming accounts for about 40% of the nation's coal production, and the vast majority of the state's output comes from the Gillette area, which has a high concentration of millionaires as a result. When it comes to where millionaires live in America, the rich keep getting richer. West Virginia has a relatively low concentration of millionaires, but the cost of living is 12.2% lower than the national average, according to the BEA. 8 Safe High-Yield Dividend Stocks Offering 5% or More. Property taxes for a $400,000 home in the state would run at an estimated $7,695 per year. Both median income and home value are well above national averages in Colorado, as is the cost of living, albeit only by 1.9%. 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. What Is The Only U.S. State With Two Panhandles. Washington is one of Kiplinger's most tax-friendly states because it doesn't have an income tax. New legislation is packed with tax breaks for homeowners who upgrade to energy-efficient systems and appliances. By Karee Venema Retirees will be happy to know that the tax on Social Security income is in the process of being phased out over a three-year period. Taxes in Kansas aren't kind to retirees either. Concentration of millionaires: 4.81%. Indeed, Maine is one of Kiplinger's least tax-friendly states. Jefferson County is the richest in West Virginia, according to U.S. Census Data from 2010. As much as Seattle is associated with Washington State, millionaires also can be found outside the Emerald City that Bezos and Gates call home. Source: Public Domain / Wikimedia Commons 24. In a notable downside for retirees of all means: Missouri ranks 39th in the nation for senior health, according to America's Health Rankings (opens in new tab). By Charles Lewis Sizemore, CFA Overall, the cost of living in the Yellowhammer State is 13.6% below the national average. "While the total number of high-net-worth households grew, these increases were largely seen in the wealthiest states, reinforcing the broader ongoing wealth-gap issues the country faces," says Carl Uttaro, VP of financial services research at Phoenix MI. Heck, petroleum engineers are some of the best-paid professionals in the state. Finding a qualified financial advisor doesnt have to be hard. 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. State. The tax picture for retirees is a little more mixed, however. It also has the lowest beer taxes in the nation, a nice perk. And home prices are a dream compared to what the average American pays. That's partly due to a median home value of more than $265,700, which is well above the national average. California's reputation as a high-tax destination is built in part on how aggressively it goes after big earners, with a 13.3% tax rate that kicks in at $1 million (for single filers) of taxable income. Jemima McEvoy. Sadly for its residents, the Buckeye State is among Kiplinger's least tax-friendly states. It should come as no surprise that a tropical paradise would be a magnet for millionaires. (The highest payment ever was $2,072 in 2015.). Property taxes in Illinois are high, as are sales taxes. In 2020 alone, he received $500,000 in dividends. This is the city in every state with the most billionaires. Tucked into the mountains in a bend of the Bluestone River, the tiny Mercer County town of Bramwell has a claim to fame that might surprise you: This turn-of-the-20th-century coal mining town once was home to more millionaires per capita than anywhere else in the United States.. Today you can walk Bramwell's streets and marvel at the beautiful architecture of the mansions where the coal . Alabama is another state where you don't need a million bucks to live well. The Millionaire Next Door: The Surprising Secrets of America's Wealthy, by Thomas Stanley and William Danko. 15 Dividend Kings for Decades of Dividend Growth. 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. For the record, Maine's richest resident is Susan Alfond, according to Forbes. Property tax rates in South Carolina are low too. The cost of living is 3.4% lower than the national average, according to the BEA. Everything is bigger in Texas. 50 Top Stock Picks That Billionaires Love. And one of them Glen Taylor, CEO of printing firm Taylor Corp. is the richest of them all, with a net worth of $3.1 billion. Virginia's high concentration of . The Ocean State's sales taxes lean high (and are above its neighboring states), but the income tax bite is modest. Income taxes are on the high end because more than 200 school districts and Appanoose County add their own income taxes on top of the state-level tax. #8. And property taxes, particularly in Detroit, are steep. But you don't have to go to Las Vegas to rub elbows with the Silver State's millionaires. Oklahoma has one of the highest combined sales tax rates in the nation, at an average of 8.94%. South Charleston. Abigail Johnson, CEO and chairwoman of Boston-based Fidelity Investments, is the state's wealthiest resident with a net worth of $14.1 billion. Taxes are rough, too. Unfortunately for millionaires and non-millionaires alike, Michigan is not tax-friendly. New YorkThe 10 cities with the highest raw number of ultrawealthy residents in 2020 were New York, with 11,475 ultrawealthy people; Hong Kong; Tokyo; Los Angeles; Chicago; San Francisco; Paris, Washington, D.C.; Osaka, Japan; and Dallas. Charles Town. Daniel D'Aniello Net Worth - $3.8 Billion. In 2020, California had the highest number of millionaire households in the U.S., with 1.14 million households having one million or more in investible assets. A strong score on fiscal stability indicates the Beehive State is likely to be able to keep things average. List of countries by number of billionaires, "California Leads All States (And All But 2 Countries) With 111 Billionaires", "Gov. Generally speaking, it's a pricey place to live if you're wealthy. More broadly, median home prices are higher than the national level, while median income is below the national level. The state's cost of living is 3% higher than the national average, according to the BEA. Share of millionaire households. Oral and maxillofacial surgeons make an average of $280,940. Financial managers are among the highest paid professionals in the state. Indeed, Illinois is one of Kiplinger's top 10 least tax-friendly states. Mississippi consistently ranks as the state with the lowest concentration of millionaire households per capita in the U.S., but don't feel bad for the Magnolia State. For high earners, a three-person family needed an income between $106,827 and $373,894 to be considered upper-middle class, Rose says. Easing the sting of taxes a bit is a cost-of-living index that's 10.8% lower than the U.S. average. Social Security benefits are subject to tax by the state, as are retirement account distributions and pension payouts. Architectural and engineering managers, CEOs and pharmacists have some of the highest average salaries in the state. A financial advisor can help you understand the advantages and disadvantages of investment properties. The cost of living is 12.1% below the national average. After all, rich people have really high salaries. That helps make the cost of living in Ohio cheaper by 11.6%. Data on residency and net worth came from the list, which is updated every five minutes to reflect changes in stock prices and private company valuations. South Dakota is better known for Mount Rushmore, agriculture and the great outdoors than millionaires. North Carolina's tax situation is just so-so. New . How Many Millionaires Live In West Virginia? But what makes Minnesota really stand out is that its lowest income tax rate is 5.35%. Richmond, where the cost of living runs 19.8% below the U.S. average, happens to be the second-cheapest small town in America. After we collected the data for all 25 places with more than 5,000 people in West Virginia, we ranked each place from 1 to 25 for each of the criteria, with 1 being the richest. Somewhat less upbeat is Idaho's tax picture, which is mixed. The cost of living in Nevada is 2.5% below the national average, according to the BEA, and residents can catch a break on taxes. Heres how it works. At the other end of the spectrum, Michigan is home to one of the least expensive places to live in the U.S. Jim Justice lives in West Virginia. The Best AI Stocks to Buy for 2021 and Beyond. A long-time financial journalist, Dan is a veteran of SmartMoney, MarketWatch, CBS MoneyWatch, InvestorPlace and DailyFinance. With more than 28,000 millionaire households out of 420,830, Rhode Island has a merely in-line concentration of millionaires. For more West Virginia reading, check out: Chris Kolmar has been in the real estate business for almost ten years now. But not all of New Jersey's millionaires are clustered near the Big Apple. Housing, in particular, is pricey. 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. 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. Fortunately, you don't need to be a millionaire to live well. North Carolina has been shaking up its tax structure, switching out graduated income tax brackets for a flat tax and capturing more services with its sales tax. Below are the richest people in West Virginia. Manchin made his fortune as a founder of Enersystems, a coal brokerage firm. Wall Street analysts believe these five stocks should be near the front of your sell list. 24 Dividend Cuts and Suspensions Chalked Up to the Coronavirus. Indeed, an hour's drive north of Walt Disney World, you'll find The Villages, a sprawling retirement haven with a high percentage of affluent residents. The state's tobacco and alcohol taxes take a noticeable bite as well. Worth an estimated $1.2 billion, Jim Justice II is the only resident with a minimum 10-figure net worth. When it comes to paying taxes, the situation for Kentucky residents is mixed. Sales taxes are reasonable, too. Real estate taxes are the fourth-highest in the country, and the state has not only a gift tax, but a luxury tax. Turn-of-the-century Bramwell, West Virginia, was a rich little town with more millionaires than any place of its size in America. He's reportedly worth $12.6 billion. Jim Justice, received $5 million to $10 million. And although home values have gone up 6% over the past year, Zillow predicts they will fall 0.9% within the next year. All told, there are over 250 cities and towns across the country that at least one of the worlds ultra wealthy calls home. Agriculture, oil, copper and timber all play an important role in the economy, to say nothing of travel and tourism. West Virginia, meanwhile, lost its only billionaire, the state's governor Jim Justice, after . Please help update this article to reflect recent events or newly available information. As for the better-paying occupations, managers in finance, marketing and information systems are in the top 20 for average salary. 1 on the list of Kiplinger's most tax-friendly swtates. On the other hand, sales taxes run high, as do property taxes. Gardnerville Ranchos and Elko, Nevada, are among the top 20 small towns with the highest concentration of millionaires in the U.S. North Dakota is one of the nation's tax-friendliest states. Property taxes are in line with the national average, but Florida's gas tax is the 10th-highest state tax on gasoline in the country. Wealthiest City in West Virginia: Wheeling Wheeling, West Virginia, population 27,062, is situated along the Ohio River in the foothills of the Appalachian Mountains. Virginia's cost of living is only 2% higher than the national average. SammamishMost Affluent Small Cities: 50,000 to 100,000 Residents. Athletes and sports competitors, surgeons and CEOs are among the state's best-paid residents. 11 Best E-Commerce Stocks for Electrifying Returns. Here's a look at the millionaire rankings for all 50 states (plus the District of Columbia), based on the percentage of millionaire households in each. NY 10036. Millionaire households: 87,565. Arkansas might not be bristling with millionaires, but it has the lowest living cost in the U.S., at 14.7% less than the national average. Property taxes are on the high side, too. But last year, at least, the good times continued to roll. For residents of all means, the Land of Enchantment is somewhat tax-friendly, though it's a mixed bag for retirees. Published 22 February 23. Marketing managers and financial managers tend to do well in SD. There's no sales tax in the Granite State, either. Significantly cheaper average home prices drive Georgia's affordability. Sales taxes are high (and are applied to groceries), and property taxes are steep, too. How much does an Upper Class make in West Virginia? The Old Dominion has middle-of-the-road income taxes and relatively low property taxes. 65 Best Dividend Stocks You Can Count On in 2020. Antonia is a gifted educator, and she is widely respected within the education community. But at 13.2%, it has the second-highest concentration of millionaires per capita of any city in the U.S. Here are nine of the best stocks for rising interest rates. The Golden State is home to the most millionaires in the nation, at more than 1 million households, and claims four of the top 10 metro areas with the highest concentrations of millionaires. In cases where the number of billionaires in two cities within the same state was a tie, the city with the highest total billionaire net worth was given preference. Although Washington is home to the two richest people in the world Amazon.com (AMZN (opens in new tab)) honcho Jeff Bezos and Microsoft (MSFT (opens in new tab)) co-founder Bill Gates the state's well-to-do live closer to Earth. Meanwhile, Sheldon Adelson CEO of casino operator Las Vegas Sands (LVS (opens in new tab)) is the state's richest person with a net worth of $35.7 billion, per Forbes. In addition to the prize giveaways, this year's West Virginia Day doubled as a celebration of the State's success in its fight . John Menard, Jr., founder of the Menards home improvement chain, is the state's richest resident with a net worth of $18.8 billion. Nearly all are . Using data from Forbes Real Time Billionaires list, 24/7 Wall St. identified the city in every state with the most billionaires. The state levy for sales tax is 2.9%, but localities can add as much as 8.30%. Unhappily, taxes and expenses in the Ocean State are on the high side too. West Virginia is a state that is rich in natural resources and ripe with technological advancements. Locals have said their Mountain State neighbors have a strong sense of community, and that they are unpretentious and humble. Others even said West Virginians are pretty much the nicest people on the planet, and even though their state pride runs deep, theyre very welcoming to outsiders. New York, Financial Checklist for Young Adults: What I Wish Id Known Then, Stock Market Today: Stocks End Mixed After Fed Minutes, Stock Market Today: Dow Dives 697 Points After Home Depot Revenue Miss, Stock Market Today: Stocks Close Mostly Lower Amid Rate-Hike Worries, Best AI Stocks to Buy: Smart Artificial Intelligence Investments, The 6 Safest Vanguard Funds to Own in a Bear Market, according to the U.S. Bureau of Economic Analysis. With 107 billionaire residents, worth over $640 billion, The Big Apple is home to more three-comma club members than any other city on the planet. Affordability across a wide swath of goods and services has made Memphis, Knoxville and Jackson some of the least expensive places to live in the U.S. More broadly, the state's cost of living is 10.1% below the national average. And the average property tax rate in the Hawkeye State is the 12th-highest in the nation. Property taxes are quite low, but sales taxes take a toll. Now, D'Aniello's net worth is a whopping $3.8 billion. In the former case, the state capital is home to a horde of state, county, local and federal agencies and the law firms and professional agencies that support them. Although Virginia's D.C. suburbs are among the more expensive places to live in the U.S., the state as a whole isn't unaffordable. To start, Social Security benefits are completely exempt. 272 pages. More than a quarter-million of Ohio's 4.7 million households have investable assets of at least $1 million. Property taxes are low, too. The Empire State's average sales tax rate is the 10th-highest in the country. Gail Miller, with $1.7 billion stemming originally from car dealerships, is the state's wealthiest person. Blame Hawaii's remoteness, making pretty much everything more expensive than it would be on the mainland. Utah is the first of our states to cross the 7% plateau for concentration of millionaire households. Austin's hearing aid company's charitable foundation, long known for its glitzy galas and celebrity supporters, took a $350,000 to $1 million PPP loan. Property taxes are the second-lowest in the country, and all homeowners age 65 or older are exempt from state property taxes. That's the eighth-highest property tax amount in Kiplinger's U.S. rankings. Estimates of millionaire households provided by Phoenix Marketing International (opens in new tab), a firm that tracks the affluent market. Helpfully, the Show Me State no longer taxes Social Security benefits for many taxpayers. The cost of living in the Nutmeg State is 19% greater than the national average. (Those would be Brownsville-Harlingen and McAllen-Edinburg-Mission.). Living costs are based on the Council for Community and Economic Researchs Cost of Living Index and the U.S. Bureau of Economic Analysis. About the only bright spot in Connecticut's tax picture is that localities can't add to the Constitution State's 6.35% sales tax. They often offer low investment fees, helping you maximize your profit. Housing and groceries are particularly affordable. How many millionaires are in America and where do they live? New York State has the third-most millionaire households in raw numbers after California and Texas. And don't forget that between living costs and taxes, a million dollars goes much further in some states than others. Top-paying jobs include surgeons, computer and information research scientists, nuclear engineers and sales engineers. An estimated 14.8% of the local population living below the poverty line reside in one of nine area neighborhoods in which 40% of the population or more also live in poverty. Dan Burrows is Kiplinger's senior investing writer, having joined the august publication full time in 2016. 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. Although California and New York have a great deal of millionaires in terms of raw numbers, they don't have the highest concentrations of rich households. Happily, Alabama is a tax-friendly state, especially as it pertains to retirees. This is a list of U.S. states and federal district by the number of households with more than $1 million in investable assets as of 2020 (data for the year 2019). 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. The Centennial State has a flat tax: If you have federal taxable income, the rate is 4.63%. APA citation style: Highsmith, C. M., photographer. As a result, many of the cities on this list have high concentrations of companies in well-paying industries like finance, tech, and oil. That means everyone's paycheck, whether they're a millionaire or not, goes further than it does elsewhere. Less sunny is the fact that the North Star State hits hard with income tax. It also offers a bayou full of tax breaks to retirees. Louisiana's 90,000 millionaires, whose income depends on the state's economic staples, are likely to be feeling a pinch. Just for good measure, we're also providing important tax and cost-of-living information. Antonia is a firm believer in the power of education, and she is passionate about helping students reach their full potential. The state is 3.5% less expensive than the U.S. as a whole. Largely rural and remote, expenses in the Pine Tree State run about 10% above the national average, according to the Council for Community and Economic Research (C2ER).

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