US States With the Most Millionaires 2011

Each year, Phoenix Marketing International analyzes national data on millionaire households to reveal which U.S. states attract the most high-income families. This information is being published first on CNBC.com. The overall number of millionaire households in the U.S. has increased nationwide for the second time in two years. In 2011, there were 5.94 million millionaire households, compared with 5.56 million households a year earlier, an increase of approximately 6.8 percent. Nearly every U.S. state saw an increase in its total number of millionaires, adding thousands of households to millionaire status, according to the new numbers from Phoenix Marketing.

The study defines millionaire households as those with $1 million or more in investable or liquid assets (excluding sponsored retirement plans and real estate). Overall, 5.08 percent of U.S. households claim millionaire status, up from last year but still short of the 2007 high of 5.25 percent.

David Thompson, managing director of Phoenix Marketing, notes that "this is the closest it's ever been between the top two states," adding that "all of the top 10 states increased their millionaire ratios during the past year, which underscores that the richest states keep getting richer."

In past reports, Thompson has noted that "small states with large concentrations of highly educated professionals and business owners are key ingredients to growing wealth," and that states with a large proportion of millionaires tend to share these characteristics.

So, which states are home to the most millionaires?

1. Maryland

Percentage of households: 7.22%
Millionaire households: 157,779
Total households: 2,186,613


Percentage in 2010: 6.79%
Millionaire households: 144,686


Percentage in 2009: 6.26%
Millionaire households: 133,299

2. Hawaii

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Percentage of households: 7.21%
Millionaire households: 33,461 
Total households: 464,352


Percentage in 2010: 6.93%
Millionaire households: 30,793


Percentage in 2009: 6.41%
Millionaire households: 28,363

3. New Jersey

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Percentage of households: 7.19%
Millionaire households: 231,456
Total households: 3,220,564


Percentage in 2010: 6.69%
Millionaire households: 212,396


Percentage in 2009: 6.15%
Millionaire households: 197,694

4. Connecticut

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Percentage of households: 7.13%
Millionaire households: 98,392
Total households: 1,379,723


Percentage in 2010: 6.65%
Millionaire households: 89,647 


Percentage in 2009: 6.15%
Millionaire households: 82,837

5. Massachusetts

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Percentage of households: 6.41%
Millionaire households: 162,619
Total households: 2,538,474


Percentage in 2010: 5.98%
Millionaire households: 150,884


Percentage in 2009: 5.50%
Millionaire households: 137,792

6. Alaska

Percentage of households: 6.39% 
Millionaire households: 16,239
Total households: 254,103


Percentage in 2010: 5.97%
Millionaire households: 14,805


Percentage in 2009: 5.39%
Millionaire households: 13,348

7. Virginia

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Percentage of households: 6.26%
Millionaire households: 195,006
Total households: 3,113,444


Percentage in 2010: 5.94%
Millionaire households: 180,638


Percentage in 2009: 5.51%
Millionaire households: 166,596

8. New Hampshire

Percentage of households: 6.06%
Millionaire households: 31,159
Total households: 514,053


Percentage in 2010: 5.79%
Millionaire households: 29,790


Percentage in 2009: 5.34%
Millionaire households: 27,562

9. California

Percentage of households: 6.01%
Millionaire households: 750,686
Total households: 12,487,377


Percentage in 2010: 5.66%
Millionaire households: 716,316


Percentage in 2009: 5.28%
Millionaire households: 662,735

10. District of Columbia

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Percentage of households: 5.88%
Millionaire households: 15,603
Total households: 265,558


Percentage in 2010: 5.53%
Millionaire households: 14,533


Percentage in 2009: 5.00%
Millionaire households: 13,028

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