But not all of New Jersey's millionaires are clustered near the Big Apple. The Beehive State runs a flat tax system. 4, as New Jersey now claims … New York City People also ask, what city has the most billionaires per capita? Washington's Millionaires: Where We Rank With The Rest Of The US - Across Washington, WA - Nationally, there were 534,000 more millionaires in 2018 than in the year prior. Mutual fund and ETF data provided by Lipper. At the same time, median and average home prices are well below national levels. Overall, the cost of living in the Last Frontier is 24.4% higher than the national average. For 2019, it was 5.4% on income over $8,424. While the Hoosier State exempts Social Security benefits and offers limited exemptions for military pensions and federal civil-service pensions, IRAs, 401(k) plans and private pensions are fully taxable. Although property and sales taxes are unexceptional, the District of Columbia takes a huge bite of income. Property taxes are on the high side, and you can only get relief from that if you're a low-income resident. Taxes are rough, too. Anesthesiologists, obstetricians and gynecologists are also within the top 10. Law professors and podiatrists crack the top 10 jobs with the highest average salaries. No wonder that top-paying jobs in the Cowboy State include engineering managers and industrial production managers. Oil wealth is what gives Alaska its high percentage of millionaires. Jan. 15, 2014, 10:48 PM UTC / Updated Jan. 15, 2014, 11:21 PM UTC Naturally, Maryland also is one of the most expensive places to live, with a cost of living 18.8% greater than the national average. The state's cost of living is 3% higher than the national average, according to the BEA. But for more modest incomes, the impact is far milder. That's up from 6.21% in 2018 and just 5.81% in 2017. That makes it easier for everyone along the wage scale to put a roof over their heads. 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. With more than 28,000 millionaire households out of 420,830, Rhode Island has a merely in-line concentration of millionaires. Mississippi's cost of living stands at 14% below the national average, according to the U.S. Bureau of Economic Analysis. While there are probably few millionaires in the cockpits of commercial airplanes, airline pilots, co-pilots and flight engineers are among the best-paid workers in the state. Within the state, you're most likely to find millionaires living in the Phoenix-Mesa-Scottsdale metro area. Monaco is smaller than Central Park in New York City. The state levy for sales tax is 2.9%, but localities can add as much as 8.30%. But wait, there's more. excluding stocks, bonds, precious metals/gems, real estate, 401k, etc. Visit Business Insider's homepage for more stories . 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. The average combined rate is 7.63%, according to the Tax Foundation. If you had to guess which States have the most millionaires per capita, we're betting you would say, New York and California. Social Security, military, civil-service, and state and local government pensions are exempt from state income taxes. The farming and food-processing powerhouse of a state has a relatively low cost of living, but Iowa can be tough on residents' wallets when it comes to paying taxes. 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. With its unparalleled collection of universities, hospitals, historical sites, and tech and biotech employers, Boston is a center of wealth, as well as one of the priciest cities in the U.S. On the smaller side of things, Barnstable Town and Vineyard Haven (Martha's Vineyard) have some of the highest concentrations of millionaires in the country. He's reportedly worth $12.6 billion. San Diego County, California: The fifth county in the U.S. and the 3rd in the State with the most number of millionaire households, San Diego has 102,138 millionaire households that make up 9 % of such households in 6. Medical specialists, CEOs and dentists are among the top-paid jobs in the state. North Carolina's tax situation is just so-so. The Palmetto State extends some real Southern hospitality, offering a charming collection of income tax breaks. Source: Forbes – *As of April 22, 2020 **As of March 5, 2019 Gaining the highest across the top 10 is former Microsoft CEO Virginia's high concentration of millionaires is largely driven by Washington, D.C., and its close-in suburbs such as Arlington and McLean. The tax picture for retirees is a little more mixed, however. 48 of 63 49 of 63 Click through the gallery to see the 10 U.S. towns with the most millionaires per capita. District of Columbia. So you can have high confidence that it can keep up with short-term expenses and long-term financial obligations. Once one of the poorer US states, North Dakota has experienced an oil boom in the past two decades, earning fortunes for many of the state’s residents, and increasing job opportunities in the state. Farther south, the state capital of Trenton – and its metro area that includes tony Princeton – has plenty of millionaires, as well. Which city has the most … North Dakota led the country when it comes to the growth of millionaires per capita last year, helped no doubt by the energy boom. But today's picture is more pedestrian. But if you're a retiree, Georgia's taxes aren't nearly so onerous. Among other policies, income tax rates reach 8.75%. Overall, it's 8.1% cheaper to live in Wisconsin than the country as a whole. They also benefit from property taxes that are among the lowest in the country, which helps make Louisiana one of the more tax-friendly states. (List by state, number per state, per 1,000 households, or average household income in state) Rank State Millionaires Per 1,000 Households 1. Given the number of major corporation headquarters, it should come as no surprise that CEOs have some of the highest average salaries. Worth $M (9/15/20) Billionaires/ State's 10M pop. Needless to say, New York's taxes are tough on retirees too. Taxable income over $40,000 is taxed at a steep 6.5% tax rate (the top rate of 8.95% is reserved for taxable income over $1,000,000). Where Millionaires Live in America Looking to rub elbows with the rich? 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. Dow Jones & Company Terms & Conditions. That's the eighth-highest property tax amount in Kiplinger's U.S. rankings. Texas has 56 billionaires among its ranks, led by Alice Walton ($55.1 billion) of Walmart (WMT) fame. And property taxes, particularly in Detroit, are steep. Washington is one of Kiplinger's most tax-friendly states because it doesn't have an income tax. Although the District of Columbia is a magnet for the highly educated seeking high-powered jobs, the downside is that you need a hefty paycheck to live there. Top 25 states with the most millionaires per capita A new financial report shows how many millionaires per capita each state holds, with Texas moving up four spots on the list. That's partly due to a median home value of more than $265,700, which is well above the national average. 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.