Millionaire Boom in the DMV

You want to be a millionaire? Try moving to the Washington area.

By Eun Yang
|  Tuesday, Oct 5, 2010  |  Updated 2:29 PM EDT
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Millionaire Boom in the DMV

Martin Mistretta

The Washington area is known for its power players, politicos and property values. It's one of the richest places in the nation.

According to a survey by Phoenix Marketing International, Maryland is home to the second highest number of millionaires in the country, only behind Hawaii, the Washington Examiner reported. Virginia is No. 7, and the District is No. 10.
 
The rankings are based on assets including stocks, bonds and cash. They don’t include equity in homes or other real estate, or retirement accounts or pensions, the Washington Examiner reported.
 
Almost 7 percent of households in Maryland and almost 6 percent of households in Virginia have liquid assets of more than $1 million. Maryland and Virginia are outperforming the national average with an 8.5 percent growth in the number of millionaires in each state.
 
The Washington Examiner says you can thank the rising market for stocks and bonds for restoring lost wealth. A rebound in stock and bond prices coupled with a fall in interest rates are driving the surge in new millionaires in the country, economists said. The country’s wealthiest tend to bounce back faster, especially in the Washington area, because they have more assets, lower rates of unemployment and higher education, some say.
 
Maryland households that earn more than $1 million a year recently faced a personal income tax hike from 4.75 percent to 6.25 percent, the Washington Examiner reported. But that did not drive the wealthy out of the state. While there was a 30 percent drop in the number of millionaires filing tax returns in the first year the tax increase took effect in 2008, this year, Maryland has gained more than 11,000 millionaires.

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