Maryland is now the home to the most millionaires per capita, according to an annual ranking by financial research firm Phoenix Marketing International.
This is the first time Maryland has made the top of the list. Hawaii has led the rankings since 2008, but Phoenix's annual market sizing analysis and aggregate wealth rankings shows that approximately 7.22% of Maryland's households are millionaires, compared to Hawaii's 7.21%.
Phoenix defines a millionaire household as one with $1 million or more in investable or liquid assets (excluding sponsored retirement plans and real estate). Rounding out the top ten states in millionaires per population are New Jersey (7.19%), Connecticut (7.13%), Massachusetts (6.41%), Alaska (6.39%), Virginia (6.26%), New Hampshire (6.06%), California (6.01%), and the District of Columbia (5.88%).
"A few things are noteworthy from this year's millionaire rankings," said David Thompson, Managing Director of the Phoenix Global Wealth Monitor. "First, this is the closest it's ever been between the top two states. Second, all of the top ten states increased their millionaire ratios during the past year, which underscores that the richest states keep getting richer."
Phoenix computes its data on the size of affluent and high net worth U.S. households on a mid-year to mid-year basis. As of the end of June, 2011, Phoenix estimates that the number of millionaires in the U.S. grew by 6.9% from the previous year, numbering some 5.9 million households.