Maryland Home to Most Millionaire Families in USA; Tops in Black Families

Maryland Home to Most Millionaire Families in USA; Tops in Black Families

For the third consecutive year, Maryland topped the list of states with the highest percentage of millionaires, The Wall Street Journal reported, citing a study by Phoenix Marketing International. New Jersey and Connecticut followed at No. 2 and 3, respectively. Out of all of Maryland households, 7.7% are millionaires, while 7.5% of New Jersey’s total households are millionaires and 7.3% of Connecticut’s total households are millionaires. California, Texas and New York hold 25% of the nation’s millionaire households.

Those states whose residents are least likely to boast seven-figure assets: Nevada, Florida, Michigan, and Idaho were states that saw a drop in their millionaire ratio.

There were approximately 53,000 more millionaire households in the U.S. last year than in 2012, according to the Rhineback, New York-based market research firm. About 6.15 million millionaire households are spread across the U.S.  This means that 1 in every 20 households in the U.S. has more than $1 million in investable assets. Those figures don’t include the value of real estate.

Phoenix Marketing International derives its figures from a combination of data from the Federal Reserve, Census Bureau and polling firm Nielsen Co.

Maryland also is the home state of the richest African American families. According to, 7 out of the 10 most influential black communities in America are found in Maryland.