However, the industries that produce the most millionaires (and billionaires) in the U.S. are finance and investments, technology, manufacturing, fashion and retail, and healthcare. June 4, 2021 Nigeria home to 9,100 dollar-millionaires, worth $207bn REPORT *3rd highest in Africa, 11th in wealth per capita *As Lagosians lose N13.15trn, retains continent's 4th wealthiest. Although New Jersey gives residents a break on income taxes, it brings the hammer down when they buy a home. To top it off, the cost of living is 9.4% lower than the U.S. average, while median income is higher than the national level. There are more millionaires in the U.S. than you may think, and chances are you even know one or two. That's significant considering that a million bucks sure goes far in some parts of Indiana. The explosion in shale oil drilling has minted many a millionaire in North Dakota over the past decade. And in fact, there exists yet another billionaire census, done by a research company called Wealth-X, that is considerably less so. Idaho taxes all income except Social Security and Railroad Retirement benefits. Finding the best ETFs to buy in a high-inflation environment can seem like a tall task, but these five picks are a good place to start. Needless to say, New York's taxes are tough on retirees too. It should come as no surprise that a tropical paradise would be a magnet for millionaires. He has written for The Wall Street Journal, Bloomberg, Consumer Reports, Senior Executive and Boston magazine, and his stories have appeared in the New York Daily News, the San Jose Mercury News and Investor's Business Daily, among other publications. The upside of having fewer millionaires is that it helps keep a lid on living costs, which are 8.9% below the U.S. average. And median home prices are more than a third less expensive than the national level. It is based on an annual assessment of wealth and assets compiled and published by Forbes magazine in April every year.[1]. Tourism is under pressure from the coronavirus lockdown, while the petroleum industry has been hit by the crash in oil prices. Harrison Jacobs/Business Insider Number of new. Although the Grand Canyon State does have an income tax, the rates are notably low. With a cost of living 7% lower than the national average, a million dollars goes a bit further in the Peach State than elsewhere. To assess a private business, it starts with estimates of revenue or earnings and applies the prevailing price-to-sale or price-earnings ratio for comparable public companies. However, while the Bay State gets dubbed "Taxachusetts," it's perhaps a little exaggerative. Offsetting that somewhat is the fact that the Sunflower State is not the friendliest place when it comes to taxes. Approximately 6.4% of people who are Black, college-educated, and middle-aged are estimated to be or to become millionaires. Even groceries are taxed (albeit at a lower rate). 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. A millionaire in the United States has 821% percent of the median American wealth. A long-time financial journalist, Dan is a veteran of SmartMoney, MarketWatch, CBS MoneyWatch, InvestorPlace and DailyFinance. Financial managers are among the highest paid professionals in the state. South Dakota is one of the most tax-friendly states on the whole. It also offers a bayou full of tax breaks to retirees. Fortunately, for rich and not-so-rich alike, Idaho's overall cost of living is 7.5% below the national average. But if you have taxable income, the rate gets high quickly. Easing the sting of taxes a bit is a cost-of-living index that's 10.8% lower than the U.S. average. Real estate taxes are the fourth-highest in the country, and the state has not only a gift tax, but a luxury tax. Heck, the cities of Jonesboro and Conway are among the least expensive places to live in the entire country. Jacqueline Mars, heir to the Mars candy fortune, is the state's wealthiest resident with a net worth of $27.4 billion, per Forbes. As a no-income-tax haven, Nevada is one of Kiplinger's most tax-friendly states. UnitedHealth Group (UNH), 3M (MMM), Target (TGT) and General Mills (GIS) are just a few of the major firms headquartered there. How many millionaires are in America and where do they live? Sadly for its residents, the Buckeye State is among Kiplinger's least tax-friendly states. Total global wealth grew by 9.8% and wealth per adult reached USD 87,489. On average, the wealth of each of the richest people on the continent is $4.7 billion, compared to $3.4 billion in 2014. John Overdeck, founder of Two Sigma Investments hedge fund, is the wealthiest person in N.J. with a net worth of $6.1 billion, according to Forbes. From Hilton Head Island to the Midlands region to the Blue Ridge Mountains, South Carolina has something for everyone. complaints system in June; health tops priorities, Gendi: 1,000 nationals living abroad registered for 4th edition of Egyptian expats conference, Foreign exchange reserves increase to US$34.806 billion: Central Bank of Egypt, Lawyer David Labib becomes the first Egyptian judge in New Jerseys Supreme Court, The 4th filling of the GERD will paralyze agriculture in Egypt across one million acres: Professor, Egyptian Standford researcher in US finds causes of rheumatoid arthritis. Retirees will be happy to know that the tax on Social Security income is in the process of being phased out over a three-year period. Torrington, the largest town in Litchfield County which has long been a popular retreat for Manhattan's wealthy and chic looking for a remote, mountainous getaway also has more than its fair share of the well-to-do. 50 Top Stock Picks That Billionaires Love. #jobsNearToYou{display:none;}.noImage-major-hero{display:none;}.major-hero-header-wrapper.w-100{display:none;}@media only screen and (min-width: 800px){.intro-research{}}#jopbTypeEntryContainer{display:none;}p{font-size:16px!important;}. The most commonly quoted figure to be considered a high net-worthindividual is $1 million in liquid financial assets. The top five industries for producing millionaires are: The food and beverage and real estate industries follow at numbers six and seven, respectively. [1] [dubious - discuss] Regions by number and percentage of millionaires Countries by number and percentage of millionaires * indicates links to articles on the economy of the country or territory. Although Virginia's D.C. suburbs are among the more expensive places to live in the U.S., the state as a whole isn't unaffordable. 62% of surveyed millionaires graduated from public or state schools. 11 Monthly Dividend Stocks and Funds for Reliable Income. On the other hand, the ratio of median income to median home values is very favorable. The small town of Edwards, for example, is bristling with millionaires thanks to nearby world-class ski resorts such as Vail and Beaver Creek. In fact, it also has the most billionaires: 371, to be precise. Tiny Easton, Maryland, on the Eastern Shore of Chesapeake Bay, punches well above its weight when it comes to millionaire households, too. Statista. Part of Arizona's appeal to the wealthy and retirees is that, like Florida, it's one of Kiplinger's most tax-friendly states. The state is 3.5% less expensive than the U.S. as a whole. Collectively, this group has about $191.6 trillion and controls about 46% of the worlds wealth. This industry has 371 billionaires that work within it, not to mention millionaires. 65 Best Dividend Stocks You Can Count On in 2020. Strive Masiwa, a Zimbabwean based in London, appears on the list because of his telecom holdings in Africa. Property taxes in Illinois are high, as are sales taxes. Florida's popularity as a retirement destination helps boost its concentration of millionaires. The major market indexes bounced between positive and negative territory as lawmakers prepare for debt limit discussions. Millionaire Status Is On The Rise With 5.2 Million People Joining The Club. Accessed on December 22, 2021. The cost of living for Illinois is 1.9% below the U.S. average, but taxes can take quite a toll. Property taxes are low and sales taxes average. 24 Dividend Cuts and Suspensions Chalked Up to the Coronavirus. In 2021, it counted 927 billionaires in the United States . But although the Oracle of Omaha is clearly in a league of his own, Nebraska does have 45,129 other households with at least a million bucks in investable assets. This was on top of the 2.4 million people that were added to the U.S.s tally of millionaires from 2010 to 2015. Michigan doesn't have the highest concentration of millionaires in the country, but it is certainly well-stocked with billionaires. More than a quarter-million of Ohio's 4.7 million households have investable assets of at least $1 million. Hispanic and Latinos make up about 19% of the U.S. population. Published 22 February 23. Although N.H. is a relatively tax-friendly state especially for retirees the high concentration of millionaires contributes to relatively high living costs. N.J.'s cost of living is 13.4% higher than the U.S. average, according to C2ER. How Many Women Millionaires? From 2016 to 2020, it was estimated that an average of 1,700 people would become millionaires each day. West Virginia has a relatively low concentration of millionaires, but the cost of living is 12.2% lower than the national average, according to the BEA. Philip Anschutz a mogul whose interests span oil, railroads, telecom, real estate and entertainment tops the state's rich list with a net worth of $11.6 billion. 79% of surveyed millionaires didnt receive an inheritance. Tennessee is known for country music, BBQ and bourbon more than an abundance of millionaires, but the state should get more recognition for its affordability. The bottom 10 could surprise you. The Sooner State doesn't tax Social Security benefits or Civil Service Retirement System benefits. For the eleventh year in a row, Aliko Dangote of Nigeria is the richest person on the continent, with an estimated fortune of $13.9 billion, up from $12.1 billion last year after a 30% increase in the share price of Dangote Cement, his most valuable asset. 3 Stocks to Watch, Stock Market Today: Nasdaq Outperforms as Netflix Stock Soars, Stock Market Today: Stocks Edge Higher Ahead of Debt Ceiling Talks, Stock Market Today: Stocks End Mixed After Fed Minutes, Stock Market Today: Dow Dives 697 Points After Home Depot Revenue Miss, Stock Market Today: Stocks Close Mostly Lower Amid Rate-Hike Worries, Retirement Accounts You Should Withdraw From First, according to the U.S. Bureau of Economic Analysis. Within the state, you're most likely to find millionaires living in the Phoenix-Mesa-Scottsdale metro area. Research Summary. Here's a look at the millionaire rankings for all 50 states (plus the District of Columbia), based on the percentage of millionaire households in each. Sales taxes are high (and are applied to groceries), and property taxes are steep, too. The 25 Best Low-Fee Mutual Funds You Can Buy. By Karee Venema The magazine's annual report noted that the total wealth of the richest Arab families increased to US$55 billion this year, as compared to US$47.3 billion in 2020. Cairo has the second largest number of high net-worth individuals (HNWI) in Africa, coming in right after South Africas Johannesburg, which is home to the largest number with 18,200 HNWIs, according to AfrAsia Banks 2017 Africa Wealth Report. Arkansas is not tax-friendly. Although Washington is home to the two richest people in the world Amazon.com (AMZN) honcho Jeff Bezos and Microsoft (MSFT) co-founder Bill Gates the state's well-to-do live closer to Earth. Disclosure: Dan does not trade stocks or other securities. Egypt's share of global wealth down to 0.16 percent in 2013; One quarter of Egyptians living in poverty, according to Credit Suisse Research Institute . Although it has been working to lower its income taxes, Maine's lowest rate still is higher than some other states' maximum rate. Minnesota is loaded with giant companies. About the only bright spot in Connecticut's tax picture is that localities can't add to the Constitution State's 6.35% sales tax. With more than 28,000 millionaire households out of 420,830, Rhode Island has a merely in-line concentration of millionaires. Shipping and agriculture, the state's other major industries, aren't immune to changes in global demand either. (Credit Suisse Research Institute) There are 2,688 billionaires in the world. However, Social Security benefits are exempted from state income taxes, and property taxes are light. Yildiz . 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. It also has the lowest beer taxes in the nation, a nice perk. Laconia and the state's famed Lakes Region benefits from its popularity as a tourism hub. New York State has the third-most millionaire households in raw numbers after California and Texas. The number of millionaires in Iran has exploded despite the country suffering under U.S. sanctions and the Covid-19 pandemic. Name. New Jersey's property taxes are the highest in America. Although property and sales taxes are unexceptional, the District of Columbia takes a huge bite of income. Data on household incomes and home values are from the U.S. Census Bureau. More than 6.4% of Pennsylvania's 5 million-plus households have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships. An inheritance tax adds to the state's overall tax burden. North Dakota, the nation's second-largest oil-producing state after Texas, saw its oil output decline 4.6% from January to February, the most recent available data as of this writing. Tiny Oak Harbor, Washington, has one of the highest concentrations of millionaires of any small town in America. It's 8.2% less expensive to live in the Tar Heel State than the national average, and Durham is one of the happiest places to live in the U.S., according to the Gallup-Sharecare Well-Being Index. Social Security, military, civil-service, and state and local government pensions are exempt from state income taxes. On the other hand, sales taxes run high, as do property taxes. [2] Many national currencies have, or have had at various times, a low unit value, in many cases due to past inflation. The nearly 22 million millionaires in the U.S. account for 8.8% of the countrys adult population and over 39% of millionaires worldwide. As a senior writer at AOL's DailyFinance, Dan reported market news from the floor of the New York Stock Exchange and hosted a weekly video segment on equities. The Volunteer State has no broad-based income tax. For a $400,000 home in the state, the owner can expect to pay about $6,564 each year in property taxes. Forbes Wealth Team Forbes Staff Jan 22, 2021,06:20am EST Share to Facebook Share to Twitter Share to Linkedin From left: Nicky Oppenheimer of South Africa, Aliko Dangote of Nigeria and Nassef. But then, with a cost of living almost 12.2% below the national average, paychecks tend to go further. Note well that to be considered a millionaire by the standards of wealth research, a household must have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships, among other select assets. He's reportedly worth $12.6 billion. They're disproportionately located in the greater New York City area, however, where a million bucks doesn't go that far. That's up from 6.21% in 2018 and just 5.81% in 2017. Partly that's because Rhode Island is expensive for homeowners. And thanks to abundant revenue that the state collects from oil and mineral rights, Wyoming millionaires shoulder one of the lowest tax burdens in the U.S. With no income tax, it's No. Worldwide, the number of millionaires has increased to 56.1 million, marking a significant rise from the year before when there were only 50.8 million millionaires. Phoenix MI is tracking the effects of the coronavirus pandemic, which could make for a very different landscape going forward. Global Wealth Report 2022 The thirteenth edition of the Global Wealth Report shows continued wealth growth across all regions led by North America and China. Dec 16, 2022 As of June 2022, Nassef Sawiris, with a net worth of 7.3 billion U.S. dollars, is the richest man in Egypt, fourth richest in the African continent, and ranked 292 in the world. According to estimates, in the middle of 2021 there were 56million people worldwide whose assets exceeded one million US dollars, of whom nearly 40% lived in the United States. For the second year in a row, New Jersey is the top spot for millionaires per capita in the U.S. Like Connecticut, New Jersey has a high concentration of millionaires largely thanks to its proximity to New York City. Connecticut's Stamford metro area, which includes Norwalk and Bridgeport, has the fourth-highest concentration of millionaires in the U.S. CAIRO - 26 January 2022: The total wealth of the African continent's 18 billionaires is estimated at $84.9 billion, marking an increase of 15 percent over the past 12 months. Heres how it works. The Palmetto State extends some real Southern hospitality, offering a charming collection of income tax breaks. "While the total number of high-net-worth households grew, these increases were largely seen in the wealthiest states, reinforcing the broader ongoing wealth-gap issues the country faces," says Carl Uttaro, VP of financial services research at Phoenix MI. The average property tax on a $400,000 home in New York is about $7,246, which is the fourth-highest average in the country. A good deal of Montana's wealth stems from its abundance of natural resources. Montana is generally tax-friendly if you're still working. Also like Connecticut, the Garden State is pricey and taxes are high. An investor with less than $1 million but more than $100,000 is considered to be affluent or sub-HNWI. Still, Californians pay high sales taxes, as well as high fuel taxes on all that driving they have to do. According to the Forbes Middle East report, that increase is the largest since 2014, when more billionaires - 28 - had a combined fortune of $96.5 billion. Median income is 10% below the national level, but then, home prices are almost 36% cheaper. Research Summary. Everything is bigger in Texas. Oregonians face the country's highest income tax bracket. The Keystone State has the second-highest state gas tax in the nation and the sixth-highest state and local cellphone wireless service taxes. Greece has always been a popular yachting and vacation destination for the ultra-wealthy, and now they're putting down roots there. Farther south, the state capital of Trenton and its metro area that includes tony Princeton has plenty of millionaires, as well. Once upon a time before his days as a financial reporter and assistant financial editor at legendary fashion trade paper Women's Wear Daily Dan worked for Spy magazine, scribbled away at Time Inc. and contributed to Maxim magazine back when lad mags were a thing. North Carolina has a lot going for it whether you're a millionaire or not. 88% of surveyed millionaires graduated from college. Gardnerville Ranchos and Elko, Nevada, are among the top 20 small towns with the highest concentration of millionaires in the U.S. The heir to the Dexter Shoe Company has a net worth of $1.5 billion. Marketing managers and financial managers tend to do well in SD. 33% or one-third of the U.S.s millionaires are women. With 107 billionaire residents . The cost of living is 3.4% lower than the national average, according to the BEA. Wisconsin Millionaire households: 124,968 Total households: 2,359,204 Concentration of millionaires: 5.30% Median income for all households: $56,759 Median home value: $169,300 Wisconsin. It also happens to be a great place to retire. Social Security benefits are subject to tax by the state, as are retirement account distributions and pension payouts. His billionaire brother Naguib Sawiris is ranked eighth, with a net worth of $3.4 billion. Become a Millionaire One Small Step at a Time. Accessed on December 22, 2021. There are about 62.5 million millionaires globally, a 11.4% increase from 2020, For further analysis, we broke down the data in the following ways: There are fewer than 32,000 millionaire households in Maine a state in which rich and poor alike face relatively high living costs and taxes. New Mexico is a land of stark contrasts when it comes to its millionaire population. By the Council for Community and Economic Research's formula, costs are 14.3% higher in Vermont. The fortunes of some members of the list increase or decrease within weeks or days of the measurement date. Cement pole Forbes. There are 21,951,000 millionaires in the U.S. 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). That's up from 6.21% in 2018 and just 5.81% in 2017. Distribution of U.S. Millionaires by Generation, as of 2013. But be forewarned: Income tax bites hard on higher incomes, with the top rate of 6.5% kicking in on taxable income over $60,000. North Carolina has been shaking up its tax structure, switching out graduated income tax brackets for a flat tax and capturing more services with its sales tax. The tax picture for retirees is a little more mixed, however. This is the Age When Most People Become Millionaires. Accessed on December 22, 2021. Kentucky has fewer than 84,000 millionaire households. When it comes to where millionaires live in America, the rich keep getting richer. A high concentration of them live in the part of the greater Jackson, Wyoming, area that spills into Idaho. Largely rural and remote, Vermont is a comparatively expensive state in which to live in other ways, too. The total net worth of all millionaires stood at around $158.261 trillion. People were starving to death in the millions due to the failed "Great Leap Forward" campaign in 1958, in which Mao wanted to build the agriculture and industry of China with a socialist model. Just for good measure, we're also providing important tax and cost-of-living information. The 11 Best Closed-End Funds (CEFs) for 2020. Alaska is among the most tax-friendly states in the country. Here are some statistics about millionaires: There are about 22 million millionaires in the U.S. 8.8 % of U.S. adults are millionaires. Forbes reported that rising stock prices from Nigeria to Zimbabwe had raised the fortunes of these billionaires, with demand for products from cement to luxury goods rising. . Many residents find themselves in the 6.27% income tax bracket, which kicks in on income above only $22,900 for singles and $30,540 for joint filers (2018 brackets). Overall, it's 8.1% cheaper to live in Wisconsin than the country as a whole. 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. The five careers most commonly held by millionaires, according to one survey, include engineering, accounting (CPA), and law. Indeed, North Carolina's 3,490 chief executives have an average salary of $206,390, according to the Bureau of Labor Statistics. Relatively low prices for housing and transportation help keep the Palmetto State's cost of living under control. No billionaires live in the tiny state, however. Stephen Bisciotti, owner of the NFL's Baltimore Ravens, is the state's richest citizen with a net worth of $4.4 billion. As such, the Mountain State's median real estate taxes are among the lowest in the U.S., according to the Tax Foundation. Sales taxes lean high, and in some areas, groceries are taxed as well. Median home values also are below the national level. And one of them Glen Taylor, CEO of printing firm Taylor Corp. is the richest of them all, with a net worth of $3.1 billion. From a resurgent Cleveland to the university city of Columbus to Cincinnati with its touch of the South, Ohio contains multitudes of Midwestern culture. The highest concentrations of millionaires are found in the Atlanta and Savannah metro areas.
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