You can download the data here. There are about 22 million millionaires in the U.S. 8.8 % of U.S. adults are millionaires. A strong score on fiscal stability indicates the Beehive State is likely to be able to keep things average. More happily for everyone, folks who call the Pelican State home enjoy a cost of living that's 10.9% below the national average. Expenses in the Granite State run 6% above the U.S. average. Property taxes are in line with the national average, but Florida's gas tax is the 10th-highest state tax on gasoline in the country. The first thing that comes to most peoples minds when they think about determining the richest places is to simply identify personal incomes. While many of its residents are moderately wealthy, the Bay State is also home to some of the richest people in America, including billionaires Abigail Johnson, the CEO of mutual fund corporation Fidelity Investments, and Robert Kraft, CEO of Kraft Group and the owner of the New England Patriots NFL team. The number of Americans with $1 million or more in . Home Depot. Indeed, a record 6.71% (or 8,386,508 out of 125,018,808 total U.S. households) can now claim millionaire status. UnitedHealth Group (UNH (opens in new tab)), 3M (MMM (opens in new tab)), Target (TGT (opens in new tab)) and General Mills (GIS (opens in new tab)) are just a few of the major firms headquartered there. SECURE 2.0 Act Lets Retirees Defer Some Taxes Longer, 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, Best AI Stocks to Buy: Smart Artificial Intelligence Investments, The 6 Safest Vanguard Funds to Own in a Bear Market, according to the U.S. Bureau of Economic Analysis. The centrality of the oil industry to Alaska's economy helps make petroleum engineers and chemical engineers some of the best-paid professionals in the state. Instead, its more that states like New Jersey, for example, pulled slightly ahead, Thompson said, noting that the top 10 states are so close in millionaires per capita that the order can change in any given year. Anesthesiologists, obstetricians and gynecologists are also within the top 10. Connecticut's Stamford metro area, which includes Norwalk and Bridgeport, has the fourth-highest concentration of millionaires in the U.S. Of Atlanta residents with a minimum 10-figure net worth, Jim Kennedy is the wealthiest, worth an estimated $8.2 billion. Feel free to check out some more reading about Georgia: Population: 12,833Rank Last Year: 1 (No Change)Median Income: $110,253Unemployment Rate: 2.3%Poverty Rate: 3.6%More on Braselton: Real Estate|Photos, Population: 5,093Rank Last Year: Median Income: $77,509Unemployment Rate: 0.0%Poverty Rate: 2.8%More on Temple: Real Estate|Photos, Population: 7,615Rank Last Year: 4 (Up 1)Median Income: $94,189Unemployment Rate: 3.0%Poverty Rate: 2.0%More on Tyrone: Real Estate|Photos, Population: 9,194Rank Last Year: 3 (Down 1)Median Income: $83,100Unemployment Rate: 1.0%Poverty Rate: 5.2%More on Flowery Branch: Real Estate|Photos, Population: 51,103Rank Last Year: 5 (No Change)Median Income: $97,868Unemployment Rate: 2.2%Poverty Rate: 6.2%More on Dunwoody: Real Estate|Photos, Population: 82,068Rank Last Year: 6 (No Change)Median Income: $133,948Unemployment Rate: 3.6%Poverty Rate: 3.6%More on Johns Creek: Real Estate|Photos, Population: 7,066Rank Last Year: 9 (Up 2)Median Income: $72,835Unemployment Rate: 2.0%Poverty Rate: 2.8%More on Bremen: Real Estate|Photos, Population: 33,857Rank Last Year: 7 (Down 1)Median Income: $92,648Unemployment Rate: 3.3%Poverty Rate: 5.6%More on Woodstock: Real Estate|Photos, Population: 40,487Rank Last Year: 8 (Down 1)Median Income: $136,020Unemployment Rate: 4.2%Poverty Rate: 4.3%More on Milton: Real Estate|Photos, Population: 37,867Rank Last Year: 2 (Down 8)Median Income: $103,374Unemployment Rate: 3.4%Poverty Rate: 6.8%More on Peachtree City: Real Estate|Photos. NY 10036. 60 . And high taxes don't help matters. The tax picture for retirees is a little more mixed, however. And its top tax rate of 6.925% kicks in at a relatively low level. There's no income tax at all. According to the table there are 163,144 millionaires in Georgia, which is down some 7,000 millionaires from 2012. Kennedy is worth $9.4 billion. Medical specialists, CEOs and dentists are among the top-paid jobs in the state. How many millionaires are in Georgia? If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. 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. It turns out there are numerous states with higher percentages of well-off households, several of which probably will surprise you. But paradise doesn't come cheap. Hawaii exempts Social Security benefits as well as most pension income from state income taxes. ATLANTA, GA America had 534,000 more millionaires in 2018 than it did in the year prior, according to a new report provided to Patch, and New Jersey has nudged out Maryland as the state with. Together, these inputs enable us to estimate the number of households by investable assets at a national level, Phoenix Marketing International said in its report. A high concentration of them live in the part of the greater Jackson, Wyoming, area that spills into Idaho. 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). Unfortunately for millionaires and non-millionaires alike, Michigan is not tax-friendly. As such, the Mountain State's median real estate taxes are among the lowest in the U.S., according to the Tax Foundation. Utah is the first of our states to cross the 7% plateau for concentration of millionaire households. In the Peach State, there are 211,662 millionaire households, for a ratio to total households of 5.44 percent, according to the Phoenix Marketing International report that tracks high net-worth households. There are about 62.5 million millionaires globally, a 11.4% increase from 2020. By Jeff Reeves Only 1.4% of them are black (16,800). Nearly one-third of millionaires live in a zip code where home values are below the national median average. What city in Georgia has the most millionaires? To start, Social Security benefits are completely exempt. And the average property tax rate in the Hawkeye State is the 12th-highest in the nation. New Hampshire residents also don't pay too much state tax at the pump. The Bluegrass State recently moved to a 5% flat tax and opened up more items to its 6% sales tax. Arkansas might not be bristling with millionaires, but it has the lowest living cost in the U.S., at 14.7% less than the national average. This station is part of Cox Media Group Television. With a handful of exceptions, the top 10 states for millionaires were in the Northeast and the Beltway region, but Hawaii, California and Alaska also made the list. Like Tennessee, New Hampshire has a very limited income tax that only applies to dividend and interest income. We and our partners use cookies to Store and/or access information on a device. 10 Best Value Stocks for Gritting Out the Downturn. Kentucky has fewer than 84,000 millionaire households. How could we lose 7,000 millionaires when 2013 was clearly a winner for the stock market? That means everyone's paycheck, whether they're a millionaire or not, goes further than it does elsewhere. Here are members Forbes list of 2022 billionaires with ties to Georgia: Bernard Marcus, Home Depot, $8.6 billion Jim Kennedy, Cox Enterprises, $7.9 billion Arthur Blank, Home Depot/Atlanta. Paul Cuffee grew up in Massachusetts as the youngest of 10 children. The list of the wealthiest of Italy is a list extracted from that published by United States Forbes, which brings together the richest people every year. 6) Druid Hills, GA. 7) Sandy Springs, GA. Alpharetta, GA. According to the Spectrem Group Market Insights Report, there were 11.8 million Americans in the United States in 2019 with a net worth of at least $ 1 million1. In total, the team looked at the salary data set for all 5485 jobs in Georgia in order to identify those that get paid the most. Significantly cheaper average home prices drive Georgia's affordability. Social Security benefits are subject to tax by the state, as are retirement account distributions and pension payouts. 1 That's rightthe vast majority of millionaires never received a penny from their parents and are first-generation millionaires who come from middle class or lower-middle class families. Rich people not your cup of tea? Fortunately, for rich and not-so-rich alike, Idaho's overall cost of living is 7.5% below the national average. Melbourne - fast-growing millionaire base Australia's most livable city Melbourne is the home of 97,300 millionaires, with 149 centi-millionaires and 12 billionaires. Naples is one of the more inviting high-end places in Florida and is one of the most popular homes of millionaires in the state. Tourism is under pressure from the coronavirus lockdown, while the petroleum industry has been hit by the crash in oil prices. If you need proof that the house always wins, just take a look at Nevada. With more than 28,000 millionaire households out of 420,830, Rhode Island has a merely in-line concentration of millionaires. 50 Top Stock Picks That Billionaires Love. While In Atlanta, they met Mercedes Millionaire who loved their show so much she actually became part of the . How many millionaires are in America and where do they live? NEW DELHI: There are a whopping 4,12,000 dollar-millionaire (networth of at least Rs 7 crore) households in India while the number of households that boast a wealth of at . Maine is one of Kiplinger's least tax-friendly states, Nevada is one of Kiplinger's most tax-friendly states, Kiplinger's top 10 most tax-friendly states. At the same time, median and average home prices are well below national levels. Formulas are then created by applying national estimates to closely linked variables developed by the Census This allows us to obtain estimates at smaller units of geography., (For more news like this, find your local Patch here. The downside is that folks there need higher incomes; everything costs more in Alaska because it's so remote. By Jeff Reeves Fewer than 1 in 20 households claiming investable assets of $1 million or more. Indeed, Juneau, the state capital, has the third-highest concentration of millionaire households among the country's "micro" areas. By Karee Venema Now, not every city on our top ten richest cities in Georgia for 2023 can compare to Augusta, there are a ton of wealthy Georgia peaches on this list that definitely know how to roll out the bourgeois southern charm.To create this list, we asked ourselves, what is important to rich people? the Mountain State's median real estate taxes are among the lowest in the U.S. the tax on Social Security income is in the process of being phased out, the situation for Kentucky residents is mixed, property taxes that are among the lowest in the country, Montana taxes virtually all forms of retirement income, Kiplinger's most tax-friendly states for retirees. Chris Kolmar has been in the real estate business for almost ten years now. But wait, there's more. However, we dont believe that one statistic wholly encompasses what it means to be one of the richest places. Property taxes in Illinois are high, as are sales taxes. The state levy for sales tax is 2.9%, but localities can add as much as 8.30%. The state has no state income tax, so Social Security benefits and other forms of retirement income get a free ride. Wyoming accounts for about 40% of the nation's coal production, and the vast majority of the state's output comes from the Gillette area, which has a high concentration of millionaires as a result. Folorunsho Alakija: $1.1 billion Alakija is vice chair of Famfa Oil, a Nigerian oil exploration company. Here are the top 10 billionaires in Canada, who are at the same time the 10 richest Canadians as of October 2021: David Thomson (and family), media magnate and hereditary peer - US$ 51 billion. Overall, the cost of living in the Yellowhammer State is 13.6% below the national average. Part of Arizona's appeal to the wealthy and retirees is that, like Florida, it's one of Kiplinger's most tax-friendly states. In Rhode Island, residents pay an average $1,723 in taxes per $100,000 of assessed home value. State income tax doesn't exist; in fact, the government actually pays residents. Well, a couple of things have to fall into place for you. Pros' Picks: The 15 Best Nasdaq Stocks You Can Buy. There's a lot to like about Oklahoma for wealthy retirees. Tobi Lutke, founder of Shopify - US$ 11.6 billion. But if you're a retiree, Georgia's taxes aren't nearly so onerous. 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. That's fewer than 1 percent. The average combined rate is 7.63%, according to the Tax Foundation. Acts of conspicuous consumption, on the other hand, can rack up payments to local authorities. Property taxes are on the high side, and you can only get relief from that if you're a low-income resident. The state is 3.5% less expensive than the U.S. as a whole. But there are some locals who made the list. From the greater Boston area to the tip of Cape Cod, Massachusetts has more than its fair share of millionaire households. In no particular order, here are the richest people in Atlanta. State Millionaire households Millionaires as share of all households; Georgia: 200,395: 5.20% New Hampshire: 39,209: 7.36%: Oregon: 89,383: 5.45%: Wyoming: 14,989: 6.24%: What percentile is 6 million worth? Tamara Gustavson. The website said the typical household of Johns Creek earns an income of more than $150,000, more than double the median household income for the state of Georgia. Georgia is the thirty-third-richest (33rd) state in the United States of America, with a median household income of US$46,007 (2011). In his current role at Kiplinger, Dan writes about equities, fixed income, currencies, commodities, funds, macroeconomics and more. The small town of Edwards, for example, is bristling with millionaires thanks to nearby world-class ski resorts such as Vail and Beaver Creek. But you don't have to go to Las Vegas to rub elbows with the Silver State's millionaires. Also like Connecticut, the Garden State is pricey and taxes are high. It includes more people from Georgia. Randall Rollins, the chairman of Rollins pest control, had a net worth listed as $3.6 billion. The best healthcare stocks offer investors a defensive hedge in an uncertain market. 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. "With a. Oklahoma has one of the highest combined sales tax rates in the nation, at an average of 8.94%. It added a new top income tax rate of 9.85% in 2013. There are Georgia cities on our richest cities list that do just that. If you've been looking for a place to live in the past several years, you've probably stumbled upon his writing already. Of Atlanta residents with a minimum 10-figure net worth, Jim Kennedy is the wealthiest, worth an estimated $8.2 billion. Indeed, the median home value in Tennessee is 23% below the national level. He is chairman, president, and CEO of Chick-fil-A. And yet, happily, you don't have to be a millionaire to enjoy its many pleasures. The richest person in Georgia is Jim Kennedy, with a net worth of $9.2 billion. Georgia's tax brackets mean that many taxpayers will find themselves paying the top marginal rate, which kicks in at just $10,000 of taxable income for married couples filing jointly or $7,000 for individual filers. Income taxes are on the high end because more than 200 school districts and Appanoose County add their own income taxes on top of the state-level tax. By Karee Venema According to the table there are 163,144 millionaires in Georgia, which is down some 7,000 millionaires from 2012. [1] For information on which members saw the highest change during their tenure, please see Ballotpedia's page on the Changes in Net Worth of U.S. The cost of living for Illinois is 1.9% below the U.S. average, but taxes can take quite a toll. Here we list the world's most generous philanthropists (with their donations in dollars as they're mostly American) and the foundations they fund, just in case you want to get in touch. Sales taxes are reasonable, too. The greater D.C. area is a magnet for the highly educated seeking high-powered jobs. That's up from 6.21% in 2018 and just 5.81% in 2017. The Great Lakes State is home to 11 billionaires, led by Hank & Doug Meijer, whose supermarket empire gives them a net worth of $10.3 billion, according to Forbes. With a cost of living 7% lower than the national average, a million dollars goes a bit further in the Peach State than elsewhere. While Home Depot earnings disappointed, fellow blue-chip retailer Walmart climbed after its quarterly results. Well-paid jobs in the finance and insurance industries, as well as the presence of major companies like DuPont (DD (opens in new tab)) and AstraZeneca (AZN (opens in new tab)), help fuel an above-average concentration of millionaire households in Delaware. 8 Safe High-Yield Dividend Stocks Offering 5% or More. In the starting phase of his career, he was a Lieutenant in the United States Army. Larry Ellison, founder of Oracle (ORCL (opens in new tab)), is the state's richest person with a net worth of $66.7 billion. The tax on gasoline also is one of the country's lowest. A total of 12 billionaires live in Atlanta with a combined net worth of $55.1 billion. Given the state's reputation for hoops NBA legend Larry Bird was known as the Hick from French Lick (Indiana) it should come as no surprise that athletes and sports competitors are among the best-paid professions there. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. As much as Seattle is associated with Washington State, millionaires also can be found outside the Emerald City that Bezos and Gates call home. Indiana jumped four places in the millionaire rankings year-over-year. Senate Rejects Secession Bill + Food Frenzy + Buckhead In Creed III, In-Home Elevator Danger + St. Cecilia: Georgias Best Italian Food, Loudermilk Estate Sells For $8.6 Million + The Atlanta Fair Sets Up, 4wk Salsa Dance Class Tuesdays / 4wk Bachata Class Wednesdays in Atlanta, Customer Service / Office Work / No Weekends, Lottery Application Opens For 2023-2024 Pre-Kindergarten, Buckhead Area Pets Who Need A Home: Meet Kitt, Hank & More. Colorado has a relatively high concentration of millionaire households partly because it's an outdoor recreational paradise. Property taxes are on the high side, too. The cost of living in Washington is 7.8% higher than the national average, according to the BEA. Washington is one of Kiplinger's most tax-friendly states because it doesn't have an income tax. Sure, median income is below the national level, but the cost of living is 11.2% below the national average. Chris Hogan, radio host and author of the book "Everyday. Richest billionaires in Georgia The first billionaire ever is thought to be Standard Oil magnate John D. Rockefeller back in 1916, or perhaps Henry Ford in 1925. Here are nine of the best stocks for rising interest rates. But at 13.2%, it has the second-highest concentration of millionaires per capita of any city in the U.S. Private equity macher Jonathan Nelson is the top earner in the state with a net worth of $1.8 billion. 19 Dividend Aristocrats That Have Gone on Deep Discount. The explosion in shale oil drilling has minted many a millionaire in North Dakota over the past decade. The First State is a standout among its East Coast neighbors with no sales tax and low property taxes. These privileged few used Jekyll Island as a hunting and golf retreat, escaping cold winters here and building these historic homes that have been lovingly restored to their former glory. 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. Some are wealthy commuters who make their livings in the Big Apple. Wherever they have traveled, they have made an impact. Indeed, an hour's drive north of Walt Disney World, you'll find The Villages, a sprawling retirement haven with a high percentage of affluent residents. Anesthesiologists, psychiatrists and other medical specialties are among the state's best-paid jobs. And property taxes, particularly in Detroit, are steep. Rollins' brother, Gary Rollins, has a net worth of $3.7 billion. Six out of 10 millionaires live in a house valued under $500,000. Ted Turner - Well know as CNN Founder, Total Money Give away so far for donation is $1 Billion. Age: 62. How does one get their hand on one of these Georgia cities where living your best life is very expensive? The Palmetto State extends some real Southern hospitality, offering a charming collection of income tax breaks. His father, Cuffee Slocum, was a freed slave, and his mother was a Native American named Ruth Moses. No, it doesn't have the highest concentration of millionaires, but in terms of raw numbers, only California has more than the Lone Star State's 650,216 millionaire households. Dan Amos. 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. ETFs Manage Settings Gail Miller, with $1.7 billion stemming originally from car dealerships, is the state's wealthiest person. AI stocks have been bloodied up in recent months, but the technology's relentlessly growing importance should see the sun shine on them again. First off, you need to find a job that pays on average $100,000/year. The industries with most billionaires are media and entertainment, food and beverages, fashion and retail, and service. Lifetime Giving: $7.5 billion (all of current net worth) Stephen Bisciotti, owner of the NFL's Baltimore Ravens, is the state's richest citizen with a net worth of $4.4 billion. The cost of living in Kalamazoo is 21.6% below the U.S. average. Folks also save on utilities and groceries. However, as Chart 2 illustrates, the vast majority of millionaire tax returns (86 percent) were . Published 21 February 23. Editors Note: Data has been updated for 2023. Property tax rates in South Carolina are low too. Anne Cox Chambers Wealth $17.1 billion imgkid.com Anne is the surviving daughter of Cox Enterprises founder James M. Cox. Shipping and agriculture, the state's other major industries, aren't immune to changes in global demand either. Visit our corporate site. The tax rate for 2018 was 5.49%; in 2019 it dropped to 5.25%. Yet outside of Los Alamos, the state's concentration of millionaires puts it in the bottom 10 in the U.S. At the other end of the spectrum, Michigan is home to one of the least expensive places to live in the U.S. 3) Johns Creek, GA. Ken Rowland via Flickr. Median home value is a whopping 62% higher than the national level, but median income is less just 20% greater. When you click through real estate links on our site, we earn an affiliate commission. And given the widespread public dissatisfaction with the media, this bill . Nationwide, the number of U.S. households with more than $1 million in assets rose to 7.7 million in 2018, according to the report. When it comes to where millionaires live in America, the rich keep getting richer. Note that while the sales tax is modest, groceries are taxed, albeit at a lower rate. Continue with Recommended Cookies. Learn about careers at Cox Media Group. 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. We use data, analytics, and a sense of humor to determine quality of life for places across the nation. Jim Kennedy, chairman of conglomerate Cox Enterprises, is the state's wealthiest citizen with a net worth of $8.7 billion. In Georgia, Atlanta is the only city home to any billionaires. Rather, he dollar-cost averages into cheap funds and index funds and holds them forever in tax-advantaged accounts. 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. Kiplinger is part of Future plc, an international media group and leading digital publisher. North Carolina's tax situation is just so-so. When you look at the data, the cities and places mentioned above meet the criteria for being at the very top of the income ladder for everyone that lives there. Florida's popularity as a retirement destination helps boost its concentration of millionaires. The cost of living in the Aloha State is 23.3% higher than the national average. However, while the Bay State gets dubbed "Taxachusetts," it's perhaps a little exaggerative. North Dakota is one of the nation's tax-friendliest states. The Tax Foundation's average combined state and local sales tax rate for Washington is the fourth-highest in the country, as is its gas tax. How many millionaires in Georgia? A millionaire in the United States has 821% percent of the median American wealth. After buying his freedom for $50 at the age of 21, he continued to work in the lumberyards until establishing his own lumber business in 1822, as well as dealing coal. As for taxes, millionaires could do better, but then, they could also do worse. The list below (Source: WSJ / Phoenix Marketing International) shows the number of households with at least $1 million to invest per state. As befits a place that pumps a lot of oil out of the ground, fuel taxes are low. This is the first time in history that the majority of members are millionaires. Texas is a place of extremes when it comes to taxes, too. We aim to deliver bite-sized pieces of infotainment about where you live. The ranking includes 2,153 people who have a combined wealth of $8.7. Thats a lot of Georgia cheddar, folks.Secondly, you have to be a hard worker. No billionaires live in the tiny state, however. Seniors, however, catch a break. 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. Approximately 13.5 million individuals in the U.S. are millionaires; Financial projections show that there are 1700 new U.S. millionaires every day; Recommended Usage. From a resurgent Cleveland to the university city of Columbus to Cincinnati with its touch of the South, Ohio contains multitudes of Midwestern culture. West Virginia benefits from natural resources such as gas and coal, and it collects significant severance taxes from them. And like Patch on Facebook!). . Estimates of millionaire households provided by Phoenix Marketing International (opens in new tab), a firm that tracks the affluent market.