According to a study that was recently released by Phoenix Marketing International, New Jersey is home to the the second largest percentage of homes valued over one million dollars. Maryland ranked number one and Connecticut ranked number three.
The numbers for the states ranked in the top three of this year’s study are:
Total Households:
Maryland: 2,199,9212 total households
New jersey: 3, 238,448 total households
Connecticut: 1,376,955 total households
Total with over $1 Million of Investable Assets:
Maryland: 169, 287 over $1 million
New Jersey: 242,647 over $1 million
Connecticut: 100,754 over $1 million
The percentage of homes with a total worth of over one million dollars in New Jersey for 2013 was around 7.5 percent. In Maryland, the percentage was 7.7. percent.
New Jersey has been bobbing around the top rankings since 2006. The last time that the state held first place was in 2007. In that year, 7.12 percent (or 228,442) households were worth one million dollars or more. Last year, in 2012, New Jersey was ranked number three with Hawaii and Maryland ranking higher. Maryland and Hawaii have traded first rankings since New Jersey last held the title in 2007.
North Dakota was the leader in 2013 for new millionaires. North Dakota moved from a forty-three ranking in 2012 with 11,697 households or 4.06% to number twenty-nine in 2013 with 13,494 or 4.59%. New Jersey’s comparative numbers were 235,292 in 2012 and 242,657 in 2013. So while the number did indeed increase, it was not as drastic as the leap in North Dakota. 2013 was the first year since 2006 that Hawaii found itself outside of the top three, with it ranking fourth this year.
On the other end of the spectrum, Idaho, Arkansas, and Mississippi had the lowest percentage of households worth over one million dollars. The numbers for the bottom three are:
Total Households:
Idaho: 595,106
Arkansas: 1,167,428
Mississippi: 1,128,842
Total with over $1 Million of Investable Assets:
Idaho: 22,369
Arkansas: 43,588
Mississippi: 40,955
Arkansas and Missisippi have been in the bottom three for several years in a row, but Idaho is not typically part of the group. In previous years, West Virginia has been in the mix. This year, the state ranked 48th of 51 total (District of Columbia is treated as a state for the purposes of the study).
The study was conducted by Phoenix Marketing International and is part of Phoenix Marketing International’s Global Wealth Monitor. The study aims to provide a portrait of affluence in the United States. Data is gathered from a variety of sources including Nielsen-Claritas, the Survey of Consumer Finance, and interviews with investors. In 2013, over 10,000 interviews were conducted as part of the study. Similar studies are also conducted by Phoenix Marketing International in Canada and Europe. In the future, surveying will occur in Asia as well. The projected areas that will be studied in Asia are China, Hong Kong, Indonesia, Japan, and Singapore.