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D.C., Maryland & Virginia Make Top 10 Places for Millionaires

January 30, 2019

By Erin Thibeau

Maryland has fallen from the top spot for millionaires in the country, a position it had held since 2010. 

New Jersey now has the highest ratio of millionaire to total households – at 8.95 percent in 2018 – as reported in Phoenix Marketing International’s annual Phoenix Wealth and Affluent Monitor survey.

Washington, D.C., jumped an incredible nine spots in the past year to take second place, with higher growth than any state (from 6.57 percent in 2017 to 8.94 percent in 2018). Some of the factors at play include increased property prices (no surprise there) and more skilled workers moving into the District.

Related: Life Expectancy Varies by Decades Depending on Area of D.C., Study Finds

Coming in at No. 3 on the survey is Connecticut, just ahead of Maryland at No. 4. 

Interestingly, the ratio of millionaire to total households has actually increased in Maryland since 2017, to 8.85 percent, but other states have risen faster. There are 200,074 households with more than $1 million in investable assets in the Old Line State.

Related: Dan Snyder Lists Potomac, Maryland, Mansion for $49 Million (Photos)

Virginia also make it onto the list at No. 10, with 248,958 millionaire households, or 7.66 percent.

Rounding out the top 10 are Massachusetts, Hawaii, New Hampshire, California and Alaska.

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