As for taxes, millionaires could do better, but then, they could also do worse. The 25 Best Low-Fee Mutual Funds You Can Buy. Low costs are great, but there's not as much to like when it comes to paying taxes. Obstetricians/gynecologists and orthodontists are the best-paid professions in the state. Nike (NKE (opens in new tab)) founder Phil Knight is the state's richest person with a net worth of $38.6 billion. North Dakota is one of the nation's tax-friendliest states. Housing, in particular, is pricey. In some municipalities, combined state and local sales taxes exceed 10%. The states with the highest number of millionaire households just might surprise you. Helpfully, the Show Me State no longer taxes Social Security benefits for many taxpayers. The cost of living in Kalamazoo is 21.6% below the U.S. average. He's reportedly worth $12.6 billion. List of U.S. states by the number of billionaires - Wikipedia In Rhode Island, residents pay an average $1,723 in taxes per $100,000 of assessed home value. Minnesota is loaded with giant companies. Switzerland was the country with the highest rate of millionaires worldwide in 2020, with almost 15 percent of the adult population owning assets worth more than one million U.S. dollars. A good deal of Montana's wealth stems from its abundance of natural resources. Now theres a new number one. This is a list of U.S. states and federal district by the number of households with more than $1 million in investable assets as of 2020 (data for the year 2019).List. Below are the richest people in West Virginia. Everything is bigger in Texas. Overall, it's 8.1% cheaper to live in Wisconsin than the country as a whole. You can learn more about the top ten below or skip to the end to see the rankings for all 25 places. This is the city in every state with the most billionaires. Yet outside of Los Alamos, the state's concentration of millionaires puts it in the bottom 10 in the U.S. Tiny Easton, Maryland, on the Eastern Shore of Chesapeake Bay, punches well above its weight when it comes to millionaire households, too. Billionaires are ranked by net worth as of March 24. It's one of five states without a general sales tax, and it has relatively low property taxes. However, Social Security benefits are exempted from state income taxes, and property taxes are light. The average net worth needed to be considered wealthy and to be financially comfortable both rose from last years survey. Locals have said their Mountain State neighbors have a strong sense of community, and that they are unpretentious and humble. Others even said West Virginians are pretty much the nicest people on the planet, and even though their state pride runs deep, theyre very welcoming to outsiders. Residents can exclude up to $10,000 per person ($20,000 per couple) of other types of retirement income. Median incomes and home values aren't too far below national levels. Washington, D.C., has one of the highest concentration of millionaires in the country thanks to its position as the nation's capital. Future US, Inc. Full 7th Floor, 130 West 42nd Street, AI stocks have been bloodied up in recent months, but the technology's relentlessly growing importance should see the sun shine on them again. They often offer low investment fees, helping you maximize your profit. Although Washington is home to the two richest people in the world Amazon.com (AMZN (opens in new tab)) honcho Jeff Bezos and Microsoft (MSFT (opens in new tab)) co-founder Bill Gates the state's well-to-do live closer to Earth. Bridgeport in particular houses the richest residents in the state thanks, in part, to a median household income of $87,936 and a ridiculously low poverty rate of 4.4065544729849435%. 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. 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. Dunbar. Kansas fell four spots in the Phoenix Wealth and Affluent Monitor millionaire rankings this year. That's the eighth-highest property tax amount in Kiplinger's U.S. rankings. The Greenbrier Hotel, which operates the famed luxury resort in West Virginia and is owned by billionaire West Virginia Gov. While the Hoosier State exempts Social Security benefits and offers limited exemptions for military pensions and federal civil-service pensions, IRAs, 401(k) plans and private pensions are fully taxable. In the early 1880s, word spread quickly of the discovery of . Helpfully, South Dakota ranks second in the U.S. for fiscal soundness, according to a recent report from George Mason University's Mercatus Center. . Sites of interest in . In the former case, the state capital is home to a horde of state, county, local and federal agencies and the law firms and professional agencies that support them. Sure, median income is below the national level, but the cost of living is 11.2% below the national average. New York, Private equity macher Jonathan Nelson is the top earner in the state with a net worth of $1.8 billion. Forbes lists 8 billionaires in Virginia. These Virginia Billionaires Are Among Richest In U.S.: Forbes Tucked away in the coal fields, 14 millionaires or perhaps 19, depending on which account you read lived sumptuously along-side the town's 4,000 citizens. Virginia's high concentration of millionaires is largely driven by Washington, D.C., and its close-in suburbs such as Arlington and McLean. No billionaires live in the tiny state, however. Stacker compiled a list of the richest billionaires who are residents of Virginia, using data from Forbes. How did we come up with these mega wealthy cities? Whether he complains about Oregon's taxes is unknown, but millionaires (and pretty much everyone else) do. And although home values have gone up 6% over the past year, Zillow predicts they will fall 0.9% within the next year. Median home value is a whopping 62% higher than the national level, but median income is less just 20% greater. No wonder Massachusetts has a cost of living 22% higher than the national average, according to C2ER. The unemployment rate tries to capture the prospects for more people to become rich. Ellison is a cloud computing pioneer. 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. As first postmaster of a post office that needed a legal label, he said, "Every little baby . (The highest payment ever was $2,072 in 2015.). Although only 4.9% of its 1.9 million households hit the millionaire threshold, some of the cheapest home prices in the country help spread the wealth. The Empire State's average sales tax rate is the 10th-highest in the country. 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. List of U.S. states by the number of millionaire households In the Los Angeles-Long Beach-Anaheim metro, more than 360,000 households have at least $1 million in investable assets. If you need proof that the house always wins, just take a look at Nevada. Editors Note: Data has been updated for 2023. And property taxes, particularly in Detroit, are steep. 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. State income tax doesn't exist; in fact, the government actually pays residents. Although N.H. is a relatively tax-friendly state especially for retirees the high concentration of millionaires contributes to relatively high living costs. At the other end of the spectrum, Michigan is home to one of the least expensive places to live in the U.S. Larry Ellison, founder of Oracle (ORCL (opens in new tab)), is the state's richest person with a net worth of $66.7 billion. Most central bankers supported a quarter-point rate hike at the most recent Fed meeting, but a few backed a half-point one. As of May 21, 2022, the average annual pay for the Upper Class jobs category in West Virginia is $50,335 a year. Data on residency and net worth came from the list, which is updated every five minutes to reflect changes in stock prices and private company valuations. Forbes Magazine has recently published a list of richest person in each state naming Jim Justice II the winner in West Virginia. 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. 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. From a resurgent Cleveland to the university city of Columbus to Cincinnati with its touch of the South, Ohio contains multitudes of Midwestern culture. Heck, the cities of Jonesboro and Conway are among the least expensive places to live in the entire country. Easing the sting of taxes a bit is a cost-of-living index that's 10.8% lower than the U.S. average. This is a list of U.S. states and federal district by the number of households with more than $1 million in investable assets as of 2020 (data for the year 2019). Fewer than 1 in 20 households claiming investable assets of $1 million or more. Turn-of-the-century Bramwell, West Virginia, was a rich little town with more millionaires than any place of its size in America. Despite a heavy corporate presence, Delaware's cost of living is just 1.8% above the U.S. average. The Peace Garden State offers modest sales taxes that favor agriculture, and it has cut income taxes to the point that they barely exist. The state levy for sales tax is 2.9%, but localities can add as much as 8.30%. On the other hand, the ratio of median income to median home values is very favorable. Although Minnesota affords residents a cost of living that's 2.5% below the national average, median home value (and median income) easily top national levels. While there are probably few millionaires in the cockpits of commercial airplanes, airline pilots, co-pilots and flight engineers are among the best-paid workers in the state. We analyzed 27 places in West Virginia to determine where the 1% live. Michael Bloomberg, founder of the financial data company that bears his name and erstwhile presidential candidate, is the state's richest person at a net worth of $60.1 billion. But you don't have to go to Las Vegas to rub elbows with the Silver State's millionaires. Jim Kennedy, chairman of conglomerate Cox Enterprises, is the state's wealthiest citizen with a net worth of $8.7 billion. Top-paying jobs include surgeons, computer and information research scientists, nuclear engineers and sales engineers. Somewhat less upbeat is Idaho's tax picture, which is mixed. The numbers get a big lift from Summit Park, a small town with one of the very highest concentrations of millionaires in the country. By Karee Venema - Net worth: $1.1 billion (#2,384 wealthiest in the world) - Residence: Vienna. For residents of all means, the Land of Enchantment is somewhat tax-friendly, though it's a mixed bag for retirees. But then, with a cost of living almost 12.2% below the national average, paychecks tend to go further. So we looked at this set of criteria from the newly released 2017-2021 American Community Survey: Median household income is the most digestible way to understand how rich a place really is. 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. Maryland's 23 counties and Baltimore City have income taxes ranging from 1.75% to 3.20% of taxable income on top of the state's take. Naturally, Maryland also is one of the most expensive places to live, with a cost of living 18.8% greater than the national average. Also like Connecticut, the Garden State is pricey and taxes are high. That's significant considering that a million bucks sure goes far in some parts of Indiana. How much does an Upper Class make in West Virginia? 11 Small-Cap Stocks Analysts Love the Most. 50 Top Stock Picks That Billionaires Love. The 10 Richest People in Virginia - Money Inc Relatively low prices for housing and transportation help keep the Palmetto State's cost of living under control. Antonia is a gifted educator, and she is widely respected within the education community. Sales taxes with an average combined rate of 9.16% do take a bite, though. Bucolic Wisconsin's 138,283 millionaire households enjoy a relatively affordable cost of living, but taxes in the Badger State can be quite a burden. With 107 billionaire residents, worth over $640 billion, The Big Apple is home to more three-comma club members than any other city on the planet. New Hampshire's high concentration of millionaires hinges on Concord and Laconia. It also happens to be a great place to retire. As for the better-paying occupations, managers in finance, marketing and information systems are in the top 20 for average salary. And major state and local taxes are above average, which can add up to a sucker punch for your wallet. 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. Morgantown, WV - Forbes A high concentration of them live in the part of the greater Jackson, Wyoming, area that spills into Idaho. Unhappily, taxes and expenses in the Ocean State are on the high side too. Steep local income levies make Maryland a decidedly tax-unfriendly state. That helps make the cost of living in Ohio cheaper by 11.6%. The cost of living in the Nutmeg State is 19% greater than the national average. By Connect-Bridgeport Staff on August 02, 2015. When it comes to paying taxes, the situation for Kentucky residents is mixed. - Source of wealth: cryptocurrency, self made. As with Virginia, that's partly thanks to its Washington, D.C., suburbs, but the pull of the nation's capital can't take all the credit. When it comes to where millionaires live in America, the rich keep getting richer. She has received numerous awards and accolades for her work, including being named one of the "Top 10 Educators to Watch" by Education Week magazine. Medical specialists, CEOs and dentists are among the top-paid jobs in the state. Arizona's median home values are above the national level, but its cost of living remains more than reasonable. 0.8% (year: 2018) As of October 2019. West Virginia. For a $400,000 home in the state, the owner can expect to pay about $6,564 each year in property taxes. 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. Farther south, the state capital of Trenton and its metro area that includes tony Princeton has plenty of millionaires, as well. And rents and mortgages are closing in on triple the national average, making D.C. one of the most expensive cities in the U.S. Breckenridge, Glenwood Springs and Boulder punch well above their weights in the millionaire rankings as well. Jefferson County is the richest in West Virginia, according to U.S. Census Data from 2010. Millionaires of the 50 States, Listed by Number Per 1,000 Households in -10-24. 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. New legislation is packed with tax breaks for homeowners who upgrade to energy-efficient systems and appliances. New YorkThe 10 cities with the highest raw number of ultrawealthy residents in 2020 were New York, with 11,475 ultrawealthy people; Hong Kong; Tokyo; Los Angeles; Chicago; San Francisco; Paris, Washington, D.C.; Osaka, Japan; and Dallas. In his current role at Kiplinger, Dan writes about equities, fixed income, currencies, commodities, funds, macroeconomics, demographics, real estate, cost of living indexes and more. This is the city in every state with the most billionaires. West Virginia benefits from natural resources such as gas and coal, and it collects significant severance taxes from them. As of April 2023, the richest person in West Virginia is Jim Justice. Heck, petroleum engineers are some of the best-paid professionals in the state. And more than 5% of the state's households can claim millionaire status. In the mid-70s, he began working for his father's coal mining company, Bluestone . Both median income and home value are well above national averages in Colorado, as is the cost of living, albeit only by 1.9%. Published 24 January 23. recession Vienna. Manchin made his fortune as a founder of Enersystems, a coal brokerage firm. Rich people not your cup of tea? Published 28 February 23. World-class ski resorts and luxury shopping are the main draw. Sales taxes lean high, and in some areas, groceries are taxed as well. The Bluegrass State recently moved to a 5% flat tax and opened up more items to its 6% sales tax. But at 13.2%, it has the second-highest concentration of millionaires per capita of any city in the U.S. 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. How Rich Is Joe Manchin? | GOBankingRates Tennesseans also tend to keep more of their hard-earned dollars. 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. When you click through real estate links on our site, we earn an affiliate commission. Although the Grand Canyon State does have an income tax, the rates are notably low. However, while the Bay State gets dubbed "Taxachusetts," it's perhaps a little exaggerative. Anesthesiologists, obstetricians and gynecologists are also within the top 10. Austin's hearing aid company's charitable foundation, long known for its glitzy galas and celebrity supporters, took a $350,000 to $1 million PPP loan. The Richest Billionaire In Every State 2022 - Forbes If more people are employed, the richer the future looks. Housing costs in Ohio are relatively low, but the state's average property tax bill isn't. Phoenix MI is tracking the effects of the coronavirus pandemic, which could make for a very different landscape going forward. For the record, Maine's richest resident is Susan Alfond, according to Forbes. 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. Fortunately, for rich and not-so-rich alike, Idaho's overall cost of living is 7.5% below the national average. From the greater Boston area to the tip of Cape Cod, Massachusetts has more than its fair share of millionaire households. Rank. The tax picture for retirees is a little more mixed, however. The population ratio is based on 1 Jul 2019 U.S. Census Bureau data. 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. A financial advisor can help you understand the advantages and disadvantages of investment properties. Indiana jumped four places in the millionaire rankings year-over-year. Pros' Picks: The 15 Best Nasdaq Stocks You Can Buy. When it comes to lifestyles of the rich and famous in Nebraska, one name immediately comes to mind: Warren Buffett, chairman and CEO of Berkshire Hathaway (BRK.B (opens in new tab)), is the Cornhusker State's richest and most famous resident by a wide margin. Overall, the cost of living in the Yellowhammer State is 13.6% below the national average. The cost of living in Washington is 7.8% higher than the national average, according to the BEA. 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. Texas has 56 billionaires among its ranks, led by Alice Walton ($55.1 billion) of Walmart (WMT (opens in new tab)) fame. Texas is a place of extremes when it comes to taxes, too. By Valerie Thomas