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If you had to guess which States have the most millionaires per capita, we're betting you would say, New York and California. Well, you'd be 50 percent right. Across the U.S. there are more than 18 million millionaires. That's 18 MILLION. There are more millionaires in the U.S. than Greece has people. U.S Billionaires? Just over 600. As you probably have guessed, it's a more exclusive club.
Which State do you think has the highest percentage of millionaires? We're betting you're guessing wrong. The answer will floor you. Here are 10 States with the highest percentage per capita of millionaires. There's a lot of money out there.
Virginia - 7.66 percent
Virginia is really two States, rolled into one. There is Northern Virginia, a suburb of Washington D.C. and Southern Virginia, a land of mountains and streams.
D.C. is a power magnate, but it is also a money magnet. Let's put it this way: Of the top 10 richest counties in America, five of them are in Northern Virginia. Not surprising that with 7.6 percent of the population classed as millionaires, that there are nearly 250,000 millionaire households in the State. Virginia may be for lovers, but Northern Virginia is for lovers of money. And lots of it, too.
Alaska - 7.71 percent
You don't have to be a millionaire to live in Alaska, but it helps. Because it is so remote, everything costs more, a lot more. Where do the millions come from? Oil, oil and more oil. In fact, Alaska's Prudhoe Bay Oil Field is the largest oil field in North America, covering more than 213,000 acres, or around 333 square miles. That's a lot of oil.
All that black gold means that Juneau, the State capital, has the third-highest concentration of millionaires in the U.S.
California - 7.78 percent
It's staggering. There are more than 1 million millionaire households in California. Of the top 10 metro areas in the U.S. with the highest concentration of millionaires, California is home to 4 of them. Silicon Valley and Hollywood are a big part of the money scene.
It doesn't stop there. California is king of the mountain when it comes to resident billionaires. There are 124 of them that call the Golden State home. The richest? No prizes for guessing. It's none other than Facebook's own Mark Zuckerberg, at $71 billion-plus.
New Hampshire - 7.98 percent
New Hampshire's motto is "Live Free, Or Die". And it means it. In 1776, it was the first of the American Colonies to establish a government independent of the British Crown. It's an old-money kind of place. Millionaires make up almost 8 percent of the total population, thanks to a number of federal agencies, together with law firms and agencies that advise them. Then there is the booming tourist trade.
Is having that many millionaires a good thing? Well, for the rich yes. But for the average man or woman on the street, it simply means a higher cost of living.
Hawaii - 8.48 percent
With nearly 8.5 percent of its inhabitants in the millionaires club, Hawaii can be classed as a millionaire magnet. It's a rich State. Millionaires move there so they can live in paradise. The obvious point is that Hawaii is a relatively remote island. That means that most things like food and consumer goods have to be imported.
And that makes just about everything more expensive. The cost of living is nearly 27 percent higher than the rest of the U.S. The Aloha State is indeed a paradise. But an expensive one.
Massachusetts - 8.60 percent
Massachusetts has a lot going for it. It has a bumper crop of tech and biotech companies, as well as universities, hospitals, and tourist attractions. As a result, Boston is old and new money rich. And up in Martha's Vineyard? There are some of the highest concentrations of millionaires in the country, a lot of it very old. Stately homes, Atlantic Ocean beaches and lush green scenery. What's not to love?
In fact, Jackie Kennedy Onassis' compound in Martha's Vineyard recently went on the market for $65 million. The whole place is awash with millionaires.
Maryland - 8.85 percent
Why are almost 9 percent of Maryland residents millionaires? Think Washington, D.C. It's the same point as Northern Virginia. Parts of Maryland are less than 30 miles from D.C. That means that senior government officials, lobbyists, lawyers, and legislators live in Maryland and work in Washington.
Look at it another way: The Virginia/Maryland commuter belt cities are among the most educated cities in the country. Knowledge may be power. But it is also money.
Connecticut - 8.89 percent
It's a two-hour-plus train journey from Connecticut to New York City. That's close enough for many successful people who choose to live in Connecticut and travel into uber-expensive New York for work or business. Many who work in New York have weekend or vacation homes in Hartford or New Haven. The concentration of millionaires in those cities is high.
Typical of the affluent bits of New England, Connecticut has an old-money vibe. Its richest citizen is one Ray Dalio, the newish money founder of the world's largest hedge fund. He started playing the markets when he was a mere 12-years-old. His worth? $18.1 billion.
Washington, D.C. - 8.94 percent
OK. It's not a State, but it usually figures in wealthiest States lists because getting onto one in ten of its residents are millionaires. It is the epicenter of governmental power. Fortunes are made by lobbyists, lawyers, senior government officials, accountants, and other professionals. And when long-standing Senators, even Presidents, retire, they become "consultants" with six-figure salaries.
And it's one of the most highly educated cities in the country. As we said, knowledge is money.
New Jersey - 8.95 percent
No way you say. New Jersey? Yes, New Jersey. Why? Well, it's proximity to New York City helps. Washington, D.C. is almost running it neck and neck in the millionaires per capita stakes. But New Jersey is the champ.
Also, with over 150-miles of Atlantic seacoast, New Jersey is also a popular tourist destination. Think Jersey Shore and beach resorts. And, very conveniently for commuters, it sits across the Hudson River from Lower Manhattan. A lot of New York businesses have relocated to New Jersey, giving the millionaire head count a boost.