The Phoenix Global Wealth Monitor (PMI) that released this report provides annual estimates of affluent ($1000k + in investible assets) and high net worth ($1mm + in investable assets) households throughout the nation.
This year marks the first time that America has over 1 million Pentamillionaire (or households with $5mm + in investible assets) .
The number of Pentamillionaire households grew up 18,000 up from last year’s 926,000.
Illinois increased by 13,796 from 2014 to 280,266 in 2015. It decreased by 4,000 between 2013 and 2014.
Few other states relinquished their rankings.
The following are the top 10 states (percentages based on rate of millionaires per state population):
- Maryland (7.7%)
- Connecticut (7.3%)
- Hawaii (7.25%)
- New Jersey (7.24%)
- Alaska (6.85%)
- Massachusetts (6.8%)
- New Hampshire (6.8%)
- Virginia (6.7%)
- Delaware (6.4%)
- District of Columbia (6.3%)
David Thompson managing director of PMI suggests that one main reason why certain states retained their rankings was because these states have diverse economies. Many of them are also close to large cities (such as DC, NYC, or Boston) and lucrative industries – as is the case with Alaska that is close to energy production, or Hawaii with tourism.
Illinois may have decreased in ranking, but it increased in its ratio of millionaires to total households from 0.28 percent in 2014 to 5.73 percent in 2015.