More Millionaires

More Millionaires Live in Maryland Than in Any Other State

Maryland has topped the charts on resident Millionaires worth over $5 million since 2011. That is a long seven-year streak that the state is not looking to break anytime soon. This year shows that an incredible 7.87% of the nation’s personal assets are located within Maryland’s state borders.

The Study

The study also showed that the richest man in the richest state this year was Ted Lerner, who resides in Chevy Chase, Maryland. Ted is the developer and founder of Lerner Enterprises. In addition to massive amounts of rental properties and other endeavors, Lerner is also the owner of the Washington Nationals. He ranked as number 294 on the national list of wealthiest individuals, with a total net worth of just about $5.3 billion.

This year showed that the longstanding trend of the top 1% controlling a clear majority of assets in the US continues. Forbes found that the wealthiest 1% of American residents added another $214 billion worth of wealth to their net incomes. They now control a whopping total of 26.2% of the liquid wealth located within the United States. This percentage translates to approximately $9.7 trillion total.

There were also two interesting finds on the survey this year. The first was that most of the highest-ranking states are “blue” states. A state is defined as blue if they have remained a democratic majority over the past few elections, while red states would be those remaining largely republican. Why this is interesting is that everyone hears about “rich Republicans” on every major news outlet, so most would assume there would be more “red” (or Republican) states. The only red state which made the list this year was Hawaii, with the other nine being primarily democratic.

The East Coast

Another interesting find was that the east coast made up most of the states, with seven of the top spots being taken. The only three to not be located on the eastern coast were Hawaii, Alaska, and California. This tells us the majority of assets are located on the eastern side of the US – an interesting find as many states on this side of the divide tend to be thought of as “poor states.”

Other states which made it onto the list of top ten states with the most millionaire residents include New Jersey, who at 7.86% is a threat to Maryland’s top spot in future years. Connecticut came in second at 7.75%, with Hawaii (at 7.57%), and Alaska (at 7.5%) following close behind. Massachusetts, with 7.41%, and New Hampshire, at 7.36% come in sixth and seventh respectively on the list. In the eighth through tenth spots were Virginia, at 6.98%, Delaware, at 6.62%, and California, at 6.61%.