The U.S. united more than 400,000 new millionaires last year, with sundry of those concentrated on the coasts in high-tax, predominantly blue states.
Correspondence to the Phoenix Wealth and Affluent Monitor, by Phoenix Marketing International, there were a unalloyed of 7.2 million millionaire households in 2017 — up 6 percent from 2016. Phoenix lays millionaire households as those with $1 million or more in investible assets.
Of line, the most populous states had the most millionaires. But Phoenix also ranked asserts by millionaires per capita. For the seventh year in a row, Maryland ranked first with the acutest number of millionaires per capita — with more than 1 in 12 households eating $1 million or more.
New Jersey ranked second, also with well-deserved about 1 in 12 households being millionaires. Connecticut ranked third, observed by Hawaii, Alaska, Massachusetts and New Hampshire. California had the most millionaires in unmitigated — 885,000 — but it ranked 10th in terms of per capita.
Texas had the second highest tally, with 566,000, followed by New York with 465,000.
David Thompson, managing commander of Phoenix Affluent Market, said the state rankings show that opulence creation continues to be concentrated in big urban centers on the coasts — around New York, Boston, Washington and Los Angeles. Those haves also tend to lean Democratic in their politics.
“Those metro areas disposition continue to generate and mint new millionaires,” he said.
Maryland has dominated the catalogue raisonn for so long because of the growth in the Washington suburbs of government-related contractors, lobbyists and experts, he said.
Yet the new tax law could shift the millionaire map in the coming years. While millionaires are currently collected in high-tax, Democratic states, new limits on the deductibility of state and local pressures could drive more of the wealthy to lower tax states like Florida, Texas and Nevada.
“I do call to mind a consider we will see some migration, especially from the East Coast,” he bring up. “Those who may already have second homes in Florida and the South could smite. I think that could accelerate.”
Multimillionaires did even better latest year. The number of households worth $5 million or more heaved 8 percent to 1.1 million. That was the fastest growth in six years.
“The prosperity are definitely getting richer and controlling more and more of the wealth,” Thompson said.
The water driver of all that added wealth was investing. He said the wealthy be suffering with “better access to the best investment vehicles and better access to the suggestion” on how to invest.