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For high earners, a three-person family needed an income between $106,827 and $373,894 to be considered upper-middle class, Rose says. They help drive an economy that supports more than 167,000 millionaire households. List of U.S. states by the number of millionaire households By Jeff Reeves Adderall shortage: ADHD drug in short supply for a few more weeks The combined net worth of the billionaires in some U.S. cities exceeds the entire annual GDP of many states. The flip side is, the burden of other state and local taxes in the Evergreen State is heavier. Millionaires of the 50 States from NETSTATE.COM By Karee Venema Just for good measure, we're also providing important tax and cost-of-living information. Sure, median income is below the national level, but the cost of living is 11.2% below the national average. 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. Buckhannon. The 2019 dividend was $1,606. Investing in real estate can diversify your portfolio. 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. Kanye West, West Virginia's Governor Jim Justice And 16 Other Now, D'Aniello's net worth is a whopping $3.8 billion. (Those would be Brownsville-Harlingen and McAllen-Edinburg-Mission.). Ellison is a cloud computing pioneer. Although the Grand Canyon State does have an income tax, the rates are notably low. You can download the data here. But if you're a retiree, Georgia's taxes aren't nearly so onerous. For example, many of the wealthiest people in the country have made their fortune through some association a successful company and these people often live in close proximity to these companies. There's a lot to like about Oklahoma for wealthy retirees. State income tax doesn't exist; in fact, the government actually pays residents. At the turn of the century, when 4,000 people lived here, at least 14 millionaires called Bramwell, WV home, making it the richest town per capita in the United States. And yet it remains one of the 20 cheapest large U.S. cities in which to live. Despite a heavy corporate presence, Delaware's cost of living is just 1.8% above the U.S. average. With six more "Do it for Babydog: Save a life, Change your life" prize giveaways scheduled, all West Virginians who have received at least one dose of any of the COVID-19 vaccines are encouraged to register at DoitforBabydog.wv.gov to join the list of winners.. 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). Oregonians face the country's highest income tax bracket. 33 Major U.S. Companies Hiring Now to Meet Coronavirus Demand. The 11 Best Closed-End Funds (CEFs) for 2020. The Centennial State has a flat tax: If you have federal taxable income, the rate is 4.63%. If more people are employed, the richer the future looks. He founded his company Oracle in . The population ratio is based on 1 Jul 2019 U.S. Census Bureau data. 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. 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. After all, rich people have really high salaries. Athletes and sports competitors, surgeons and CEOs are among the state's best-paid residents. Among other policies, income tax rates reach 8.75%. Millionaires of the 50 States, Listed by Number Per 1,000 Households in In cases where the number of billionaires in two cities within the same state was a tie, the city with the highest total billionaire net worth was given preference. Heck, the cities of Jonesboro and Conway are among the least expensive places to live in the entire country. The state's tobacco and alcohol taxes take a noticeable bite as well. Less sunny is the fact that the North Star State hits hard with income tax. Overall, it's 8.1% cheaper to live in Wisconsin than the country as a whole. 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. 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. To determine the city in every state with the most billionaires, 24/7 Wall St. compiled data from Forbes Real Time Billionaires list. The South had nine of the lowest median income states with Arkansas ($37,987) and West Virginia ($39,170) closely trailing Mississippi.Americas wealthiest (and poorest) states. Feel free to check out some more reading about West Virginia: Population: 9,165Rank Last Year: 1 (No Change)Median Income: $87,936Unemployment Rate: 1.5%Poverty Rate: 4.4%More on Bridgeport: Real Estate|Photos, Population: 6,901Rank Last Year: 2 (No Change)Median Income: $65,373Unemployment Rate: 2.7%Poverty Rate: 7.6%More on Hurricane: Real Estate|Photos, Population: 7,500Rank Last Year: 7 (Up 4)Median Income: $46,219Unemployment Rate: 1.6%Poverty Rate: 11.7%More on Dunbar: Real Estate, Population: 10,676Rank Last Year: 3 (Down 1)Median Income: $58,587Unemployment Rate: 6.7%Poverty Rate: 10.5%More on Vienna: Real Estate|Photos, Population: 10,842Rank Last Year: 4 (Down 1)Median Income: $55,189Unemployment Rate: 6.6%Poverty Rate: 15.0%More on St. Albans: Real Estate|Photos, Population: 6,373Rank Last Year: 6 (No Change)Median Income: $79,158Unemployment Rate: 9.1%Poverty Rate: 9.6%More on Charles Town: Real Estate|Photos, Population: 49,055Rank Last Year: 9 (Up 2)Median Income: $54,101Unemployment Rate: 6.3%Poverty Rate: 17.5%More on Charleston: Real Estate|Photos, Population: 13,595Rank Last Year: 5 (Down 3)Median Income: $54,954Unemployment Rate: 6.2%Poverty Rate: 18.3%More on South Charleston: Real Estate|Photos, Population: 5,343Rank Last Year: 14 (Up 5)Median Income: $46,602Unemployment Rate: 6.1%Poverty Rate: 19.5%More on Buckhannon: Real Estate|Photos, Population: 5,208Rank Last Year: 15 (Up 5)Median Income: $48,147Unemployment Rate: 6.6%Poverty Rate: 18.0%More on New Martinsville: Real Estate|Photos. The heir to the Dexter Shoe Company has a net worth of $1.5 billion. JeffersonWest Virginia counties ranked by per capita income. We aim to deliver bite-sized pieces of infotainment about where you live. It's one of five states without a general sales tax, and it has relatively low property taxes. How many millionaires are in America and where do they live? Virginia's cost of living is only 2% higher than the national average. The cost of living is 24.7% higher than the U.S. average, according to C2ER. Fortunately, you don't need to be a millionaire to live well. Affordability across a wide swath of goods and services has made Memphis, Knoxville and Jackson some of the least expensive places to live in the U.S. More broadly, the state's cost of living is 10.1% below the national average. The Palmetto State extends some real Southern hospitality, offering a charming collection of income tax breaks. Median home value: $167 . Although New Jersey gives residents a break on income taxes, it brings the hammer down when they buy a home. Daniel D'Aneelio is the billionaire businessman who co-founded The Carlyle Group, of which he is the chairman. Stacker compiled a list of the richest billionaires who are residents of Virginia, using data from Forbes. Those who earn more than $373,894 are rich. The flip side is that Tennessee has the highest combined sales-tax rate in the nation, according to the Tax Foundation. Although N.H. is a relatively tax-friendly state especially for retirees the high concentration of millionaires contributes to relatively high living costs. Visit our corporate site. Income is close to national levels, but house prices are well below. In West Virginia, Lewisburg is the only city home to a billionaire. The billionaires and country clubs that received PPP loans - CNBC Sadly for its residents, the Buckeye State is among Kiplinger's least tax-friendly states. Real estate taxes are the fourth-highest in the country, and the state has not only a gift tax, but a luxury tax. By the Council for Community and Economic Research's formula, costs are 14.3% higher in Vermont. Turn-of-the-century Bramwell, West Virginia, was a rich little town with more millionaires than any place of its size in America. Antonia is a gifted educator, and she is widely respected within the education community. 31,535. Worth an estimated $1.2 billion, Jim Justice II is the only resident with a minimum 10-figure net worth. By Charles Lewis Sizemore, CFA South Carolina is one of Kiplinger's most tax-friendly states for retirees, and one of our most tax-friendly states overall. From Hilton Head Island to the Midlands region to the Blue Ridge Mountains, South Carolina has something for everyone. The bad news is that the top income rate of 6.9% kicks in at just $17,900 of taxable income, and Montana taxes virtually all forms of retirement income, including Social Security. And more than 5% of the state's households can claim millionaire status. It's one of just a handful of U.S. states with a flat tax, but 23 cities levy income taxes as well. West Virginia is the second-poorest U.S. state, with a $48,850 median household income and a poverty rate of 17.54%. 42. Phoenix MI is tracking the effects of the coronavirus pandemic, which could make for a very different landscape going forward. 50 Top Stock Picks That Billionaires Love. 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. Largely rural and remote, expenses in the Pine Tree State run about 10% above the national average, according to the Council for Community and Economic Research (C2ER). All told, there are over 250 cities and towns across the country that at least one of the worlds ultra wealthy calls home. The state levy for sales tax is 2.9%, but localities can add as much as 8.30%. That's the eighth-highest property tax amount in Kiplinger's U.S. rankings. Financial managers are among the highest paid professionals in the state. Wealthiest City in West Virginia: Wheeling Wheeling, West Virginia, population 27,062, is situated along the Ohio River in the foothills of the Appalachian Mountains. Utah is the first of our states to cross the 7% plateau for concentration of millionaire households. That's up from 6.21% in 2018 and just 5.81% in 2017. Both median income and home value are well above national averages in Colorado, as is the cost of living, albeit only by 1.9%. The Cooper House in Bramwell, known as the "Millionaires' Town in West The California-Lexington Park metro area also has one of the country's highest concentrations of millionaires. Bonus: Youll slash your utility bills. The list of billionaires is compiled annually by Forbes magazine. "While the total number of high-net-worth households grew, these increases were largely seen in the wealthiest states, reinforcing the broader ongoing wealth-gap issues the country faces," says Carl Uttaro, VP of financial services research at Phoenix MI. The southwest corner of the state is the base for many hedge funds and prominent public companies. Millionaire households: 87,565. In Rhode Island, residents pay an average $1,723 in taxes per $100,000 of assessed home value. New Mexico picked up a billionaire for the first time in newcomer Ron Corio, a solar entrepreneur. Estimates of millionaire households provided by Phoenix Marketing International (opens in new tab), a firm that tracks the affluent market. The numbers get a big lift from Summit Park, a small town with one of the very highest concentrations of millionaires in the country. What is the leading industry in West Virginia? Acts of conspicuous consumption, on the other hand, can rack up payments to local authorities. And major state and local taxes are above average, which can add up to a sucker punch for your wallet. Share of millionaire households. Pros' Picks: The 15 Best Nasdaq Stocks You Can Buy. Batten the hatches for continued market tumult without eating high fees with these six Vanguard ETFs and mutual funds. HENRY stands for high earner, not rich yet, and is typically a younger earner who enjoys an income of $100,000 to $250,000 a year. Meanwhile, Sheldon Adelson CEO of casino operator Las Vegas Sands (LVS (opens in new tab)) is the state's richest person with a net worth of $35.7 billion, per Forbes. 19 Dividend Aristocrats That Have Gone on Deep Discount. West Virginia benefits from natural resources such as gas and coal, and it collects significant severance taxes from them. The highest concentrations of millionaires are found in the Atlanta and Savannah metro areas. For those looking to attain millionaire status in Kentucky, the folks with the highest salaries are surgeons, anesthesiologists and obstetricians. 10 Health and Pharmaceutical Companies Fighting the COVID-19 Coronavirus. Although the District of Columbia is a magnet for the highly educated seeking high-powered jobs, the downside is that you need a hefty paycheck to live there. Alaska gives each legal resident who has lived in the state for a full year an annual "Permanent Fund Dividend." They are also home to some of the richest people in the Mountain State. Private equity macher Jonathan Nelson is the top earner in the state with a net worth of $1.8 billion. For a $400,000 home, the state-wide average tax in Nebraska comes to $7,421 per year. Tennesseans also tend to keep more of their hard-earned dollars. The cost of living in Rhode Island is a whopping 18.6% higher than the national average, according to C2ER. Sales taxes with an average combined rate of 9.16% do take a bite, though. Taxes more than make up for higher prices, however. 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 Great Lakes State is home to 11 billionaires, led by Hank & Doug Meijer, whose supermarket empire gives them a net worth of $10.3 billion, according to Forbes. Medical specialists, CEOs and dentists are among the top-paid jobs in the state. 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. Tourism is under pressure from the coronavirus lockdown, while the petroleum industry has been hit by the crash in oil prices. More broadly, median home prices are higher than the national level, while median income is below the national level. NY 10036. Gardnerville Ranchos and Elko, Nevada, are among the top 20 small towns with the highest concentration of millionaires in the U.S. In 2020, California had the highest number of millionaire households in the U.S., with 1.14 million households having one million or more in investible assets. However, we dont believe that one statistic wholly encompasses what it means to be one of the richest places. APA citation style: Highsmith, C. M., photographer. New legislation is packed with tax breaks for homeowners who upgrade to energy-efficient systems and appliances. At the other end of the spectrum, Michigan is home to one of the least expensive places to live in the U.S. Data is current as of March 29, 2021. About the only bright spot in Connecticut's tax picture is that localities can't add to the Constitution State's 6.35% sales tax. How Many Millionaires Live In West Virginia? - CLJ The 9.9% rate is applied to taxable income over $125,000 ($250,000 for married couples filing jointly), and the lowest bracket is already 5%. 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. Mississippi's cost of living stands at 14% below the national average, according to the U.S. Bureau of Economic Analysis (opens in new tab). 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. 'Virginia is for Millionaires' - The Washington Post In the early 1880s, word spread quickly of the discovery of . 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. . The Bluegrass State recently moved to a 5% flat tax and opened up more items to its 6% sales tax. Anesthesiologists, psychiatrists and other medical specialties are among the state's best-paid jobs. Shipping and agriculture, the state's other major industries, aren't immune to changes in global demand either. You can find out more about him on LinkedIn or his website. Median Household Income: $48,037. It's 8.2% less expensive to live in the Tar Heel State than the national average, and Durham is one of the happiest places to live in the U.S., according to the Gallup-Sharecare Well-Being Index. 272 pages. Property taxes are low and sales taxes average. Total households: 1,820,554. Larry Ellison, founder of Oracle (ORCL (opens in new tab)), is the state's richest person with a net worth of $66.7 billion. When it comes to paying taxes, Nebraska is ranked as "least tax-friendly" by Kiplinger because the average property tax rate is quite high. For the record, Maine's richest resident is Susan Alfond, according to Forbes. Property taxes are on the high side, and you can only get relief from that if you're a low-income resident. This is a list of U.S. states and federal district by the number of households with more than $1 . This is the equivalent of $968/week or $4,195/month. No wonder Massachusetts has a cost of living 22% higher than the national average, according to C2ER. More than 5% of Missouri's households have at least $1 million in investable assets. North Dakota is one of the nation's tax-friendliest states. HomeSnacks is reader-supported. The state's wealthiest resident is Citadel hedge-fund honcho Ken Griffin. Indeed, North Carolina's 3,490 chief executives have an average salary of $206,390, according to the Bureau of Labor Statistics. By Kyle Woodley More than 6% of Arizona's households have at least $1 million in investable assets. 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. But today's picture is more pedestrian. 21 Stocks Warren Buffett Is Selling (And 1 He's Buying). A levy on stock dividends and interest income from bonds and other investments is being phased out and will be gone by 2022. However, the loss of the federal personal exemption due to the new tax law means that many Utahns, particularly those with multiple dependents, will pay higher state taxes than before. Yet outside of Los Alamos, the state's concentration of millionaires puts it in the bottom 10 in the U.S. South Charleston. 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. 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. To top it off, the cost of living is 9.4% lower than the U.S. average, while median income is higher than the national level. Georgia's tax brackets mean that many taxpayers will find themselves paying the top marginal rate, which kicks in at just $10,000 of taxable income for married couples filing jointly or $7,000 for individual filers. The cost of living in the Nutmeg State is 19% greater than the national average. These Virginia Billionaires Are Among Richest In U.S.: Forbes 11 Best Tech Stocks for the New Coronavirus Norm. Agriculture, oil, copper and timber all play an important role in the economy, to say nothing of travel and tourism. The Keystone State has the second-highest state gas tax in the nation and the sixth-highest state and local cellphone wireless service taxes. Property taxes for a $400,000 home in the state would run at an estimated $7,695 per year. For the 40th annual Forbes 400 list of the wealthiest Americans, the members' collective fortune rose a massive 40% over the last year to $4.5 trillion, up from $3.2 trillion. North Carolina has a lot going for it whether you're a millionaire or not. And home prices are a dream compared to what the average American pays. Louisiana's 90,000 millionaires, whose income depends on the state's economic staples, are likely to be feeling a pinch. But the tax situation is far more friendly than many people think. Indeed, Salina and Pittsburg, Kansas, are two of the cheapest small towns in America. Expenses in the Granite State run 6% above the U.S. average. Kansas fell four spots in the Phoenix Wealth and Affluent Monitor millionaire rankings this year. Alaska is among the most tax-friendly states in the country. 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. Also like Connecticut, the Garden State is pricey and taxes are high. Gail Miller, with $1.7 billion stemming originally from car dealerships, is the state's wealthiest person. When you click through real estate links on our site, we earn an affiliate commission. The 25 Best Low-Fee Mutual Funds You Can Buy. The cost of living in Indiana overall is 10.7% below the national average. The richest person in your state - USA Today Vienna. Largely rural and remote, Vermont is a comparatively expensive state in which to live in other ways, too. On the other hand, Alaska is among the most tax-friendly states in the country. But it's worth noting that the city of Wilmington taxes wages of everyone who lives or works there at 1.25%. Groceries and utilities are a bit pricier in the Sunshine State, but as a whole, Florida is only 0.6% more expensive than the U.S. average. The small town of Edwards, for example, is bristling with millionaires thanks to nearby world-class ski resorts such as Vail and Beaver Creek. Taxes in Kansas aren't kind to retirees either. The tax picture for retirees is a little more mixed, however. New Hampshire residents also don't pay too much state tax at the pump. North Dakota is one of the nation's tax-friendliest states. Easing the sting of taxes a bit is a cost-of-living index that's 10.8% lower than the U.S. average. Warren Buffett Stocks Ranked: The Berkshire Hathaway Portfolio. Wall Street analysts believe these five stocks should be near the front of your sell list. The unemployment rate tries to capture the prospects for more people to become rich. Charles Town. Helpfully, the Show Me State no longer taxes Social Security benefits for many taxpayers. Tiny Easton, Maryland, on the Eastern Shore of Chesapeake Bay, punches well above its weight when it comes to millionaire households, too. 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. In a difficult market like this, weak positions can get even weaker. The once-exclusive group of citizens with debt-free assets of more than $1 million has risen by 15 percent over the last year.Currently, there are 520,000 American millionaires, the company said . 1 on the list of Kiplinger's most tax-friendly swtates. Minnesota is loaded with giant companies. Millionaires and other residents deal with some annoyingly high taxes, however. Jefferson County, where Shepherdstown and Charles Town are, has a per capita income of $29,733. Indeed, Juneau, the state capital, has the third-highest concentration of millionaire households among the country's "micro" areas. Seattle, which is one of America's fastest-growing cities, also is one of the most expensive. Wisconsin ranks among Kiplinger's least tax-friendly states, thanks to high income and property taxes. Heck, petroleum engineers are some of the best-paid professionals in the state. World-class ski resorts and luxury shopping are the main draw. The Golden State is home to the most millionaires in the nation, at more than 1 million households, and claims four of the top 10 metro areas with the highest concentrations of millionaires. Florida's popularity as a retirement destination helps boost its concentration of millionaires. Nike (NKE (opens in new tab)) founder Phil Knight is the state's richest person with a net worth of $38.6 billion. South Dakota is better known for Mount Rushmore, agriculture and the great outdoors than millionaires. Property tax rates in South Carolina are low too. That's significant considering that a million bucks sure goes far in some parts of Indiana. the Mountain State's median real estate taxes are among the lowest in the U.S. the tax on Social Security income is in the process of being phased out, the situation for Kentucky residents is mixed, property taxes that are among the lowest in the country, Montana taxes virtually all forms of retirement income, Kiplinger's most tax-friendly states for retirees. Architectural and engineering managers, CEOs and pharmacists have some of the highest average salaries in the state. The richest places in West Virginia share common characteristics such as having a genius level populous, sky high home prices, and a Pleasantville level of married couples. 10 of the Richest People In Virginia And How They Did It - OnlyInYourState Idaho taxes all income except Social Security and Railroad Retirement benefits. List of countries by number of billionaires, "California Leads All States (And All But 2 Countries) With 111 Billionaires", "Gov. West Virginia is the third poorest state in the United States of America, with a per capita income of $23,450 (2015). Anesthesiologists, obstetricians and gynecologists are also within the top 10. In a notable downside for retirees of all means: Missouri ranks 39th in the nation for senior health, according to America's Health Rankings (opens in new tab). But expanding your horizons may add additional costs. Florida Agricultural And Mechanical University, Indiana University Purdue University Indianapolis, Massachusetts Institute Of Technology (Mit), Missouri University Of Science And Technology, State University Of New York Health Science Center At Brooklyn, Suny College Of Environmental Science And Forestry, The University Of North Carolina At Charlotte, The University Of Texas Health Science Center At Houston, The University Of Texas Health Science Center At San Antonio, The University Of Texas M. D. Anderson Cancer Center, The University Of Texas Medical Branch At Galveston, The University Of Texas Rio Grande Valley, Uniformed Services University Of The Health Sciences, University At Buffalo Suny School Of Engineering And Applied Sciences, University Of California, Los Angeles (Ucla), University Of Illinois At Urbana Champaign, University Of Maryland Baltimore County (Umbc), University Of Massachusetts Medical School Worcester, University Of Tennessee Health Science Center, University Of Texas Southwestern Medical Center. Indeed, small towns such as Dickinson and Williston, located in the oil-rich Bakken Formation, have some of the highest concentrations of millionaires in the U.S. However, while the Bay State gets dubbed "Taxachusetts," it's perhaps a little exaggerative. Upper Class Salary in West Virginia:$50,837 - ZipRecruiter As for taxes, millionaires could do better, but then, they could also do worse. 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. For more West Virginia reading, check out: Chris Kolmar has been in the real estate business for almost ten years now.