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Wednesday, February 07, 2018
Hawaii Ranks #4 for Millionaires per Capita
By News Release @ 7:25 PM :: 2818 Views :: Democratic Party, Hawaii Statistics, Taxes

Phoenix Marketing International

GOP Tax Bill To Hit Blue State Millionaires the Hardest Finds Annual Phoenix Marketing International Wealth & Affluent Monitor

News Release from Phoenix Marketing International February 07, 2018

  • Study reveals 17 of the top 20 wealthiest states ranked by household liquid wealth are largely democratic
  • Tax bill limitations on itemized mortgage interest or property tax deductions will impact blue states more than red
  • Top 1% of U.S. households increased by eight percent in 2017

RHINEBECK, N.Y., Feb. 07, 2018 -- In a new look at where wealth is concentrated in the U.S, the annual Wealth & Affluent Monitor published today by Phoenix Marketing International finds that the very richest Americans are overwhelmingly concentrated in states that were carried by Democrats in at least three out of the four past presidential elections. The impact of the GOP tax bill, which puts new limits on itemized deductions of state and local income and property taxes, or mortgage interest, will undoubtedly have a greater impact on wealthy residents in these blue states.

The 2017 Phoenix Wealth & Affluent Monitor (W&AM) shows that as of mid-2017, the top 1% of U.S. households, those having $5 million or more in investable assets or liquid wealth, increased by eight percent to more than 1.1 million. States with the highest concentration of these “Penta-Millionaire” households include New Jersey, Maryland, Connecticut, and Hawaii, all traditionally blue states. Coming in at #5 is Alaska, the only red state in the top ten. Other top 10 blue states include Massachusetts, New Hampshire, Virginia, and the District of Columbia.

The Phoenix study also found that:

  • The 1% added approximately $214 Billion in wealth over the past year, and now control over one-quarter (26.2%) of the liquid wealth in the U.S., or about $9.7 Trillion.
  • Millionaire households, those having at least $1 million in liquid wealth, increased by six percent and now total about 7.2 million households in the U.S.
  • In 2017 the concentration of wealth in the U.S. continued to accumulate at the top of the wealth pyramid. Overall, U.S. affluent households (those having $100k+ in investable assets) numbered some 30% of households (38.1 million), but controlled over 91% of wealth.

“The historic and continuing gains in the capital markets means that the concentration of wealth in fewer and fewer hands continues unabated,” said David Thompson, Managing Director, Affluent Practice, at Phoenix Marketing International. “We were surprised to find that  Penta-Millionaires are living  in an overwhelming preponderance of blue states. Given all of the talk about rich Republicans, we would have expected to see more red states on the list,” added Thompson.

State Ranking of Millionaires

In the annual ranking of millionaires per capita by state, the 2017 Phoenix Wealth & Affluent Monitor found only a few changes in the top 10 states:

  1. Maryland (7.87%) – remained #1, where it has been since 2011
  2. New Jersey (7.86%) moved up one place in 2017
  3. Connecticut (7.75%) moved down one place
  4. Hawaii (7.57%) – unchanged from 2016
  5. Alaska (7.50%) – unchanged from 2016
  6. Massachusetts (7.41%) – unchanged from 2016
  7. New Hampshire (7.36%) – unchanged from 2016
  8. Virginia (6.98%) – unchanged from 2016
  9. Delaware (6.62%) up one place from 2016
  10. California (6.61%) – up one place from 2016.

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