Maryland ranks No. 2 in number of millionaires per capita

State loses out to Hawaii

October 06, 2010|By Jessica Anderson, The Baltimore Sun

For the fourth year in a row, Maryland has the second highest number of millionaires per capita, according to a report by the Phoenix Affluent Marketing Service.

With Hawaii in the lead, Maryland ranks second. About 6.8 percent of Maryland households, or 144,686, boast millionaire status — an increase from last year's 6.3 percent, according to the report released last month. New Jersey and Connecticut follow, with 6.7 percent of households. The report noted that the top states tend to be smaller, with large concentrations of "highly educated professionals and business owners."

Despite the recession, Maryland has seen an increase in the number of millionaire households since at least 2006, when it ranked third with 6.2 percent of households. In 2007, the state rose to the number two position with 7.1 percent — the highest since 2006. In 2008, the percentage declined to 6.9, and in 2009 it dropped to 6.3 percent.

The report also noted that after two years of national declines, the number of millionaires grew by 8 percent, with about 5.6 million households nationwide this year.

The top 10 are: Hawaii, Maryland, New Jersey, Connecticut, Massachusetts, Alaska, Virginia, New Hampshire, California, Washington, D.C.

North Dakota, Kentucky, West Virginia, Arkansas and Mississippi had the lowest percentage of millionaires per capita.

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