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Report: Millionaire Rankings by State – Through Year-End 2019

The Phoenix Wealth and Affluent Monitor (W&AM) U.S. Study is able to provide estimates of the number of affluent and HNW households in the country. Sizing estimates are available at the State level as well as by Core-Based Statistical Areas (CBSAs) – this report focuses on state-level data.

The W&AM sizing estimates are developed using a combination of sources including the Survey of Consumer Finance (SCF), as well as Nielsen-Claritas. The SCF provides the framework and allows us to determine the general distribution of households by their level of investable assets. Estimates are further refined using the age and income distributions provided by Claritas. Together, these inputs enable us to estimate the number of households by investable assets at a national level. Formulas are then created by applying national estimates to closely linked variables developed by the Census, which allows us to obtain estimates at smaller units of geography.

Please note that the numbers provided in this report are approximations, not exact actual number of households. They are intended to be used for comparative purposes.

Rankings are based on the percentage of millionaire households out of total estimated households in the state, and go from 1 to 51 (District of Columbia is included).


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