Maryland Home to Most Millionaire Families in USA; Tops in Black Families

Did you know this?

For the third consecutive year, Maryland topped the list of states with the highest percentage of millionaires, The Wall Street Journal reported, citing a study by Phoenix Marketing International. New Jersey and Connecticut followed at No. 2 and 3, respectively. Out of all of Maryland households, 7.7% are millionaires, while 7.5% of New Jersey’s total households are millionaires and 7.3% of Connecticut’s total households are millionaires. California, Texas and New York hold 25% of the nation’s millionaire households.

Those states whose residents are least likely to boast seven-figure assets: Nevada, Florida, Michigan, and Idaho were states that saw a drop in their millionaire ratio.

There were approximately 53,000 more millionaire households in the U.S. last year than in 2012, according to the Rhineback, New York-based market research firm. About 6.15 million millionaire households are spread across the U.S.  This means that 1 in every 20 households in the U.S. has more than $1 million in investable assets. Those figures don’t include the value of real estate.

Phoenix Marketing International derives its figures from a combination of data from the Federal Reserve, Census Bureau and polling firm Nielsen Co.

Maryland also is the home state of the richest African American families. According to, 7 out of the 10 most influential black communities in America are found in Maryland.