Although Virginia's D.C. suburbs are among the more expensive places to live in the U.S., the state as a whole isn't unaffordable. In Georgia, Atlanta is the only city home to any billionaires. Acts of conspicuous consumption, on the other hand, can rack up payments to local authorities. 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. Dan Amos. RSA LIST SERVICES CORP. has the largest Investor & Millionaires Email List available on the market, we have a database of over 7 Million. No wonder Massachusetts has a cost of living 22% higher than the national average, according to C2ER. 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. 2) Milton, GA. Steven via Flickr. The richest person in Georgia is Jim Kennedy, with a net worth of $9.2 billion. Instead, its more that states like New Jersey, for example, pulled slightly ahead, Thompson said, noting that the top 10 states are so close in millionaires per capita that the order can change in any given year. 8 Safe High-Yield Dividend Stocks Offering 5% or More. Given the number of major corporation headquarters, it should come as no surprise that CEOs have some of the highest average salaries. 11 Best Tech Stocks for the New Coronavirus Norm. Law professors and podiatrists crack the top 10 jobs with the highest average salaries. But there are some locals who made the list. Of Atlanta residents with a minimum 10-figure net worth, Jim Kennedy is the wealthiest, worth an estimated $8.2 billion. Take a look at Georgia's richest people: Brown served as president and CEO of Stryker Corp., a medical device and software company, for 32 years before retiring as chairman in 2009. And income tax is particularly complicated in Arkansas. Part of Arizona's appeal to the wealthy and retirees is that, like Florida, it's one of Kiplinger's most tax-friendly states. The list below (Source: WSJ / Phoenix Marketing International) shows the number of households with at least $1 million to invest per state. From Hilton Head Island to the Midlands region to the Blue Ridge Mountains, South Carolina has something for everyone. The second richest person in the world as listed is Bill Gates, with a fortune of $108 billion. For a $400,000 home, the state-wide average tax in Nebraska comes to $7,421 per year. Sales taxes are reasonable, too. Many residents find themselves in the 6.27% income tax bracket, which kicks in on income above only $22,900 for singles and $30,540 for joint filers (2018 brackets). 10 Paul Cuffee Photo credit: Chester Harding Paul Cuffee was a prodigious sea captain and entrepreneur born in 1759. How many millionaires are in America and where do they live? Median income for all households is below the U.S. level, and yet home prices are well above the national median. Cusseta-Chattahoochee County Unified Government, Athens-Clarke County Unified Government (Balance). The Forbes list of billionaires now includes two citizens of Georgia. Median income is higher too, but by a slimmer margin. Sales taxes with an average combined rate of 9.16% do take a bite, though. Indeed, North Carolina's 3,490 chief executives have an average salary of $206,390, according to the Bureau of Labor Statistics. The tax picture for retirees is a little more mixed, however. New York State has the third-most millionaire households in raw numbers after California and Texas. And thanks to abundant revenue that the state collects from oil and mineral rights, Wyoming millionaires shoulder one of the lowest tax burdens in the U.S. With no income tax, it's No. There's a lot to like about Oklahoma for wealthy retirees. 19 Dividend Aristocrats That Have Gone on Deep Discount. Anesthesiologists, psychiatrists and other medical specialties are among the state's best-paid jobs. A strong score on fiscal stability indicates the Beehive State is likely to be able to keep things average. The Ocean State's sales taxes lean high (and are above its neighboring states), but the income tax bite is modest. 5) Dunwoody, GA. James Willamoor via Flickr. New Hampshire residents also don't pay too much state tax at the pump. George Soros - Well known as Hungarian-American billionaire investor, Total money given away so far $33 Billion. Steep local income levies make Maryland a decidedly tax-unfriendly state. Number of millionaires: 8,938 Number of billionaires: 34 Total population: Approximately 3.9 million, according to the US Census Bureau. There's no income tax at all. We aim to deliver bite-sized pieces of infotainment about where you live. Tennessee is known for country music, BBQ and bourbon more than an abundance of millionaires, but the state should get more recognition for its affordability. Alaska gives each legal resident who has lived in the state for a full year an annual "Permanent Fund Dividend." 1. A total of 12 billionaires live in Atlanta with a combined net worth of $55.1 billion. However, we dont believe that one statistic wholly encompasses what it means to be one of the richest places. Market research firm Phoenix Marketing International notes that although the total number of millionaire households rose for the 11th straight year in 2019, the gains were disproportionately seen in states that already had more than their fair share of millionaires. Still, Californians pay high sales taxes, as well as high fuel taxes on all that driving they have to do. Although New Jersey gives residents a break on income taxes, it brings the hammer down when they buy a home. No billionaires live in the tiny state, however. According to the BEA, South Carolina is 8.9% cheaper than the national average. Taxes are rough, too. Tiny Oak Harbor, Washington, has one of the highest concentrations of millionaires of any small town in America. According to the table there are 163,144 millionaires in Georgia, which is down some 7,000 millionaires from 2012. 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. While many of its residents are moderately wealthy, the Bay State is also home to some of the richest people in America, including billionaires Abigail Johnson, the CEO of mutual fund corporation Fidelity Investments, and Robert Kraft, CEO of Kraft Group and the owner of the New England Patriots NFL team. So we looked at this set of criteria from the newly released 2017-2021 American Community Survey: Median household income is the most digestible way to understand how rich a place really is. Warren Buffett Stocks Ranked: The Berkshire Hathaway Portfolio. Oral and maxillofacial surgeons make an average of $280,940. John Menard, Jr., founder of the Menards home improvement chain, is the state's richest resident with a net worth of $18.8 billion. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. Through his business activities with the Kazakh fintech firm KASPI, Mr. Lomtadze amassed an estimated fortune of $3.8 billion. In the Portland metro area the state's most populous region costs are 15% above the national average. Published 28 February 23. Florida's popularity as a retirement destination helps boost its concentration of millionaires. Tamara Gustavson. Although it has been working to lower its income taxes, Maine's lowest rate still is higher than some other states' maximum rate. Tax information is as of 2019. Connecticut 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. The farming and food-processing powerhouse of a state has a relatively low cost of living, but Iowa can be tough on residents' wallets when it comes to paying taxes. By the 1850s, Smith was . It turns out there are numerous states with higher percentages of well-off households, several of which probably will surprise you. As befits a place that pumps a lot of oil out of the ground, fuel taxes are low. Alabama is another state where you don't need a million bucks to live well. They're disproportionately located in the greater New York City area, however, where a million bucks doesn't go that far. Arizona's median home values are above the national level, but its cost of living remains more than reasonable. While Home Depot earnings disappointed, fellow blue-chip retailer Walmart climbed after its quarterly results. Wyoming's famed Jackson Hole valley, with three major ski resorts and an abundance of other year-round recreational activities, also is a mecca for millionaires. Overall, it's 8.1% cheaper to live in Wisconsin than the country as a whole. SECURE 2.0 Act Lets Retirees Defer Some Taxes Longer, Stock Market Today: Stocks End Mixed After Fed Minutes, Stock Market Today: Dow Dives 697 Points After Home Depot Revenue Miss, Stock Market Today: Stocks Close Mostly Lower Amid Rate-Hike Worries, Best AI Stocks to Buy: Smart Artificial Intelligence Investments, The 6 Safest Vanguard Funds to Own in a Bear Market, according to the U.S. Bureau of Economic Analysis. Naples is one of the more inviting high-end places in Florida and is one of the most popular homes of millionaires in the state. Thats a lot of Georgia cheddar, folks.Secondly, you have to be a hard worker. When it comes to where millionaires live in America, the rich keep getting richer. Tiny Easton, Maryland, on the Eastern Shore of Chesapeake Bay, punches well above its weight when it comes to millionaire households, too. 2021. The heir to the Dexter Shoe Company has a net worth of $1.5 billion. It includes more people from Georgia. Fortunately, you don't need to be a millionaire to live well. Sure, median income is below the national level, but the cost of living is 11.2% below the national average. That puts the state's concentration of millionaires not far off from the national percentage of 6.71%, even as the cost of living in the Keystone State is 2.5% lower than the U.S. average. And although median income is 24% below the national level, home prices are a whopping 42% cheaper than the U.S. median. 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. Median income is 10% below the national level, but then, home prices are almost 36% cheaper. (The highest payment ever was $2,072 in 2015.). The best healthcare stocks offer investors a defensive hedge in an uncertain market. 2.