N.J. Has Highest % of Millionaires, Michigan Is #14
The Phoenix Affluent Marketing Service announced today that New Jersey has become the state with the largest percent of millionaires to total households. Ranked second past two years, New Jersey vaulted past Hawaii, which fell to fourth in the 2007 rankings.Phoenix’s annual market sizing analysis and aggregate wealth rankings shows that New Jersey’s ratio of millionaires to total households rose to 7.12%, up from 6.5% in 2006. Maryland is now in second place at 7.08%, up from 6.2% in 2006. Connecticut is third, with a ratio of 7.0%, up from 6.2% a year ago. Hawaii’s ratio of 6.7% was unchanged from a year ago. Phoenix defines a millionaire household as one with $1 million or more in investable or liquid assets.
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Comment: Isn't it interesting that Michigan ranks #14 for millionaires (see chart above), ahead of New York, Florida, and Washington, D.C. In spite of an economic slowdown, a serious loss of manufacturing jobs, the nation's highest unemployment rate (7.4%), there is still a lot of wealth in the state of Michigan, probably a legacy from the decades and generations of automotive-related wealth created here. Michigan also moved up four places from last year, when it ranked #18.
7 Comments:
I am wondering if Michigan is moving up due to a middle class exodus. This would distort the ratio.
We would need to correct for that.
Also it is not clear if Real estate is included in networth calulations. This would distort in favor of High desity areas with a good deal of home ownership.
I stand corrected I see that only liguid assets are incuded in net worth.
http://quotes.ino.com/chart/?s=NYBOT_DX&v=dmax
Zimbabwe has a lot of millionaires, in the future everyone in the US will be on that list.
I recently stayed in Detroit to tour a usonian house designed by Frank Lloyd Wright. We drove through miles of extremely expensive real estate much of it was new.
In Ontario, we simply don't have areas that compare to this kind of wealth and Ontario has been until recently the engine of Canada. Toronto's Rosedale and Lawrence Park areas looks pretty average next to the Detroit area. The world's biggest economy offers far greater economic opportunity than is available in Canada or any other country.
We hear a great deal about the auto industry in Michigan and without question, the big 3 & employees are suffering. We noted many other industries such as Pharmaceuticals, and aerospace in the Detroit area that are doing just fine.
When you see architects doing well, you know there is money around because it tends to be a feast or famine profession.
Outside the Detroit area, other areas that we drove through looked in pretty good shape economically. We did not see the kind of "economy is missing in action" quality that one finds in upstate NY.
I realize such evidence is purely anecdotal however, I think we tend to hear more about the problems than other sectors of the economy.
"Most millionaires" is a different statistic than "greater percentage of millionaires," BTW. "More" would have been more appropriate in the title, although using "New Jersey Has More Millionaires..." would have been ambiguous, also.
skh.pcola
I agree that it should be "New Jersey Has the Highest Percentage of Millionaires, Michigan #14." However, I usually try to make the headline (title) of the post fit on one line and so I shortened it to "New Jersey Has Most..."
Similarly, the AP headline is "NJ Tops U.S. in Number of Millionaires."
Post title has been changed.
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