1 In 20 US Households Has Over A Million In Assets: This Is Where They Are

Tyler Durden's picture

Bernanke may be printing the wealth effect to the benefit of the richest 1%, but that only serves to make the already wealthiest even wealthier. When it comes to the creation of new millionaire households, the epicenter of new wealth creation is about as far from Wall Street, West Putnam Avenue or Rodeo Drive as can be. In fact, the state that saw the fastest climb up in millionaire rankings in 2013 doesn't have a single Tiffany or Saks Fifth Avenue, and the closest BMW dealership is a six-hour drive from the capital (stats which are guaranteed to change by the end of the year). Presenting North Dakota: the state which jumped 14 spots in the latest ranking of millionaire households.

Per the WSJ, which crunched the the numbers released by Phoenix Marketing International, there were 53,000 more millionaire households in 2013 compared to the year before. "About 6.15 million millionaire households are spread across the U.S., according to the report. That means 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."

As expected, the top of the overall millionaire households per capita rankings didn’t change much. Maryland was No. 1 for the third consecutive year, with 7.7% of households holding more than $1 million in assets. New Jersey, Connecticut and Hawaii followed. Those four states, in various orders, have led the rankings every year since 2006. The complete breakdown is shown on the map below.


It was the middle and bottom of the ranking that saw most changes, at times quite violent. Judging by the collapse in household wealth, it seems the second Nevada housing bubble has indeed popped.

Maine climbed 11 spots over a single year to No. 25 in 2013. Louisiana jumped 10 to No. 32. Meanwhile, Nevada fell 20 spots to No. 39. Arizona, Florida, Idaho and Michigan all fell by more than 10 positions. From 2011 to 2012, no state changed its rank by more than two positions.


The big swings may suggest economic recovery may have become more uneven last year, said David Thompson, a managing director at Phoenix. “Maine and Louisiana are two states that have seen big turnarounds in their economies,” he said. “In Nevada, the data suggests the state is still feeling the effects of the downturn.”

Nobody was a bigger winner in 2013 than the center of the shale boom: North Dakota.

In 2012, North Dakota ranked 43rd, one spot behind Alabama. Last year, it moved up to 29th, one ahead of Florida. North Dakota’s energy boom, especially in the Bakken shale region, is driving the state’s wealth gains.


Mr. Hullet said the energy, health care and technology sectors are all growing in the state — pushing up paychecks of both the working class and affluent. The state’s unemployment rate was 2.6% in November, according to the Labor Department. That was the lowest in the nation by a percentage point.


The result has been a rapid expansion of retailers, restaurants and housing, Mr. Hullet said. But Bismarck hasn’t turned into West Egg. “I’ve seen the occasional Bentley,” he said. “But mostly, North Dakota is the type of place where someone can be very wealthy and you’d never know it.”

The main difference, however, between North Dakota and other states: 'its people in the oil patch aren’t about to flaunt it. “The only way you know a Bakken millionaire is he’ll be driving a
new truck and might have taken his wife on vacation,” said Kelvin
Hullet, president of the chamber of commerce in Bismarck, the state

The results sorted: by highest number of millionaires per capita:

And the states where the creation of new millionaire households was fastest in 2013:

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localsavage's picture

Dirty Harrys state last in new millionare creation....coincidene????

Occident Mortal's picture

Phoenix Marketing International?


Hardly the Rolls Royce of statistical analysis.

5% of US households have $1m of investibule funds? Net of Real Estate and debts?


Maybe in Monte Carlo, but US mainland? Nah.

chumbawamba's picture

Such critics.  If the value of Chinese trinkets and baubles is marked to fantasy then the math all works out.  Every Walmart item is valued at a minimum of $50 and most American households have thousands of such items.  Plus, how do you value human slaves?  I'll bet the wealthier families have at least one each, and in terms of productive capacity you're talking at least $50,000 a year, and that's if you make life pretty easy for them.

I am Chumbawamba.

Freddie's picture

So on all the cheap Chinese plastic crap filled with extruded poison in my garage makes me rich?  Who knew?

Richard Chesler's picture

Thanks to scumbags like Obozo and thieves like Bernke 1 miilion bucks is not what it used to be.

GetZeeGold's picture




Are you ready for your bail-in?


Hopefully they'll hit non-flyover country first.

Occident Mortal's picture

Chinese trinkets and baubles do not qualify as investable assets, not the last time I checked anyway.

Crap from Walmart? Does all that stuff qualify for my 401K? Didn't think so.

It's saying 1 in 20 households have $1,000,000 in cash and securities.

I doubt that's even true for lower Manhattan.

BKbroiler's picture

I doubt that's even true for lower Manhattan.

I doubt that's true even in the Cayman Islands.  This data seems dubious at best.
Pool Shark's picture




One out of every 24 households in Alabama is worth over $1,000,000.00?

I call shenanigans...


Skateboarder's picture

Someone with a mil liquid in PMs and cash is a rich motherfucker. Everyone else is just claiming. Calling all paper millionaires - get your GLD and SLV here!

JR's picture

Media math (WSJ) is as suspect as the paper from a private banker who rolls into town, takes a hotel room, sets up shop, and starts taking assets and labor from the people in exchange for his private notes. This is the Fed. There’s nothing more destructive.

And we’re now seeing the beginning of the coming landslide against these fiat notes.

These are crooked notes; these are promises with no backing.

As for the PMI numbers being “crunched”  Per the WSJ,  it took San Jose police more than a week to run down a registered sex offender and registered arsonist for setting  at least 12 arsonist fires in five days  – almost all within a block of the registered arsonist’s trailer home.

A patrol sergeant finally spotted the registered arsonist — and sex offender — living in the area of the fires, while scanning criminal databases, taking more than a week for what should have been done in minutes.

So be careful believing the magic of government databases and crunched numbers, down to the last millionaire in America. 

Also, being the politicized MSM, it had to be pointed out that the deranged white man (take a look at his pix if you don’t believe me) was “terrifying a working-class immigrant neighborhood in San Jose.”

As for whom he was terrifying in another high-profile local arson case for which he was convicted more than a decade ago for setting 16 fires in the Santa Clara County (California) foothills or in the early 1990s when he was charged with misdemeanor arson for setting fire to forest debris in and around the Grand Canyon, the media hasn't said.

And in the sad state of modern journalism, the SJ Mercury convicts the man before the trial.


rabbitusvomitus's picture

My wife is very upset now that she discovered we are not millionaires even though we own two properties valued over a million and without mortgages. I guess we can't count them as investments. Oh well I suppose we should be applying for welfare now. 

ACP's picture

So the states with the most jacked up finances have the most millionaires.

pitz's picture

I bet that most of the alleged "millionaires" are those on the public dole in some form or another. 

Freddie's picture

See VA and MD filled with govt gangstas plus the fiat ponzi bankster & hedge fund states like NJ, NY, CT are some of the biggies.  Effing vermin.

JLee2027's picture

Yup. I live in MD, so when the bubble pops, it's going to get interesting.

Son of Captain Nemo's picture

I'm your neighbor "underneath" and I can honestly say that the 'beltway bandits' are sweating mighty heavily these days.

Upon the Snowden revelations and it really didn't have anything to do with that at all other than wreaking what was already unraveling as early as 2011, the likes of NG, GD, Raytheon, Lockheed, BAH... and all the lampreys that suck off of them in the subcontracting category have been watching the programs getting cut and reorganized under ever more monolithic service contracts.  It's been bleeding well before the NSA scandal broke and Ed Snowden only made it worse for the international business especially telecom that AT&T and Verizon are servicing and may end up losing because of their nepotism with the '3 letter crowd'.

By and large the ivory tower that is Washington D.C./Virginia/Maryland are spending "happy", even though they know something deep down is terribly wrong.  Life is good cause Google, "Twatter" and Facebook are making it possible to go on that extra vacation to the caribbean or buying that brand new BMW, even though layoffs in the contracting consulting sectors of .gov are rampant.  Where are they going?  All of the "cloud service" titans like Amazon are hiring and the healthcare services industry (yes if you can believe that) which only demonstrates how absloutely clueless they truly all are.

Little do they know or care that they are staring at the "iceberg of all iceberg's" ahead!

Couldn't happen to a nicer bunch.

Son of Captain Nemo's picture

Isn't it a tradgedy that we couldn't have 'reversed engines' full throttle 10 years ago when we saw where this out of control and beyond corrupt government of ours was headed?  You would think that the people who live and work in the 'belly of the beast' would alert the rest of the Country if not the rest of the World by now and collectively say they had had enough -but No they keep drawing a paycheck and act as if it will continue unabated without harm to anyone else let alone themselves.

I live in "it" And if any of you in the other States have the mind and decide you want to wipe it off the map for posterity I'll completely understand.

You should.  It's more useless than tits on a bull!

Nehweh Gahnin's picture

Dude ... neighbor underneath.  It's nice to see someone accept their complicity.  I've accepted mine.  About wiping the map ...

Pinche Caballero's picture

From the son of captain nemo

"Plenty of food and entertainment but atwhat price?...

... Any volunteers out there to pick a book for inspiration when we take on the likes of China and Russia togehter with our NATO buddies guarding our six'?

Please provide the list...

Too funny!"

Finally registered on ZH due to the above question. I have learned much at this site through the years, and I appreciate critical thinking, a seeming lost art. I have some recommended reading that could go on your list, most of which can be found on amazon.com, excepting a few PDF documents. Have sent a request to contact you.

Son of Captain Nemo's picture

Welcome aboard Pinche!

What we are witnessing is epic with no equal in terms of the financial apocalypse that is coming our way. 

You could debate when it actually got started or how long we've been in it, i.e. whether it began 12 years ago with the first market collapse before 9/11 or after the TARP bailout in 2008 -it doesn't really matter.  One thing most of the readership agree on here is that we are in the final draw down stages of a condition which has been deliberately created and that the last rail of this thing when it snaps is going to be unparalleled.  Trying to pick friend and adversary alike to the U.S. will be too difficult in my opinion to call but if the BRICS are any indication of the new financial paradigm taking shape, I'd say we have a choice.  We can either maintain the "status quo" and continue to bully everyone else who doesn't see it our way? Or we can share the provisions and accomodate our new seat and beginning at the table without the confrontation that we know we can't win anyway.

I think the struggle moving East is filled to the brim with unintended consequences and regrets that we are seeing played out.  The central planners in the West still want it all for themselves but the poor choices they have made over the last 40 years and what they have already given away and compromised make it clear that their intended roadmap is not achieving the desired outcome they had hoped for.  I think it's going to land somewhere in the middle (as it almost always does throughout history) and as rabid as the players may be in the Anglo-Israel American Enterprise in getting what they want, they know that if they go too far they will lose it all which inevitably means they come full circle back to a position of "compromise".

I concur with you that this is truly one of the most informative sites you will visit because it's focus and the people in the professional business ranks and financial community that comment here are some of the best informed and influential.

We'll keep in touch

willwork4food's picture

I live in Tidewater Va. Its getting a little rough here. More bank robberies, fights, killings in the bad parts of town. But mostly the good parts are still good & growing.


kaiserhoff's picture

I lived in Williamsburg when I first moved to Virginia.  The changes are tragic.  Welfare exploding, middle class in retreat.

  Still, a strikingly beautiful part of the world.  Parts of the York River always remind me of California. 

                                                                         Good luck to you and yours.

NOTW777's picture

it would be interesting to know how many of these households collect food stamps or other welfare

daxtonbrown's picture

I wrote the only biography of Dirty Harry Reid. The media blackballed it. My best source was his campaign manager from the early days (65 to 75) who picked up bags of cash from pimp Joe Conforte at the Mustang Ranch.


JR's picture

What’s worse than pimping, picking up bag money from the Mustang Ranch, rewarding mobsters and spreading pornography and prostitution? Using fake polls to reach the Senate of the United States where you can sell out your countrymen and your country.

Americans desperately need to stop believing or listening to the pollsters, the creators of false news, and the electors of criminals.

Your book - HARRY: Money Mob & Influence In Harry Reid's Nevada - is explosive material and shows why a hated figure like Harry Reid reaches the halls of power. I quote: 

When I started to write my book on Reid in the middle of 2009, I of course immediately called Don and asked if he had any stories about Reid. Don* had a haymaker:

I was in Reno during the (1970) Lt Governor's race and Harry called and said to go down to the River House (casino), and see Joe Conforte. I was interested in Conforte, because at that time he was bringing in San Francisco pollsters during the elections. He hired polling outfits, which was pretty unusual considering he was a well known pimp. We were able to get one big poll. I had run races where pollsters made lots money off us, but Conforte's polls were better. Conforte looks like a Damon Runyon pimp. We hit it off pretty well. George Knapp (Channel 8 Reporter) did a report on him recently down in Brazil, Conforte doesn't look like he's aged at all.

Well Conforte says to me, "I want you give this to Harry Reid." And he hands me a big fat envelope. One time Conforte took me to this double-wide trailer. It was pretty opulent and attached by a secret door to the Mustang Ranch. Conforte had a whole wall of huge paper shopping bags with money sitting there and had me help count it out. Conforte also took me out to his car one time and showed me a whole trunk full of absentee ballots filled out for Harry. He actually offered me the opportunity to open the ballots to check them if I wanted, but I didn't want my fingerprints on there. So, you could say Harry Reid's campaign was partially oiled by the sweat of Mustang Ranch whores. Interview, Don Williams, 10-27-2009

*“Don Williams [is] a well known and respected (sometimes feared) Democratic political consultant in Nevada who had run Harry Reid's early campaigns from 1965 (Hospital board) through 1968 (State Assembly), 1970 (Lieutenant Governor) and finally a defeat in 1974 for Senate against Senator Paul Laxalt." -- Daxton Brown

HulkHogan's picture

I can't wait to become a millioniare. Then I'll pay all of you to find my sunken boat.

mjcOH1's picture

Hey, we'll all get to be millionaires.   Two loaves of bread and you'll be a multi-millionaire.

cynicalskeptic's picture

millionaire, schmillionaire....

We're all gonna be TRILLIONAIRES - just like Zimbabwe

Inflation, bitches.



Easy yo pay off trillions in debt when a loaf of bread costs $100,000,000

laomei's picture

Eh, $1m is only about 600w now, that's really not all that much to be honest with ya.  600w will buy a decent-sized apartment in a major city, or a nice villa in the burbs.  Most of this so-called wealth is just on paper, it doesn't actually exist, we're talking about 401ks and other market-linked "assets".  The moment even a small portion dared to start turning that paper into cash, the entire system would collapse.  That being said $1m over here will get you a nice $60k a year in tax-free interest via short-term bank investments that are insured by US firms.. meaning if it all went to shit, the US is on the line for something they could never manage to pay out, which would incur yet another bailout ensuring it would be paid out.  

e2thex's picture

They left out the State of Bliss.

kaiserhoff's picture

and what about the other 7 states?

mrdenis's picture

Obama hasn't named them yet ...Oh just make them the 7 dwarfs 

Yenbot's picture

They left out the State of Bliss.

And the State of Jefferson...

mofreedom's picture

Cali split into 8:  50 - 1 + 8 = 57.

Sudden Debt's picture

not bad! So... explain the crisis again to me?

kaiserhoff's picture

Over 1 million in assets...,

   and over 4 million in liabilities;)

Sudden Debt's picture


One And Only's picture

Wealth is how much gold and bitcoin you have.

localsavage's picture

Bitcoin is going to make a few people rich anda lot saying WTF? just happened.

Bunga Bunga's picture

Right, not everyone can become rich, but wealth did never stick to a certain clan, there was always substantial rotation throughout history. Many of those who are wealthy today, will miss the train. There were always winners and losers - this time, no different.

CrashisOptimistic's picture


Worse than that.  The $1 million in assets depends on NAR valuation of the house.

One And Only's picture

Something is happening in Maine.

Aside from that I have no concerns.

29.5 hours's picture

I know statistics cannot lie but I really have a hard time accepting that so many of my neighbors have that much in investable assets, ex real estate, ex debt.

Maybe soon when the inflation hits, but not now...


kaiserhoff's picture

Agreed.  If this really is sans real estate, it's definitely FUBARED somehow.   Probably taken from tax or investment account data, a ridiculously misleading sort.  Maryland has a lot of poor, dumb fucks.

giggler321's picture

North dakotaians like Bitcoin?

GooseShtepping Moron's picture

I had the very same reaction at first, but then I realized that I don't live in a millionaire's neighborhood. I can imagine the numbers for my state being just about right, judging from what I know of the demographics of the major metropolitan corridor. Even some of my in-laws have probably swelled the ranks of the 10club, although I have tactifully refrained from inquiring too closely into their financial statements.

 It is, alas, still an additional straw laid across my increasingly bowed back, to learn that so many people are inhabiting a world that I probably will never see.