CORRECTION: A previous version of this story incorrectly identified Hartford’s Phoenix Cos. as the survey author. The author, Phoenix Affluent Marketing Service, in Rhinebeck, N.Y., is not affiliated with Phoenix Cos.
Despite the economy, Connecticut has kept its place among states with the highest ratio of millionaires among their populations, according to a wealth survey.
Tied for third, Connecticut and New Jersey each count 6.7 percent of their residents as millionaires, trailing only No. 1 Hawaii (6.9 percent) and No. 2 Maryland (6.8 percent), Phoenix Affluent Wealth Service in Rhinebeck, N.Y. These states have maintained their order of ranking since 2008.
Phoenix defines a millionaire household as one with $1 million or more in investable or liquid assets, not counting company retirement plans and real estate.
“It is remarkable that the same four states have topped our millionaires ranking for three years running,” says David Thompson, managing director of Phoenix Affluent Market. “However, Hawaii, Maryland, New Jersey, and Connecticut all share some important distinctions: they are small states with large concentrations of highly educated professionals and business owners which are key ingredients to growing wealth.”
Among the other top ten states ranked by millionaires per capita, Massachusetts and Alaska each moved up one place in ranking in 2010, while Virginia fell two places. Among other states, of particular note, the deep economic slump in Nevada took its toll on their millionaire ranking, which fell four places in 2010 (from 14th in 2009 to 18th in 2010).
Phoenix Affluent Wealth data also shows that, after two years of declines, the number of millionaires in the U.S. grew by 8 percent in 2010, numbering some 5.6 million households.
Phoenix’s survey comes a day after new Census Bureau data showing a growing gap between rich and poor in Connecticut and most of the nation.
