U.S. states with highest ratio of millionaire households 2020 | Statista (2024)

FAQs

U.S. states with highest ratio of millionaire households 2020 | Statista? ›

by state U.S. 2020. In 2020, California had the highest number of millionaire households in the U.S., with 1.14 million households having one million or more in investible assets. This is nearly double the 650,216 millionaire households in Texas, the state with the second-highest number.

by state U.S. 2020. In 2020, California had the highest number of millionaire households in the U.S., with 1.14 million households having one million or more in investible assets. This is nearly double the 650,216 millionaire households in Texas, the state with the second-highest number.

In 2020, the San Jose-Sunnyvale-Santa Clara metropolitan area in California had the highest share of millionaire households of any U.S. metropolitan area, with 13.6 percent of all households having at least one million U.S. dollars in investible assets.

New York City historically has one of the largest concentrations of wealth, with 349,500 millionaires. When adjusted for population, that number is 1 in every 24 people in the city. The U.K. wealth firm, Henley & Partners analyzed data from New World Wealth to produce its United States Wealth Report.

New Jersey topped a U.S. News & World Report ranking of the richest states in the U.S. The ranking, published in November, used the U.S. Census Bureau's American Community Survey estimates from 2022 to identify states with the highest median household income.

As of the most recent data from the Federal Reserve, about 18% of households were millionaires. That's approximately 23.7 million households in the United States. And with the strong stock market returns and appreciation in home prices since the end of 2022, it's a good bet there are even more in 2024.

Los Altos, California, topped the list as the No. 1 city where the rich are getting richer with a 2022 mean household income of $400,817. Seven cities mentioned in the top 10 are located in California. Within the full list of 25 cities ranked by GOBankingRates, there were a total of 11 California cities.

California ranks No. 1 for earning $1,000,000, with 17.9% of its population being millionaires. New York state is the No. 2 best state for becoming a millionaire.

Does the highest number of millionaires worldwide resides in the United States? ›

The USA is currently home to 37% of the world's millionaires: some 5.5 million high-net-worth individuals (HNWIs) who hold over USD 1 million in liquid investable assets. This number has risen by an impressive 62% over the past decade, well ahead of the worldwide growth rate of 38%.

Houston, Dallas and Austin made the list of the top 10 U.S. cities with the most millionaires: Houston: 90,900 millionaires. Dallas: 68,600 millionaires.

Maharashtra is the wealthiest state in India, with a Gross State Domestic Product (GSDP) of over $400 billion. The state is known for its industrial and agricultural activities. The state is home to India's largest city, Mumbai, which is a major center for finance and trade.

Los Altos, California, topped the list as the No. 1 city where the rich are getting richer with a 2022 mean household income of $400,817. Seven cities mentioned in the top 10 are located in California. Within the full list of 25 cities ranked by GOBankingRates, there were a total of 11 California cities.

In the next decade, Henley and Partners expects Austin, Scottsdale and West Palm Beach to continue to "lead the pack" of millionaires. They also feel the Bay Area and Miami will see strong growth in 2024. But, keep an eye out for Salt Lake City, Tampa and Naples in Florida to vie for spots in the coming decade.