MA Ranks 6th in U.S. for Most Most Millionaires Per Capita, Says Study

Thursday, February 08, 2018
GoLocalWorcester Business Team

Massachusetts has the sixth most millionaires per capita in the U.S. according to a recent study done by Phoenix Marketing International.

According to the study,  there are 2,682,402 total households in Massachusetts with 7.41% of them being millionaires.

READ THE STUDY HERE

“The Phoenix Wealth and Affluent Monitor (W&AM) U.S. Sizing Report is intended to provide estimates of the number of affluent and HNW households in the country. Sizing estimates are provided at the State level as well as by Core-Based Statistical Areas (CBSAs),” said Phoenix Marketing International.

Massachusetts ranking is unchanged from 2016.

The Rankings

Massachusetts ranks directly behind Hawaii and Alaska, who rank 4th and 5th respectively.

MA ranks ahead of New Hampshire and Virginia, who rank 7th and 8th respectively.

Maryland has the most millionaires per capita, while Mississippi has the fewest millionaires per capita. SEE STATE-BY-STATE BELOW

The Method

The sizing estimates are developed using a combination of sources including the Survey of Consumer Finance, as well as Nielson-Claritas.

The Survey of Consumer Finance provides the framework and allows Phoenix Marketing International to determine the general distribution of households by their level of investable assets.

Estimates are further refined using the age and income distributions provided by Claritas. Together, these inputs enabled them to estimate the number of households by investable assets at a national level.

Formulas are then created by applying national estimates to closely linked variables developed by the Census This allowed them to obtain estimates at smaller units of geography.

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