U.S. states with lowest ratio of millionaire households 2019 | Statista (2024)

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U.S. states with lowest ratio of millionaire households 2019 | Statista? ›

Mississippi consistently ranks as the state with the lowest concentration of millionaire households per capita in the U.S., but don't feel bad for the Magnolia State.

Mississippi consistently ranks as the state with the lowest concentration of millionaire households per capita in the U.S., but don't feel bad for the Magnolia State.

We estimate that all of the fifteen small-population ancestry groups shown in Table 1-2 have at least twice the proportion of millionaires than the proportion for all U.S. households. Only about 3.5 percent of all U.S. households are in the million-dollar net worth league.

Mississippi

Mississippi stands out as one of the poorest states in America. With a poverty rate of approximately 19.5% as of 2020. In 2024 it has the highest poverty rate with 18.8%. According to the U.S. Census Bureau, it faces significant economic challenges.

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.

Unsurprisingly, New York City has the most millionaires. It's followed by the Bay Area and LA.

Wyoming is the number one state in the US for being home to the most successful people, at 3.47 billionaires per one million people.

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.

1. California

California is renowned as the United States' economic powerhouse, with a varied economy that includes technology, entertainment, agriculture, and tourism.

Other states have many people vying for the top spot. That's particularly true for the Golden State, which boasts 197 billionaires, followed by New York, with 139, and Florida, with 107. Here is the richest billionaire in each state on the 2024 World's Billionaires List.

What is the net worth to be considered wealthy? ›

In the United States, the concept of being rich is often a subject of discussion, curiosity and, sometimes, aspiration. Charles Schwab's 2023 Modern Wealth Survey provides insights into this topic, revealing that the average American equates being wealthy with a net worth of approximately $2.2 million.

Over one-third of American families earn $100,000 or more

The U.S. Census Bureau found that 37.1% of U.S. households earned at least $100,000 in 2022. Here's a more detailed breakdown of six-figure income brackets and the percentage of households in each one: $100,000 to $149,999: 16.9%

What Is a Millionaire? A millionaire is somebody with a net worth of at least $1 million. It's a simple math formula based on your net worth. When what you own (your assets) minus what you owe (your liabilities) equals more than a million dollars, you're a millionaire.

On the opposite end of the spectrum, residents of North Dakota have the lowest average net worth of any state in the country.

Mississippi has the lowest-earning population in the U.S. with a median annual wage of just $37,500, according to the BLS.

You now need a net worth of $5.8 million to be among the richest 1% of Americans, report finds. Americans need a net worth just south of $6 million to break into the richest 1%.