Oklahoma City, a metro area with about 1.4 million people, offers a lot of big-city attractions, from a philharmonic orchestra to the National Softball Hall of Fame and Museum to the NBA's Oklahoma City Thunder. Not only does Oklahoma boast a cost of living that's 11.6% below the national average, but its largest city offers remarkably affordable prices for its size. Oklahoma has one of the highest combined sales tax rates in the nation, at an average of 8.94%.įortunately, you don't need to be a millionaire to live well. Residents can exclude up to $10,000 per person ($20,000 per couple) of other types of retirement income.Īcts of conspicuous consumption, on the other hand, can rack up payments to local authorities. The Sooner State doesn't tax Social Security benefits or Civil Service Retirement System benefits. There's a lot to like about Oklahoma for wealthy retirees.
Happily, Alabama is a tax-friendly state, especially as it pertains to retirees. Physicians, CEOs and nurse anesthetists are among the state's best-paid jobs. Overall, the cost of living in the Yellowhammer State is 13.6% below the national average. Although only 4.9% of its 1.9 million households hit the millionaire threshold, some of the cheapest home prices in the country help spread the wealth. Median income for all households: $49,861Īlabama is another state where you don't need a million bucks to live well.
NE YO ONE IN A MILLION MODEL FULL
It also offers a bayou full of tax breaks to retirees. Social Security, military, civil-service, and state and local government pensions are exempt from state income taxes. They also benefit from property taxes that are among the lowest in the country, which helps make Louisiana one of the more tax-friendly states. More happily for everyone, folks who call the Pelican State home enjoy a cost of living that's 10.9% below the national average. Shipping and agriculture, the state's other major industries, aren't immune to changes in global demand either. Tourism is under pressure from the coronavirus lockdown, while the petroleum industry has been hit by the crash in oil prices. Louisiana's 90,000 millionaires, whose income depends on the state's economic staples, are likely to be feeling a pinch. Median income for all households: $47,905.Just for good measure, we're also providing important tax and cost-of-living information. Here's a look at the millionaire rankings for all 50 states (plus the District of Columbia), based on the percentage of millionaire households in each.
It turns out there are numerous states with higher percentages of well-off households, several of which probably will surprise you.Īnd don't forget that between living costs and taxes, a million dollars goes much further in some states than others. Note well that to be considered a millionaire by the standards of wealth research, a household must have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships, among other select assets.Īlthough California and New York have a great deal of millionaires in terms of raw numbers, they don't have the highest concentrations of rich households. households) can now claim millionaire status. But last year, at least, the good times continued to roll. Phoenix MI is tracking the effects of the coronavirus pandemic, which could make for a very different landscape going forward.
"While the total number of high-net-worth households grew, these increases were largely seen in the wealthiest states, reinforcing the broader ongoing wealth-gap issues the country faces," says Carl Uttaro, VP of financial services research at Phoenix MI. Market research firm Phoenix Marketing International notes that although the total number of millionaire households rose for the 11th straight year in 2019, the gains were disproportionately seen in states that already had more than their fair share of millionaires. When it comes to where millionaires live in America, the rich keep getting richer.