California boasts numerous metro areas including Napa, San Francisco, San Jose and Oxnard that are loaded with wealth. They also have a higher ranking in this year's millionaire rankings, jumping four spots from last year. Residents can exclude up to $10,000 per person ($20,000 per couple) of other types of retirement income. So you can have high confidence that it can keep up with short-term expenses and long-term financial obligations. Although New Jersey gives residents a break on income taxes, it brings the hammer down when they buy a home. Published 28 February 23. As with Virginia, that's partly thanks to its Washington, D.C., suburbs, but the pull of the nation's capital can't take all the credit. And yet, happily, you don't have to be a millionaire to enjoy its many pleasures. Below are the richest people in West Virginia. Sales taxes lean high, and in some areas, groceries are taxed as well. These Virginia Billionaires Are Among Richest In U.S.: Forbes Joseph H. Bramwell, for whom the town was named. Published 21 February 23. For high earners, a three-person family needed an income between $106,827 and $373,894 to be considered upper-middle class, Rose says. The Federal Reserve has been aggressive in its rate hiking, and it's likely not done yet. Here are nine of the best stocks for rising interest rates. SmartAssets free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. Seniors, however, catch a break. Arizona's median home values are above the national level, but its cost of living remains more than reasonable. Per Capita Income: $27,346. The Volunteer State has no broad-based income tax. Some are wealthy commuters who make their livings in the Big Apple. And its top tax rate of 6.925% kicks in at a relatively low level. Colorado has a relatively high concentration of millionaire households partly because it's an outdoor recreational paradise. As much as Seattle is associated with Washington State, millionaires also can be found outside the Emerald City that Bezos and Gates call home. For more West Virginia reading, check out: Chris Kolmar has been in the real estate business for almost ten years now. Taxes in Kansas aren't kind to retirees either. By Jeff Reeves 'Virginia is for Millionaires' - The Washington Post Locals have said their Mountain State neighbors have a strong sense of community, and that they are unpretentious and humble. Others even said West Virginians are pretty much the nicest people on the planet, and even though their state pride runs deep, theyre very welcoming to outsiders. That helps make the cost of living in Ohio cheaper by 11.6%. Tiny Easton, Maryland, on the Eastern Shore of Chesapeake Bay, punches well above its weight when it comes to millionaire households, too. Where is the highest concentration of millionaires? Relatively low prices for housing and transportation help keep the Palmetto State's cost of living under control. But today's picture is more pedestrian. New York, The Great Lakes State is home to 11 billionaires, led by Hank & Doug Meijer, whose supermarket empire gives them a net worth of $10.3 billion, according to Forbes. Indeed, Maine is one of Kiplinger's least tax-friendly states. For example, groceries alone cost 39% more in Juneau. Austin's hearing aid company's charitable foundation, long known for its glitzy galas and celebrity supporters, took a $350,000 to $1 million PPP loan. The heir to the Dexter Shoe Company has a net worth of $1.5 billion. The downside is that folks there need higher incomes; everything costs more in Alaska because it's so remote. Less sunny is the fact that the North Star State hits hard with income tax. Tennessee is known for country music, BBQ and bourbon more than an abundance of millionaires, but the state should get more recognition for its affordability. Psychiatrists, dentists and CEOs are among the folks earning the highest salaries. However, Social Security benefits are exempted from state income taxes, and property taxes are light. Whether he complains about Oregon's taxes is unknown, but millionaires (and pretty much everyone else) do. Estimated reading time: 6 minutes. The Beaver State's cost of living is 1.1% higher than the U.S. average. 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. Property taxes are low, too. It also has the lowest beer taxes in the nation, a nice perk. But last year, at least, the good times continued to roll. Heres how it works. The average combined rate is 7.63%, according to the Tax Foundation. And home prices are a dream compared to what the average American pays. Louisiana's 90,000 millionaires, whose income depends on the state's economic staples, are likely to be feeling a pinch. By Valerie Thomas North Dakota is one of the nation's tax-friendliest states. List. There's no sales tax in the Granite State, either. [1][2], List of U.S. states by the number of billionaires. Overall, Michigan is 7.6% cheaper than the national average, led by lower prices for houses and groceries. North Carolina's tax situation is just so-so. Architectural and engineering managers, CEOs and pharmacists have some of the highest average salaries in the state. And property taxes, particularly in Detroit, are steep. AI stocks have been bloodied up in recent months, but the technology's relentlessly growing importance should see the sun shine on them again. NY 10036. No wonder that top-paying jobs in the Cowboy State include engineering managers and industrial production managers. 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. The average property tax on a $400,000 home in New York is about $7,246, which is the fourth-highest average in the country. Jim Kennedy, chairman of conglomerate Cox Enterprises, is the state's wealthiest citizen with a net worth of $8.7 billion. The richest person in your state - USA Today List of U.S. states by the number of millionaire households Kansas fell four spots in the Phoenix Wealth and Affluent Monitor millionaire rankings this year. The cost of living is 3.4% lower than the national average, according to the BEA. In some municipalities, combined state and local sales taxes exceed 10%. 20 Best Stocks to Buy for the Next Bull Market. New Hampshire's high concentration of millionaires hinges on Concord and Laconia. Dan Burrows is Kiplinger's senior investing writer, having joined the august publication full time in 2016. An inheritance tax adds to the state's overall tax burden. A levy on stock dividends and interest income from bonds and other investments is being phased out and will be gone by 2022. APA citation style: Highsmith, C. M., photographer. Published 23 January 23. Oil wealth is what gives Alaska its high percentage of millionaires. They are also home to some of the richest people in the Mountain State. The state also is among the most tax-friendly for retirees. About the only bright spot in Connecticut's tax picture is that localities can't add to the Constitution State's 6.35% sales tax. But paradise doesn't come cheap. Maryland's real estate taxes are middle of the road, and sales taxes are 6%. But not all of New Jersey's millionaires are clustered near the Big Apple. That's significant considering that a million bucks sure goes far in some parts of Indiana. Montana is generally tax-friendly if you're still working. Overall, the cost of living in the Yellowhammer State is 13.6% below the national average. Marketing managers and financial managers tend to do well in SD. The Peace Garden State offers modest sales taxes that favor agriculture, and it has cut income taxes to the point that they barely exist. How much does an Upper Class make in West Virginia? Among other policies, income tax rates reach 8.75%. 19 Dividend Aristocrats That Have Gone on Deep Discount. Sales taxes with an average combined rate of 9.16% do take a bite, though. Mars, who lives in McLean, worked for the company for nearly 20 years and served on the board until 2016. The Millionaire Next Door: The Surprising Secrets of America's Wealthy, by Thomas Stanley and William Danko. Kapaa, on Hawaii's fourth-largest island of Kauai, and Honolulu have two of the highest concentrations of millionaire households in the U.S. Ellison is a cloud computing pioneer. In West Virginia, Lewisburg is the only city home to a billionaire. Indeed, North Carolina's 3,490 chief executives have an average salary of $206,390, according to the Bureau of Labor Statistics. This 2006 study accumulated the number of millionaires by state: Listed in order by number of millionaires per 1,000 households in each state from high to low. And although home values have gone up 6% over the past year, Zillow predicts they will fall 0.9% within the next year. Medical specialists, CEOs and dentists are among the top-paid jobs in the state. But be forewarned: Income tax bites hard on higher incomes, with the top rate of 6.5% kicking in on taxable income over $60,000. But then, with a cost of living almost 12.2% below the national average, paychecks tend to go further. - Source of wealth: cryptocurrency, self made. And rents and mortgages are closing in on triple the national average, making D.C. one of the most expensive cities in the U.S. Charleston. You can download the data here. Bonus: Youll slash your utility bills. In the Los Angeles-Long Beach-Anaheim metro, more than 360,000 households have at least $1 million in investable assets. Median incomes and home values aren't too far below national levels. Ms. Mars is heiress to the Mars Candy fortune and is #22 on the world's richest people list according to Forbes magazine. Wyoming has the smallest population of any state, but it punches above its weight when it comes to millionaires, thanks to abundant natural resources and recreational activities. Also like Connecticut, the Garden State is pricey and taxes are high. The richest places in West Virginia share common characteristics such as having a genius level populous, sky high home prices, and a Pleasantville level of married couples. On average, the cost of living in Texas is 8.5% lower than the U.S. average, according to C2ER. Utah is the first of our states to cross the 7% plateau for concentration of millionaire households. From Hilton Head Island to the Midlands region to the Blue Ridge Mountains, South Carolina has something for everyone. Virginia's cost of living is only 2% higher than the national average. The cost of living in the Nutmeg State is 19% greater than the national average. Median home value is a whopping 62% higher than the national level, but median income is less just 20% greater. In a notable downside for retirees of all means: Missouri ranks 39th in the nation for senior health, according to America's Health Rankings (opens in new tab). Larry Ellison, founder of Oracle (ORCL (opens in new tab)), is the state's richest person with a net worth of $66.7 billion. West Virginia has a relatively low concentration of millionaires, but the cost of living is 12.2% lower than the national average, according to the BEA. Other Virginia billionaires on the list include: Pamela Mars, Mars Inc., family fortune . For residents of all means, the Land of Enchantment is somewhat tax-friendly, though it's a mixed bag for retirees. . Within the state, you're most likely to find millionaires living in the Phoenix-Mesa-Scottsdale metro area. Millionaires and other residents deal with some annoyingly high taxes, however. "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. Buckhannon. West Virginia's educational attainment levels are on the low side, with the lowest percentage of adults with a Bachelor's degree or higher, and has the second-lowest life expectancy of 74.8. Dunbar. Like we said earlier, when we set out to identify the richest places in West Virginia, we werent sure what wed encounter, but it ended up being some of the best places to live in West Virginia. Jim Justice No Longer A Billionaire, After $850 Million Debt To Insolvent Greensill Capital Revealed", From a Utah Basement to SAP's $8 Billion Buy: The Brothers Behind Qualtrics Are Tech's Newest Billionaires, Here Are The States With The Most Billionaires, https://en.wikipedia.org/w/index.php?title=List_of_U.S._states_by_the_number_of_billionaires&oldid=1143656706, This page was last edited on 9 March 2023, at 02:42. However, it remains to be seen what happens to their ranks amid an historic crash in oil prices. Data on residency and net worth came from the list, which is updated every five minutes to reflect changes in stock prices and private company valuations. SammamishMost Affluent Small Cities: 50,000 to 100,000 Residents. It also boasts a decent concentration of millionaire households. But what makes Minnesota really stand out is that its lowest income tax rate is 5.35%. Florida is well-known for its absence of a state income tax, which helps put it into Kiplinger's top 10 most tax-friendly states. The Dow closed higher on the day thanks to strength in healthcare stocks, but notched its longest weekly losing streak since September. 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. Morgantown is located on the banks of the Monongahela River and home to West Virginia State University, a major influence in the city. Bridgeport, Hurricane, Dunbar: These cities arent just some of the best places to live in West Virginia.
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