The cost of living in Indiana overall is 10.7% below the national average. To top it off, the cost of living is 9.4% lower than the U.S. average, while median income is higher than the national level. Affordability is the main factor. Michael Bloomberg, founder of the financial data company that bears his name and erstwhile presidential candidate, is the state's richest person at a net worth of $60.1 billion. 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. They are also home to some of the richest people in the Mountain State. Larry Ellison, founder of Oracle (ORCL (opens in new tab)), is the state's richest person with a net worth of $66.7 billion. Antonia is a gifted educator, and she is widely respected within the education community. When it comes to paying taxes, the situation for Kentucky residents is mixed. The cost of living is 24.7% higher than the U.S. average, according to C2ER. Oregonians face the country's highest income tax bracket. Antonia Leonard is an education expert who has dedicated her life to helping students achieve their academic goals. To determine the city in every state with the most billionaires, 24/7 Wall St. compiled data from Forbes Real Time Billionaires list. Batten the hatches for continued market tumult without eating high fees with these six Vanguard ETFs and mutual funds. As a result, many of the cities on this list have high concentrations of companies in well-paying industries like finance, tech, and oil. Income is close to national levels, but house prices are well below. Download The Entire West Virginia Ranking Data. Ray Dalio, founder of hedge fund Bridgewater Associates, tops the state's rich list with a net worth estimated at $18 billion. The centrality of the oil industry to Alaska's economy helps make petroleum engineers and chemical engineers some of the best-paid professionals in the state. In West Virginia, Lewisburg is the only city home to a billionaire. They help drive an economy that supports more than 167,000 millionaire households. Those who earn more than $373,894 are rich. In the mid-70s, he began working for his father's coal mining company, Bluestone . The greater D.C. area is a magnet for the highly educated seeking high-powered jobs. Manchin made his fortune as a founder of Enersystems, a coal brokerage firm. The top tax bracket is an eye-popping 11%. The state is 3.5% less expensive than the U.S. as a whole. Although 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. More than 6% of Arizona's households have at least $1 million in investable assets. Morgantown is located on the banks of the Monongahela River and home to West Virginia State University, a major influence in the city. Tucked away in the coal fields, 14 millionaires or perhaps 19, depending on which account you read lived sumptuously along-side the town's 4,000 citizens. Ellison is a cloud computing pioneer. Taxes in Kansas aren't kind to retirees either. Jim Kennedy, chairman of conglomerate Cox Enterprises, is the state's wealthiest citizen with a net worth of $8.7 billion. Median income is higher too, but by a slimmer margin. In 2021, Americans said they needed $624,000 in net assets to live comfortably, while it would take $1.9 million to be rich. Heck, the cities of Jonesboro and Conway are among the least expensive places to live in the entire country. Despite a heavy corporate presence, Delaware's cost of living is just 1.8% above the U.S. average. The Richest Billionaire In Every State 2022. Housing, in particular, is pricey. Most central bankers supported a quarter-point rate hike at the most recent Fed meeting, but a few backed a half-point one. As for taxes, millionaires could do better, but then, they could also do worse. 1 on the list of Kiplinger's most tax-friendly swtates. Whether he complains about Oregon's taxes is unknown, but millionaires (and pretty much everyone else) do. Total households: 1,820,554. Architectural and engineering managers, CEOs and pharmacists have some of the highest average salaries in the state. Kansas fell four spots in the Phoenix Wealth and Affluent Monitor millionaire rankings this year. Finding the best ETFs to buy in a high-inflation environment can seem like a tall task, but these five picks are a good place to start. Overall, it's 8.1% cheaper to live in Wisconsin than the country as a whole. Indeed, the median home value in Tennessee is 23% below the national level. #8. Sure, median income is below the national level, but the cost of living is 11.2% below the national average. Even if you think you know critical information, do you really understand what it means and the impact it could have on your standard of living later in life? 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. 20 Best Stocks to Invest In During a Recession. Charles Town. At the turn of the century, when 4,000 people lived here, at least 14 millionaires called Bramwell, WV home, making it the richest town per capita in the United States. And although home values have gone up 6% over the past year, Zillow predicts they will fall 0.9% within the next year. 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. 8 Safe High-Yield Dividend Stocks Offering 5% or More. Florida's popularity as a retirement destination helps boost its concentration of millionaires. Sites of interest in . Please help update this article to reflect recent events or newly available information. Estimated reading time: 6 minutes. Median home value: $167 . 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. - Net worth: $1.1 billion (#2,384 wealthiest in the world) - Residence: Vienna. Abigail Johnson, Jeff Bezos, Larry Page Fidelity Corporate Affairs, Michael Prince for Forbes, Albin Lohr/Jones/Bloomberg. You can find out more about him on LinkedIn or his website. The first thing that comes to most peoples minds when they think about determining the richest places is to simply identify personal incomes. Property taxes are the second-lowest in the country, and all homeowners age 65 or older are exempt from state property taxes. 14 Bankruptcy Filings Chalked Up to COVID-19. Luxury-brand retailers tend to focus on this demographic. John Overdeck, founder of Two Sigma Investments hedge fund, is the wealthiest person in N.J. with a net worth of $6.1 billion, according to Forbes. (The highest payment ever was $2,072 in 2015.). South Charleston. However, it remains to be seen what happens to their ranks amid an historic crash in oil prices. By Charles Lewis Sizemore, CFA In 2014, she was #16 on the Forbe's 400 list of wealthiest Americans. Editors Note: Data has been updated for 2023. Even groceries are taxed (albeit at a lower rate). Florida Agricultural And Mechanical University, Indiana University Purdue University Indianapolis, Massachusetts Institute Of Technology (Mit), Missouri University Of Science And Technology, State University Of New York Health Science Center At Brooklyn, Suny College Of Environmental Science And Forestry, The University Of North Carolina At Charlotte, The University Of Texas Health Science Center At Houston, The University Of Texas Health Science Center At San Antonio, The University Of Texas M. D. Anderson Cancer Center, The University Of Texas Medical Branch At Galveston, The University Of Texas Rio Grande Valley, Uniformed Services University Of The Health Sciences, University At Buffalo Suny School Of Engineering And Applied Sciences, University Of California, Los Angeles (Ucla), University Of Illinois At Urbana Champaign, University Of Maryland Baltimore County (Umbc), University Of Massachusetts Medical School Worcester, University Of Tennessee Health Science Center, University Of Texas Southwestern Medical Center. Washington, D.C., has one of the highest concentration of millionaires in the country thanks to its position as the nation's capital. Feel free to check out some more reading about West Virginia: Population: 9,165Rank Last Year: 1 (No Change)Median Income: $87,936Unemployment Rate: 1.5%Poverty Rate: 4.4%More on Bridgeport: Real Estate|Photos, Population: 6,901Rank Last Year: 2 (No Change)Median Income: $65,373Unemployment Rate: 2.7%Poverty Rate: 7.6%More on Hurricane: Real Estate|Photos, Population: 7,500Rank Last Year: 7 (Up 4)Median Income: $46,219Unemployment Rate: 1.6%Poverty Rate: 11.7%More on Dunbar: Real Estate, Population: 10,676Rank Last Year: 3 (Down 1)Median Income: $58,587Unemployment Rate: 6.7%Poverty Rate: 10.5%More on Vienna: Real Estate|Photos, Population: 10,842Rank Last Year: 4 (Down 1)Median Income: $55,189Unemployment Rate: 6.6%Poverty Rate: 15.0%More on St. Albans: Real Estate|Photos, Population: 6,373Rank Last Year: 6 (No Change)Median Income: $79,158Unemployment Rate: 9.1%Poverty Rate: 9.6%More on Charles Town: Real Estate|Photos, Population: 49,055Rank Last Year: 9 (Up 2)Median Income: $54,101Unemployment Rate: 6.3%Poverty Rate: 17.5%More on Charleston: Real Estate|Photos, Population: 13,595Rank Last Year: 5 (Down 3)Median Income: $54,954Unemployment Rate: 6.2%Poverty Rate: 18.3%More on South Charleston: Real Estate|Photos, Population: 5,343Rank Last Year: 14 (Up 5)Median Income: $46,602Unemployment Rate: 6.1%Poverty Rate: 19.5%More on Buckhannon: Real Estate|Photos, Population: 5,208Rank Last Year: 15 (Up 5)Median Income: $48,147Unemployment Rate: 6.6%Poverty Rate: 18.0%More on New Martinsville: Real Estate|Photos. 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. Median income for all households is below the U.S. level, and yet home prices are well above the national median. But then, with a cost of living almost 12.2% below the national average, paychecks tend to go further. However, Social Security benefits are exempted from state income taxes, and property taxes are light. By Karee Venema And major state and local taxes are above average, which can add up to a sucker punch for your wallet. From the greater Boston area to the tip of Cape Cod, Massachusetts has more than its fair share of millionaire households. Sadly for its residents, the Buckeye State is among Kiplinger's least tax-friendly states. New York, 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. Tennesseans also tend to keep more of their hard-earned dollars. Although property and sales taxes are unexceptional, the District of Columbia takes a huge bite of income. And home prices are a dream compared to what the average American pays. Daniel D'Aneelio is the billionaire businessman who co-founded The Carlyle Group, of which he is the chairman. It almost goes without saying that California is a pricey place to live. Property taxes are modest. Median income is 10% below the national level, but then, home prices are almost 36% cheaper. Now, D'Aniello's net worth is a whopping $3.8 billion. New Hampshire's high concentration of millionaires hinges on Concord and Laconia. The cost of living in Washington is 7.8% higher than the national average, according to the BEA. Joseph H. Bramwell, for whom the town was named. Residents pay more for housing and utilities, in particular. The Greenbrier Hotel, which operates the famed luxury resort in West Virginia and is owned by billionaire West Virginia Gov. The heir to the Dexter Shoe Company has a net worth of $1.5 billion. The flip side is, the burden of other state and local taxes in the Evergreen State is heavier. It also boasts a decent concentration of millionaire households. Prior to being elected as a senator, Manchin served as the 34th governor of West Virginia from . Share of millionaire households. Published 21 February 23. As much as Seattle is associated with Washington State, millionaires also can be found outside the Emerald City that Bezos and Gates call home. The 11 Best Closed-End Funds (CEFs) for 2020. The Keystone State has the second-highest state gas tax in the nation and the sixth-highest state and local cellphone wireless service taxes. West Virginia benefits from natural resources such as gas and coal, and it collects significant severance taxes from them. N ew York City has taken back its crown. It's one of five states without a general sales tax, and it has relatively low property taxes. Using data from Forbes Real Time Billionaires list, 24/7 Wall St. identified the city in every state with the most billionaires. So you can have high confidence that it can keep up with short-term expenses and long-term financial obligations. Which U.S. city has the most millionaires? Abigail Johnson, CEO and chairwoman of Boston-based Fidelity Investments, is the state's wealthiest resident with a net worth of $14.1 billion. Seattle, which is one of America's fastest-growing cities, also is one of the most expensive. Jim Justice, received $5 million to $10 million. 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. West Virginia is the second-poorest U.S. state, with a $48,850 median household income and a poverty rate of 17.54%. Although the District of Columbia is a magnet for the highly educated seeking high-powered jobs, the downside is that you need a hefty paycheck to live there. With six more "Do it for Babydog: Save a life, Change your life" prize giveaways scheduled, all West Virginians who have received at least one dose of any of the COVID-19 vaccines are encouraged to register at DoitforBabydog.wv.gov to join the list of winners.. At the other end of the spectrum, Michigan is home to one of the least expensive places to live in the U.S. 10 Best Value Stocks for Gritting Out the Downturn. We use data, analytics, and a sense of humor to determine quality of life for places across the nation. A long-time financial journalist, Dan is a veteran of SmartMoney, MarketWatch, CBS MoneyWatch, InvestorPlace and DailyFinance. 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. Additionally, Alabama allows folks to deduct their federal income taxes (it's one of just of a handful of states with this break). Tiny Easton, Maryland, on the Eastern Shore of Chesapeake Bay, punches well above its weight when it comes to millionaire households, too. By Valerie Thomas The list is compiled annually by market research firm Phoenix Marketing International. JeffersonWest Virginia counties ranked by per capita income. World-class ski resorts and luxury shopping are the main draw. Farther south, the state capital of Trenton and its metro area that includes tony Princeton has plenty of millionaires, as well. West Virginia: 0: 0: 0: 0.00 45 Tucked into the mountains in a bend of the Bluestone River, the tiny Mercer County town of Bramwell has a claim to fame that might surprise you: This turn-of-the-20th-century coal mining town once was home to more millionaires per capita than anywhere else in the United States.. Today you can walk Bramwell's streets and marvel at the beautiful architecture of the mansions where the coal . Fortunately, for rich and not-so-rich alike, Idaho's overall cost of living is 7.5% below the national average. Justice is known best for his part in pulling the Greenbrier Resort out of bankruptcy in 2009. He believes the key to finding the right place to live comes down to looking at the data, reading about things to do, and, most importantly, checking it out yourself before you move. No wonder Massachusetts has a cost of living 22% higher than the national average, according to C2ER. Nearly all are . Georgia's tax brackets mean that many taxpayers will find themselves paying the top marginal rate, which kicks in at just $10,000 of taxable income for married couples filing jointly or $7,000 for individual filers. By Jeff Reeves If you've been looking for a place to live in the past several years, you've probably stumbled upon his writing already. The tax picture for retirees is a little more mixed, however. Nike (NKE (opens in new tab)) founder Phil Knight is the state's richest person with a net worth of $38.6 billion. By Karee Venema Philip Anschutz a mogul whose interests span oil, railroads, telecom, real estate and entertainment tops the state's rich list with a net worth of $11.6 billion. For the second year in a row, New Jersey is the top spot for millionaires per capita in the U.S. Like Connecticut, New Jersey has a high concentration of millionaires largely thanks to its proximity to New York City. (Those would be Brownsville-Harlingen and McAllen-Edinburg-Mission.). Yet outside of Los Alamos, the state's concentration of millionaires puts it in the bottom 10 in the U.S. Average Household Income: $65,332. 19 Dividend Aristocrats That Have Gone on Deep Discount. The flip side is that Tennessee has the highest combined sales-tax rate in the nation, according to the Tax Foundation. Where is the highest concentration of millionaires? Some are wealthy commuters who make their livings in the Big Apple. Tourism is under pressure from the coronavirus lockdown, while the petroleum industry has been hit by the crash in oil prices. It turns out there are numerous states with higher percentages of well-off households, several of which probably will surprise you. List. Overall, the cost of living in the Last Frontier is 24.4% higher than the national average. Wyoming accounts for about 40% of the nation's coal production, and the vast majority of the state's output comes from the Gillette area, which has a high concentration of millionaires as a result. Anesthesiologists, psychiatrists and other medical specialties are among the state's best-paid jobs. Here's a look at the worst counties in West Virginia according to the data: Mingo County; Mcdowell County; Webster County; For more West Virginia reading, check out: Cheapest Places To Live In West Virginia; Best Places To Retire In West Virginia; Safest Places In West Virginia; Richest Cities In West Virginia; Detailed List Of The Best . For example, many of the wealthiest people in the country have made their fortune through some association a successful company and these people often live in close proximity to these companies. Bridgeport, Hurricane, Dunbar: These cities arent just some of the best places to live in West Virginia. Millionaires and regular folks alike don't catch much of a break when it comes to giving the state government its cut.
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