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10 States That Are Surprisingly "Rich" in Millionaires

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There’s a lot of conspicuous consumption in the U.S., but in reality, millionaires are actually pretty rare.

Only 5.8% of all American households have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships, according to Phoenix Marketing International, a firm that tracks the affluent market. Not surprisingly, the states with the highest concentrations of millionaires also tend to have some of the highest incomes, home values and living expenses in the country.

New York and California have lots of millionaires, you say? No kidding. They also have sky-high median household incomes and other pricey demographic indicators. What’s more remarkable is when a state can manage to have a relatively high concentration of millionaires and relatively low costs at the same time.

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Using data from Phoenix Marketing International and the U.S. census, we searched for states with median incomes and median home values well below national levels that still managed to support relatively high concentrations (at least 5%) of millionaire households.

Here’s a look at 10 states with surprisingly high concentrations of millionaires given their broader income and home value demographics. For perspective, we’re also providing the richest residents of these states, as well as important tax and cost-of-living information.

SEE ALSO: 20 Small Towns With Big Millionaire Populations

Estimates of millionaire households provided by Phoenix Marketing International, a firm that tracks the affluent market. Investable assets include education/custodial accounts, individually owned retirement accounts, stocks, options, bonds, mutual funds, managed accounts, hedge funds, structured products, ETFs, cash accounts, annuities and cash value life insurance policies. Data on household incomes and home values are from the U.S. Census Bureau. Living costs are based on the Council for Community and Economic Research's Cost of Living Index. Tax information is as of 2017.

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