Inflation has lowered the value of a million dollars over the past several decades. Still, only 5.8% of American households qualify as millionaires, according to Kiplinger and Phoenix Marketing International. Their ranking of states with the highest percentage of millionaire residents per thousand households (see below) is measured by the number of people with investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships.

Sources:

• Household income and home value from U.S. Census Bureau.
• Living costs based on the Council for Community, Economic Research’s Cost of Living Index.
• Tax information is from 2017.

Percentage of millionaire households per thousand.

Ranking of states’ density of millionaires (lowest to highest).

51 | Mississippi

Millionaire households | 45,771
Total households | 1,134,578
Concentration of millionaires | 4.03%
Median income for all households | $40,528 (U.S. median: $55,322)
Median home value | $105,700 (U.S. median: $184,700)

50 | West Virginia

Millionaire households | 32,082
Total households | 763,797
Concentration of millionaires | 4.20%
Median income for all households | $42,644
Median home value | $107,400

49 | Arkansas

Millionaire households |  50,106
Total households | 1,178,438
Concentration of millionaires | 4.25%
Median income for all households | $42,336
Median home value | $114,700

48 | Kentucky

Millionaire households | 79,205
Total households | 1,768,852
Concentration of millionaires | 4.48%
Median income for all households | $44,811
Median home value | $126,100

47 | Alabama

Millionaire households | 88,880
Total households | 1,928,669
Concentration of millionaires | 4.61%
Median income for all households | $44,758
Median home value | $128,500

46 | Tennessee

Millionaire households | 122,585
Total households | 2,625,681
Concentration of millionaires | 4.67%
Median income for all households | $46,574
Median home value | $146,000

45 | Idaho

Millionaire households | 30,110
Total households | 625,834
Concentration of millionaires | 4.81%
Median income for all households | $49,174
Median home value | $167,900

44 | South Carolina

Millionaire households | 94,675
Total households | 1,960,255
Concentration of millionaires | 4.83%
Median income for all households | $46,898
Median home value | $143,600

43 | Louisiana

Millionaire households | 88,371
Total households | 1,818,504
Concentration of millionaires | 4.86%
Median income for all households | $45,652
Median home value | $148,300

42 | North Carolina

Millionaire households | 196,094
Total households | 4,019,126
Concentration of millionaires | 4.88%
Median income for all households | $48,256
Median home value | $157,100

41 | New Mexico

Millionaire households | 40,031
Total households | 810,609
Concentration of millionaires | 4.94%
Median income for all households | $45,674
Median home value | $161,600

40 | Montana

Millionaire households | 21,953
Total households | 441,222
Concentration of millionaires | 4.98%
Median income for all households | $48,380
Median home value | $199,700

39 | Oklahoma

Millionaire households | 76,819
Total households | 1,543,599
Concentration of millionaires | 4.98%
Median income for all households | $48,038
Median home value | $121,300

38 | Indiana

Millionaire households | 128,600
Total households | 2,575,466
Concentration of millionaires | 4.99%
Median income for all households | $50,433
Median home value | $126,500

37 | Missouri

Millionaire households | 122,323
Total households | 2,439,229
Concentration of millionaires | 5.01%
Median income for all households | $49,593
Median home value | $141,200

36 | South Dakota

Millionaire households | 17,772
Total households | 349,397
Concentration of millionaires | 5.09%
Median income for all households | $52,078
Median home value | $146,700

35 | Nevada

Millionaire households | 56,452
Total households | 1,096,916
Concentration of millionaires | 5.15%
Median income for all households | $53,094
Median home value | $191,600

34 | Maine

Millionaire households | 29,301
Total households | 565,293
Concentration of millionaires | 5.18%
Median income for all households | $50,826
Median home value | $176,000

33 | Ohio

Millionaire households | 243,118
Total households | 4,685,647
Concentration of millionaires | 5.19%
Median income for all households | $50,674
Median home value | $131,900

32 | Georgia

Millionaire households | 200,395
Total households | 3,854,460
Concentration of millionaires | 5.20%
Median income for all households | $51,037
Median home value | $152,400

31 | Florida

Millionaire households | 427,824
Total households | 8,173,428
Concentration of millionaires | 5.23%
Median income for all households | $48,900
Median home value | $166,800

30 | Arizona

Millionaire households | 137,359
Total households | 2,595,635
Concentration of millionaires | 5.29%
Median income for all households | $51,340
Median home value | $176,900

29 | Michigan

Millionaire households | 210,957
Total households | 3,939,976
Concentration of millionaires | 5.35%
Median income for all households | $50,803
Median home value | $127,800

28 | Wisconsin

Millionaire households | 127,260
Total households | 2,354,510
Concentration of millionaires | 5.40%
Median income for all households | $167,000
Median home value | $54,610

27 | Kansas

Millionaire households | 62,168
Total households | 1,144,287
Concentration of millionaires | 5.43%
Median income for all households | $53,571
Median home value | $135,300

26 | Nebraska

Millionaire households | 41,348
Total households | 760,510
Concentration of millionaires | 5.44%
Median income for all households | $54,384
Median home value | $137,300

25 | Oregon

Millionaire households | 89,383
Total households | 1,639,493
Concentration of millionaires | 5.45%
Median income for all households | $53,270
Median home value | $247,200

24 | Iowa

Millionaire households | 71,212
Total households | 1,270,566
Concentration of millionaires | 5.60%
Median income for all households | $54,570
Median home value | $132,800

23 | Texas

Millionaire households | 566,578
Total households | 10,005,417
Concentration of millionaires | 5.66%
Median income for all households | $54,727
Median home value | $142,700

22 | Pennsylvania

Millionaire households | 294,002
Total households | 5,099,166
Concentration of millionaires | 5.77%
Median income for all households | $54,895
Median home value | $167,700

21 | Vermont

Millionaire households | 15,363
Total households | 261,095
Concentration of millionaires | 5.88%
Median income for all households | $56,104
Median home value | $218,900

20 | North Dakota

Millionaire households | 19,662
Total households | 327,536
Concentration of millionaires | 6.0%
Median income for all households | $59,114
Median home value | $164,000

19 | Utah

Millionaire households | 59,390
Total households | 978,826
Concentration of millionaires | 6.07%
Median income for all households | $62,518
Median home value | $224,600

18 | Illinois

Millionaire households | 300,142
Total households | 4,886,159
Concentration of millionaires | 6.14%
Median income for all households | $59,196
Median home value | $174,800

17 | New York

Millionaire households | 465,479
Total households | 7,568,120
Concentration of millionaires | 6.15%
Median income for all households | $60,741
Median home value | $286,300

16 | Rhode Island

Millionaire households | 26,032
Total households | 418,815
Concentration of millionaires | 6.22%
Median income for all households | $58,387
Median home value | $238,200

15 | Wyoming

Millionaire households | 14,989
Total households | 240,378
Concentration of millionaires | 6.24%
Median income for all households | $59,143
Median home value | $199,900

14 | Colorado

Millionaire households | 143,564
Total households | 2,217,977
Concentration of millionaires | 6.47%
Median income for all households | $62,520
Median home value | $264,600

13 | Washington

Millionaire households | 186,396
Total households | 2,865,392
Concentration of millionaires | 6.51%
Median income for all households | $62,848
Median home value | $269,300

12 | Minnesota

Millionaire households | 144,944
Total households | 2,206,236
Concentration of millionaires | 6.57%
Median income for all households | $63,217
Median home value | $191,500

11 | District of Colombia

Millionaire households | 20,534
Total households | 312,546
Concentration of millionaires | 6.57%
Median income for all households | $72,935
Median home value | $506,100

10 | California

Millionaire households | 885,225
Total households | 13,384,483
Concentration of millionaires | 6.61%
Median income for all households | $63,783
Median home value | $409,300

9 | Delaware

Millionaire households | 24,212
Total households | 365,666
Concentration of millionaires | 6.62%
Median income for all households | $61,017
Median home value | $233,100

8 | Virginia

Millionaire households | 226,167
Total households | 3,242,493
Concentration of millionaires | 6.98%
Median income for all households | $66,149
Median home value | $248,400

7 | New Hampshire

Millionaire households | 39,209
Total households | 532,376
Concentration of millionaires | 7.36%
Median income for all households | $68,485
Median home value | $239,700

6 | Massachusetts

Millionaire households | 198,750
Total households | 2,682,402
Concentration of millionaires | 7.41%
Median income for all households | $70,954
Median home value | $341,000

5 | Alaska

Millionaire households | 20,444
Total households | 272,496
Concentration of millionaires | 7.50%
Median income for all households | $74,444
Median home value | $257,100

4 | Hawaii

Millionaire households | 36,903
Total households | 487,708
Concentration of millionaires | 7.57%
Median income for all households | $71,977
Median home value | $538,400

3 | Connecticut

Millionaire households | 106,892
Total households | 1,379,979
Concentration of millionaires | 7.75%
Median income for all households | $71,755
Median home value | $269,300

2 | New Jersey

Millionaire households | 258,988
Total households | 3,294,365
Concentration of millionaires | 7.86%
Median income for all households | $73,702
Median home value | $316,400

1 | Maryland

Millionaire households | 178,003
Total households | 2,263,021
Concentration of millionaires | 7.87%
Median income for all households | $76,067
Median home value | $290,400

Sources:

• Household income and home value from U.S. Census Bureau.
• Living costs based on the Council for Community, Economic Research’s Cost of Living Index.
• Tax information is from 2017.