Is Your Neighbor Worth Millions in New Hampshire, Maine, or Massachusetts?
With lottery drawings in the hundreds of millions of dollars lately for jackpots, so are the dreams of anyone buying a ticket. Some people don't have to wish for millions or billions, because their assets already exceed the million dollar mark.
Who are these people, and do you live near them?
First, let me tell you that the tiny state of New Hampshire has more millionaires than any other New England state based on the percentage of households in the state, according to a study done by Phoenix Marketing International for the Wall Street Journal.
If you're thinking California or New York has the most millionaires based on population percentages, you would be incorrect. Neither of those states are in the top 25, because the percentage of millionaires to the general population is lower than other states.
It's all about the "concentrations" of millionaires in a state, says Kiplinger.com, which also states the number of millionaires has increased over the past two years despite Covid-19.
New Hampshire has the highest percentage of millionaires in New England, with 8.3% of all residents having over a million dollars in " investable assets" in New England. The state also ranks #7 in the country, says WSJ.com.
With low income taxes and low sales tax, money goes further in the 603 area code, according to Kiplingers.com. Concord and Laconia are hot spots due to the tourism in the Lakes Region, as well as Hampton Falls.
Which states were ahead of the Granite State? Washington, Idaho, Nevada, North Dakota, Colorado, and Georgia were ranked #1 through six in that order.
Massachusetts landed at #18 with 6.9% of millionaire households. This number is down from 2016 due to cost of living and taxes. Martha's Vineyard and Boston have the most millionaires, but Boston is one of the most expensive cities to live in the U.S., with cost of living 22% higher than most American cities. That's according to c2er.org, which rates the cost of living nationally.
Maine did ok, ranking #25 at 6.5% of Mainers having investable assets. Investable assets, according to Kiplinger.com, with millionaires concentrated in the Portland area. However, there's not much of a tax break for the wealthy. Kiplingers.com also says Portland is 15% more expensive above the national average for living expenses.
What does this all mean? New Hampshire is the most likely place of these three states where you could live near a wealthy millionaire and not even know it.