Minnesota: Land of millionaires

Minnesota is the land of 10,000 lakes, but it’s got 10 times as many millionaires.

The Phoenix Global Wealth Monitor ranking of states shows Minnesota is now #14 on the rankings of millionaires per capita, up three spots from last year. The biggest jump, however, is in North Dakota, which jumped 14 spots with its 13,494 millionaires.

Maryland has the most millionaires per capita — 7.7 percent. Mississippi, which is at the bottom of almost every survey on any subject, has the fewest.

Here’s the full list.

(h/t: Ted Canova)

  • John Peschken

    I wonder how what counts towards “Investable Assets”? At 118,410 out of 2,131,481 I’m thinking it seems too low to include things like IRA’s, 401K’s and your house. Maybe not .. I don’t have a feel for what others have in these things.

    • John

      I bet all those things count. I just looked up the participation rate for 401K’s, and it looks like roughly 65%of those eligible (based on the internet, so take that with a grain of salt). Add in that the median age in the state is like 37, and I’m not surprised that it’s “only” 118K people. Outside the metro, housing is worth half what it is here – and most people under 50 probably don’t have their house paid off (assuming 30 year mortgage and buying at around 25 years old), so that isn’t really an asset at full value.

      My wife and I have good jobs, are in our mid 30’s, put something between 13-15% of our income into retirement funds (and have since we started working), and we’re not even close. (we’ve had some rough spots too – lost a lot on a house, I went to grad school, so didn’t start earning until later than average, but I think we’ve made up for that by now).

      I always hear that American’s don’t save enough for retirement. This bears that out for me. I read somewhere that retiring with $1 million in the bank (in today’s dollars) will most likely get you through till you die – assuming you’re somewhere near typical retirement age. Looks like most people aren’t there.

      • John Peschken

        Good point. I wasn’t thinking about the age factor.

  • MrE85

    Not in that club.