Naturally, Maryland also is one of the most expensive places to live, with a cost of living 18.8% greater than the national average. Fortunately, you don't need to be a millionaire to live well. Acts of conspicuous consumption, on the other hand, can rack up payments to local authorities. But wait, there's more. Investing in Gold: 10 Facts You Need to Know. A levy on stock dividends and interest income from bonds and other investments is being phased out and will be gone by 2022. Buckhead Atlanta's Buckhead is a vibrant, . 11 Monthly Dividend Stocks and Funds for Reliable Income. Alabama is another state where you don't need a million bucks to live well. 1. The average property tax on a $400,000 home in New York is about $7,246, which is the fourth-highest average in the country. Kentucky has fewer than 84,000 millionaire households. There's no sales tax in the Granite State, either. And don't forget that between living costs and taxes, a million dollars goes much further in some states than others. Through his business activities with the Kazakh fintech firm KASPI, Mr. Lomtadze amassed an estimated fortune of $3.8 billion. The California-Lexington Park metro area also has one of the country's highest concentrations of millionaires. When you look at the data, the cities and places mentioned above meet the criteria for being at the very top of the income ladder for everyone that lives there. Median income is higher too, but by a slimmer margin. 4 Kiplinger, "Millionaires in America 2020: All 50 States Ranked," May 2020. 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. Virginia: 272,103 8.31% 9 Ohio: 261,157 5.54% 10 Massachusetts: 254,201 9.38% 11 Georgia: 239,287 6.07% 12 Regardless of wealth, Nebraskans can take comfort in a cost of living that's 10.5% lower than the national average, according to the BEA. Ernest Garcia II, who made his fortune in used cars and auto loans, tops the list with a net worth of $6.6 billion. The greater D.C. area is a magnet for the highly educated seeking high-powered jobs. The state also is among the most tax-friendly for retirees. With a cost of living 7% lower than the national average, a million dollars goes a bit further in the Peach State than elsewhere. Kapaa, on Hawaii's fourth-largest island of Kauai, and Honolulu have two of the highest concentrations of millionaire households in the U.S. Again, comparatively low home prices lead the way in making the state affordable. Ted Turner, 60Net Worth: $2.2 Billion Flickr Robin Norln Turner spent a good chunk of his life as the Vice Chairman of Time Warner Inc. Indeed, a record 6.71% (or 8,386,508 out of 125,018,808 total U.S. households) can now claim millionaire status. Georgia is the thirty-third-richest (33rd) state in the United States of America, with a median household income of US$46,007 (2011). 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. It's one of five states without a general sales tax, and it has relatively low property taxes. With more than 28,000 millionaire households out of 420,830, Rhode Island has a merely in-line concentration of millionaires. UnitedHealth Group (UNH (opens in new tab)), 3M (MMM (opens in new tab)), Target (TGT (opens in new tab)) and General Mills (GIS (opens in new tab)) are just a few of the major firms headquartered there. (Those would be Brownsville-Harlingen and McAllen-Edinburg-Mission.). Home Depot co-founder and Atlanta Falcons owner Arthur Blank has a net worth listed at $5.5 billion. As befits a place that pumps a lot of oil out of the ground, fuel taxes are low. However, Social Security benefits are exempted from state income taxes, and property taxes are light. Famfa Oil says it. Groceries and utilities are a bit pricier in the Sunshine State, but as a whole, Florida is only 0.6% more expensive than the U.S. average. Richmond, where the cost of living runs 19.8% below the U.S. average, happens to be the second-cheapest small town in America. The Forbes list of billionaires now includes two citizens of Georgia. These privileged few used Jekyll Island as a hunting and golf retreat, escaping cold winters here and building these historic homes that have been lovingly restored to their former glory. That puts the state's concentration of millionaires not far off from the national percentage of 6.71%, even as the cost of living in the Keystone State is 2.5% lower than the U.S. average. It added a new top income tax rate of 9.85% in 2013. The first thing that comes to most peoples minds when they think about determining the richest places is to simply identify personal incomes. The Beaver State's cost of living is 1.1% higher than the U.S. average. Partly that's because Rhode Island is expensive for homeowners. Lifetime Giving: $7.5 billion (all of current net worth) North Dakota, the nation's second-largest oil-producing state after Texas, saw its oil output decline 4.6% from January to February, the most recent available data as of this writing. This is our tenth time ranking the richest cities in Georgia. Primary duties: Investment bankers give individuals and companies advice on how and where to invest and grow their money. Alaska gives each legal resident who has lived in the state for a full year an annual "Permanent Fund Dividend." Sales taxes are reasonable, too. More happily for everyone, folks who call the Pelican State home enjoy a cost of living that's 10.9% below the national average. When it comes to paying taxes, the situation for Kentucky residents is mixed. Here are 10 jobs that often have lucrative advancement opportunities, a factor that can help you become a millionaire in time: 1. 1. Publisher: Taylor Trade Publishing; Reissue edition (November 16, 2010) According to the authors, most people have it all wrong about how you become wealthy in America. More than 6% of Arizona's households have at least $1 million in investable assets. Households with more than $1 million in investable assets. Once upon a time before his days as a financial reporter and assistant financial editor at legendary fashion trade paper Women's Wear Daily Dan worked for Spy magazine, scribbled away at Time Inc. and contributed to Maxim magazine back when lad mags were a thing. There are about 22 million millionaires in the U.S. 8.8 % of U.S. adults are millionaires. Larry Ellison, founder of Oracle (ORCL (opens in new tab)), is the state's richest person with a net worth of $66.7 billion. For example, groceries alone cost 39% more in Juneau. 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. Affordability across a wide swath of goods and services has made Memphis, Knoxville and Jackson some of the least expensive places to live in the U.S. More broadly, the state's cost of living is 10.1% below the national average. But then, with a cost of living almost 12.2% below the national average, paychecks tend to go further. Yet outside of Los Alamos, the state's concentration of millionaires puts it in the bottom 10 in the U.S. All rights reserved. In this article, you will find the top wealthiest people in Alabama state. Heck, the cities of Jonesboro and Conway are among the least expensive places to live in the entire country. A good deal of Montana's wealth stems from its abundance of natural resources. Batten the hatches for continued market tumult without eating high fees with these six Vanguard ETFs and mutual funds. According to the BEA, South Carolina is 8.9% cheaper than the national average. Published 23 January 23. Unfortunately for millionaires and non-millionaires alike, Michigan is not tax-friendly. 5) Dunwoody, GA. James Willamoor via Flickr. According to Forbes Magazine,Bubba serves as Chick-fil-A's executive vice president and is president of the company's Georgia-based Dwarf House and Truett's Grill. Six out of 10 millionaires live in a house valued under $500,000. The Facebook post says that 50% of Congress is made up of millionaires, compared with only 1% of America as a whole. Mailchimpco-founder Ben Chestnut also ranked 370 with a net worth of $2.2 billion. For those looking to attain millionaire status in Kentucky, the folks with the highest salaries are surgeons, anesthesiologists and obstetricians. But today's picture is more pedestrian. Harry Stine, the wealthiest person in Iowa with a net worth of $4.4 billion, made his fortune by licensing corn and soybean seeds to multinationals agribusiness companies such as Monsanto. Its proximity to the Gulf of Mexico makes it a popular tourist destination, and visitors are welcomed with great shopping, restaurant, and sports options. Although it wasn't his salary that landed him as one of the wealthiest people in Atlanta. Data on household incomes and home values are from the U.S. Census Bureau. From a resurgent Cleveland to the university city of Columbus to Cincinnati with its touch of the South, Ohio contains multitudes of Midwestern culture. Generally speaking, it's a pricey place to live if you're wealthy. The tax picture for retirees is a little more mixed, however. The cost of living in Kalamazoo is 21.6% below the U.S. average. Home Depot. 8. Sure, median income is below the national level, but the cost of living is 11.2% below the national average. This is the first time in history that the majority of members are millionaires. In the United States, the median wealth of an American Household was $121,700 in 2020, and more than double that for people aged 65 to 74. In Georgia, Atlanta is the only city home to any billionaires. Blame Hawaii's remoteness, making pretty much everything more expensive than it would be on the mainland. Instead, its more that states like New Jersey, for example, pulled slightly ahead, Thompson said, noting that the top 10 states are so close in millionaires per capita that the order can change in any given year. The Golden State is home to the most millionaires in the nation, at more than 1 million households, and claims four of the top 10 metro areas with the highest concentrations of millionaires. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. The state has no state income tax, so Social Security benefits and other forms of retirement income get a free ride. Helpfully, South Dakota ranks second in the U.S. for fiscal soundness, according to a recent report from George Mason University's Mercatus Center. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. By Express News Service. Here are the 10 richest places in Georgia for 2023: Braselton Temple Tyrone Flowery Branch Dunwoody Johns Creek Bremen Woodstock Milton Peachtree City How does one get their hand on one of these Georgia cities where living your best life is very expensive? Over the past five years, the number of U.S. millionaires has grown by more than 800,000 and by more than 1.3 million since 2006, according to the report, which found households with at least $1 . The Bluegrass State recently moved to a 5% flat tax and opened up more items to its 6% sales tax. Median incomes and home values aren't too far below national levels. As a no-income-tax haven, Nevada is one of Kiplinger's most tax-friendly states. It almost goes without saying that California is a pricey place to live. Hawaii exempts Social Security benefits as well as most pension income from state income taxes. Note that while the sales tax is modest, groceries are taxed, albeit at a lower rate. For residents of all means, the Land of Enchantment is somewhat tax-friendly, though it's a mixed bag for retirees. 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. After we collected the data for all 128 places with more than 5,000 people in Georgia, we ranked each place from 1 to 128 for each of the criteria, with 1 being the richest. 13 Dividend Stocks That Have Paid Investors for 100+ Years. Together, these inputs enable us to estimate the number of households by investable assets at a national level, Phoenix Marketing International said in its report. This station is part of Cox Media Group Television. Here we list the world's most generous philanthropists (with their donations in dollars as they're mostly American) and the foundations they fund, just in case you want to get in touch.