Report: R.I. 19th for most millionaires

RHODE ISLAND ranks 19th among the states and Washington, D.C., regarding its percentage of millionaires, according to the Phoenix Global Wealth Monitor U.S. Sizing Report.
RHODE ISLAND ranks 19th among the states and Washington, D.C., regarding its percentage of millionaires, according to the Phoenix Global Wealth Monitor U.S. Sizing Report.

PROVIDENCE – When it comes to the most millionaires per capita, the Ocean State ranks 19th among the states and Washington, D.C., according to the Phoenix Global Wealth Monitor U.S. Sizing Report.

A total of 5.81 percent of Rhode Island’s 416,126 households, or 24,162, fell into the “millionaire” category in 2015, according to the report.

While the percentage stayed the same compared with 2014, the total number of millionaire households were fewer that year, at 24,056, compared with 414,114 total households. In addition, Rhode Island fell seven spots in the list from having the twelfth-most millionaires in 2014.

Maryland led the nation in 2015 as the state with the highest concentration of millionaires per capita at 7.7 percent, followed by Connecticut, 7.3 percent; Hawaii, 7.25 percent; New Jersey, 7.24 percent; and Alaska, 6.85 percent.

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Massachusetts and New Hampshire were sixth and seventh, with rates of 6.81 percent and 6.8 percent, respectively. Vermont was 12th with a 5.92 percent rate, and Maine was 29th, at 4.96 percent.

The GWM sizing estimates are developed using a combination of sources including the Survey of Consumer Finance, U.S. Census Bureau and Nielsen-Claritas.
The SCF allows Phoenix, a market research firm, to determine the general distribution of households by their level of investable assets. Those assets include stocks, bonds and cash savings, not the value of homes and businesses.

The report states that estimates for 2015 showed a “modest 2 percent growth among the broad ‘mass affluent’ market,” which are defined as households with between $250,000 and $999,000 in investable assets. Following a drop in 2014, mass affluent households increased to 15.9 million households in 2015, the report said.

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