Report: R.I. has more millionaires than national average

RHODE ISLAND ranked No. 16 among the 50 states and the District of Columbia for the greatest concentration of millionaire households, according to Kiglinger. / COURTESY KIPLINGER
RHODE ISLAND ranked No. 16 among the 50 states and the District of Columbia for the greatest concentration of millionaire households, according to Kiglinger. / COURTESY KIPLINGER

PROVIDENCE – Rhode Island’s percentage of millionaires among its households beats the national average, placing the Ocean State at No. 16 among the 50 states and the District of Columbia, although the buying power of all that money may not stretch as far as in some states that have fewer millionaires.

The list, “Millionaires in America: All 50 States Ranked,”  was produced by Kiplinger, the financial news media company. The ranking was based on the percentage of households that have investable assets – excluding the value of real estate, employer-sponsored retirement plans and business partnerships – greater than $1 million. According to Kiplinger, 5.8 percent of households, or roughly 7.2 million, hit that milestone.

Rhode Island has 26,032 millionaire households, or 6.2 percent of the state’s 418,815 total households. Kiplinger also noted that while the percentage of millionaires in the Ocean State was significant, with a cost of living that is 12.5 percent above the national average, as well as high property and sales taxes, the wealth in the state does not have as much market power as one might expect.

The Ocean State ranked No. 4 in New England, with the other five states and their national rankings listed here:

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  • No. 3, Connecticut, 7.8 percent millionaire households
  • No. 6, Massachusetts, 7.4 percent millionaire households
  • No. 7, New Hampshire, 7.4 percent millionaire households
  • No. 21, Vermont, 5.9 percent millionaire households
  • No. 34, Maine, 5.2 percent millionaire households

The state with the highest concentration of millionaire households was Maryland, at 7.9 percent, while the state with the smallest portion was Mississippi, where 4 percent of households had more than $1 million in investable assets.

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