Connecticut’s contribution to the millionaire demographic continues to hold up, according to the annual Wealth & Affluent Monitor published by Phoenix Marketing International.
Among the top 10 states ranked by the ratio of millionaire households to total households, Connecticut ranked second place for the second consecutive year, with a 7.4 percent ratio. Maryland, which ranked first since 2011, continued its reign of wealthy residents with a 7.55 percent ratio, while New Jersey and Hawaii barely trailed the Nutmeg State at 7.39 percent and 7.35 percent, respectively.
Neighboring New York, however, appears to be losing millionaires: it peaked with a 12th place ranking in 2011 but is now in 18th place. And this seems to be going against the national trend: approximately 6.8 million households, or 5.5 percent of all households, had $1 million or more in investable assets in 2016, up 4 percent from one year earlier. These households have approximately $20 trillion in total liquid wealth, which is roughly 59 percent of nation’s total liquid wealth.