WASHINGTON — Maryland retains the right to brag that it has the highest ratio of millionaire households in the country, according to a new report.
It has held the #1 spot since 2011.
The report was published by the Phoenix Wealth and Affluent Monitor. Connecticut took the number two spot and New Jersey was ranked 3rd.
Virginia and D.C. came in 8th and 9th respectively.
Although D.C. was ranked 9th in 2006, it dropped to #20 during the recession. The District has since bounced back to its pre-recession ranking of #9.
Last year, D.C. was ranked #10.
The findings for this year’s rankings are based on data from mid-2016, and that data looked at the ratio of millionaire households compared to total households that had a million dollars or more in investable assets.
“Investable assets” are considered such things as money in the bank, stocks and CDs, but it does not include real estate.
According to the Phoenix Wealth and Affluent Monitor, in 2016, 5.5 percent of all households in the U.S. had more than a million in investable assets, which covers about 6.8 million U.S. households.
Over the past five years, the number of millionaire households has grown by over 800,000. But the annual Phoenix Wealth and Affluent Monitor report released on Thursday said the ratio of millionaires to total U.S. households has remained relatively flat and that the wealth is more concentrated.