Maryland is no longer the state with the highest ratio of millionaire households.
The state has held the No. 1 spot since 2010, but new 2018 data shows it is down to the No. 4 position.
New York-based Phoenix Marketing International released its annual wealth and affluent monitor survey Tuesday, which has tracked the number of millionaire households in the 50 states and Washington, D.C., since 2006.
The new top state, New Jersey, now holds the position for the highest ratio of millionaire households to total households at 8.95 percent in 2018. Last year, it was in the No. 2 in the country.
D.C. is the new No. 2. The District had the highest growth of any state, rising from 6.57 percent in 2017 to 8.94 percent in 2018. David M. Thompson, managing director at Phoenix Affluent Practice, suggests the increase may be due to several factors including increased property prices and more skilled workers moving into the area.
Virginia is No. 10 in the new rankings, with millionaires accounting…
Read the full story from the Washington Business Journal.
