Forget raw numbers — when you adjust for population, some states are practically swimming in millionaires.
These aren’t just the places with big cities or Wall Street ZIP codes; they’re pockets of concentrated wealth where high incomes, investment portfolios, and generational money collide.
Here’s where millionaires make up the biggest slice of the population in America, based on the latest household data.
New Jersey
Nearly 10% of households in the Garden State are millionaires — the highest share in the nation. Its proximity to New York City and Philadelphia means a huge number of residents work in finance, tech, and law. Pair that with a $99,000+ median household income, and you’ve got a concentrated wealth hub.
Maryland
Maryland consistently battles for the top spot, thanks to high-paying federal jobs, defense contracting, and biotech. Millionaires make up nearly 10% of households, especially clustered around the Washington, D.C., metro area.
Connecticut
With 7.75% of households hitting millionaire status, Connecticut blends old-money estates with hedge fund fortunes. Greenwich, Westport, and Darien are ground zero for some of the wealthiest families in the U.S.
Massachusetts
The Bay State’s millionaire density is fueled by higher education, tech, and biotech. Boston’s innovation economy keeps wealth levels high, while old-money towns along the coast add generational stability.
Hawaii
Tourism alone doesn’t explain Hawaii’s wealth — real estate is a major driver. High property values mean even modest homes can tip a family into the millionaire category.
Alaska
Alaska’s millionaire concentration comes partly from oil wealth and investment income, plus no state income tax. Small population means fortunes stand out more here.
New Hampshire
With no income or sales tax, New Hampshire attracts high-net-worth residents from nearby Massachusetts. Its millionaire share sits above the national average, concentrated in affluent commuter towns.
Virginia
Northern Virginia’s defense contracting, cybersecurity, and tech sectors feed its millionaire ranks. Tysons, McLean, and Arlington are standout enclaves.
California
Tech wealth in Silicon Valley, entertainment fortunes in Los Angeles, and high-value real estate statewide combine to make California a millionaire magnet — despite the high cost of living.
Washington
Home to tech giants like Microsoft and Amazon, Washington’s millionaire households are clustered around Seattle and its booming suburbs. No state income tax keeps more of their wealth intact.
