Charles Town. We use data, analytics, and a sense of humor to determine quality of life for places across the nation. Gail Miller, with $1.7 billion stemming originally from car dealerships, is the state's wealthiest person. New legislation is packed with tax breaks for homeowners who upgrade to energy-efficient systems and appliances. Indeed, North Carolina's 3,490 chief executives have an average salary of $206,390, according to the Bureau of Labor Statistics. Like Tennessee, New Hampshire has a very limited income tax that only applies to dividend and interest income. Virginia's cost of living is only 2% higher than the national average. Seattle, which is one of America's fastest-growing cities, also is one of the most expensive. Dan Burrows is Kiplinger's senior investing writer, having joined the august publication full time in 2016. Largely rural and remote, expenses in the Pine Tree State run about 10% above the national average, according to the Council for Community and Economic Research (C2ER). The small town of Edwards, for example, is bristling with millionaires thanks to nearby world-class ski resorts such as Vail and Beaver Creek. It turns out there are numerous states with higher percentages of well-off households, several of which probably will surprise you. And then there are all the folks in the 10-figures club. How many millionaires are in America and where do they live? On the other hand, Alaska is among the most tax-friendly states in the country. As of April 2023, the richest person in West Virginia is Jim Justice. Alaska gives each legal resident who has lived in the state for a full year an annual "Permanent Fund Dividend." The cost of living in Indiana overall is 10.7% below the national average. Steep local income levies make Maryland a decidedly tax-unfriendly state. - Net worth: $1.1 billion (#2,384 wealthiest in the world) - Residence: Vienna. Here's the states where it'll be possible to see the northern lights Sunday night: There's a chance the auroras could also been seen in Northern California and Texas. The state levy for sales tax is 2.9%, but localities can add as much as 8.30%. The upside of having fewer millionaires is that it helps keep a lid on living costs, which are 8.9% below the U.S. average. Virginia's high concentration of . Financial managers are among the highest paid professionals in the state. However, it remains to be seen what happens to their ranks amid an historic crash in oil prices. The First State is a standout among its East Coast neighbors with no sales tax and low property taxes. Significantly cheaper average home prices drive Georgia's affordability. For high earners, a three-person family needed an income between $106,827 and $373,894 to be considered upper-middle class, Rose says. She has received numerous awards and accolades for her work, including being named one of the "Top 10 Educators to Watch" by Education Week magazine. This is our tenth time ranking the richest cities in West Virginia. That's significant considering that a million bucks sure goes far in some parts of Indiana. But if you have taxable income, the rate gets high quickly. If youre curious enough, here are the poorest cities in West Virginia, according to data: Poorest: Morgantown2nd Poorest: Huntington3rd Poorest: Elkins. Helpfully, the Show Me State no longer taxes Social Security benefits for many taxpayers. Published 21 February 23. Naturally, Maryland also is one of the most expensive places to live, with a cost of living 18.8% greater than the national average. JeffersonWest Virginia counties ranked by per capita income. As befits a place that pumps a lot of oil out of the ground, fuel taxes are low. The cost of living in Nevada is 2.5% below the national average, according to the BEA, and residents can catch a break on taxes. Taxes aren't overly onerous, at least compared to many of its New England neighbors. Alaska is among the most tax-friendly states in the country. Property taxes are in line with the national average, but Florida's gas tax is the 10th-highest state tax on gasoline in the country. Indeed, a record 6.71% (or 8,386,508 out of 125,018,808 total U.S. households) can now claim millionaire status. In Rhode Island, residents pay an average $1,723 in taxes per $100,000 of assessed home value. An estimated 14.8% of the local population living below the poverty line reside in one of nine area neighborhoods in which 40% of the population or more also live in poverty. The California-Lexington Park metro area also has one of the country's highest concentrations of millionaires. For more West Virginia reading, check out: Chris Kolmar has been in the real estate business for almost ten years now. New Mexico is a land of stark contrasts when it comes to its millionaire population. Given the number of major corporation headquarters, it should come as no surprise that CEOs have some of the highest average salaries. Illinois has a higher concentration of millionaires than the national average, and a million bucks goes a bit farther in the Prairie State than it does in much of the rest of the country. Affordability is the main factor. As a no-income-tax haven, Nevada is one of Kiplinger's most tax-friendly states. In addition to the prize giveaways, this year's West Virginia Day doubled as a celebration of the State's success in its fight . Median home value is a whopping 62% higher than the national level, but median income is less just 20% greater. North Dakota is one of the nation's tax-friendliest states. And more than 5% of the state's households can claim millionaire status. Manchin made his fortune as a founder of Enersystems, a coal brokerage firm. New York City and Yonkers impose their own income taxes, and there's a commuter tax for self-employed people working in and around New York City. This 2006 study accumulated the number of millionaires by state: Listed in order by number of millionaires per 1,000 households in each state from high to low. Michigan doesn't have the highest concentration of millionaires in the country, but it is certainly well-stocked with billionaires. In his current role at Kiplinger, Dan writes about equities, fixed income, currencies, commodities, funds, macroeconomics, demographics, real estate, cost of living indexes and more. Mars, who lives in McLean, worked for the company for nearly 20 years and served on the board until 2016. Millionaire households: 87,565. Arkansas might not be bristling with millionaires, but it has the lowest living cost in the U.S., at 14.7% less than the national average. 50 Top Stock Picks That Billionaires Love. But last year, at least, the good times continued to roll. But wait, there's more. The flip side is, the burden of other state and local taxes in the Evergreen State is heavier. Florida's popularity as a retirement destination helps boost its concentration of millionaires. Happily, Alabama is a tax-friendly state, especially as it pertains to retirees. 4. Although New Jersey gives residents a break on income taxes, it brings the hammer down when they buy a home. Rich people not your cup of tea? Jemima McEvoy. New Jersey's property taxes are the highest in America. You can find out more about him on LinkedIn or his website. To start, Social Security benefits are completely exempt. Physicians, CEOs and nurse anesthetists are among the state's best-paid jobs. Tourism is under pressure from the coronavirus lockdown, while the petroleum industry has been hit by the crash in oil prices. Worth an estimated $1.2 . Publisher: Taylor Trade Publishing; Reissue edition (November 16, 2010) Publisher: Taylor Trade Publishing; Reissue edition (November 16, 2010) Property taxes are low and sales taxes average. Low costs are great, but there's not as much to like when it comes to paying taxes. Housing costs in Ohio are relatively low, but the state's average property tax bill isn't. What is a Henry High Earner Not Rich Yet? The heir to the Dexter Shoe Company has a net worth of $1.5 billion. Published 17 February 23. tech stocks Worth an estimated $1.2 billion, Jim Justice II is the only resident with a minimum 10-figure net worth. But be forewarned: Income tax bites hard on higher incomes, with the top rate of 6.5% kicking in on taxable income over $60,000. Philip Anschutz a mogul whose interests span oil, railroads, telecom, real estate and entertainment tops the state's rich list with a net worth of $11.6 billion. Torrington, the largest town in Litchfield County which has long been a popular retreat for Manhattan's wealthy and chic looking for a remote, mountainous getaway also has more than its fair share of the well-to-do. The state's cost of living is 3% higher than the national average, according to the BEA. Average Household Income: $65,332. Although only 4.9% of its 1.9 million households hit the millionaire threshold, some of the cheapest home prices in the country help spread the wealth. Future US, Inc. Full 7th Floor, 130 West 42nd Street, By Kyle Woodley 21 Stocks Warren Buffett Is Selling (And 1 He's Buying). There's a lot to like about Oklahoma for wealthy retirees. Marketing managers and financial managers tend to do well in SD. The cost of living is 12.1% below the national average. Less sunny is the fact that the North Star State hits hard with income tax. By Jeff Reeves The list is compiled annually by market research firm Phoenix Marketing International. Financial Checklist for Young Adults: What I Wish Id Known Then, Stock Market Today: Stocks End Mixed After Fed Minutes, Stock Market Today: Dow Dives 697 Points After Home Depot Revenue Miss, Stock Market Today: Stocks Close Mostly Lower Amid Rate-Hike Worries, Best AI Stocks to Buy: Smart Artificial Intelligence Investments, The 6 Safest Vanguard Funds to Own in a Bear Market, according to the U.S. Bureau of Economic Analysis. Property taxes are low, too. Manhattan and Brooklyn are the first- and fourth-most expensive places to live in the country at a whopping 145.7% above the U.S. average. Median income for all households is below the U.S. level, and yet home prices are well above the national median. Florida is well-known for its absence of a state income tax, which helps put it into Kiplinger's top 10 most tax-friendly states. Jim Justice lives in West Virginia. Although Washington is home to the two richest people in the world Amazon.com (AMZN (opens in new tab)) honcho Jeff Bezos and Microsoft (MSFT (opens in new tab)) co-founder Bill Gates the state's well-to-do live closer to Earth. Heres how it works. North Dakota, the nation's second-largest oil-producing state after Texas, saw its oil output decline 4.6% from January to February, the most recent available data as of this writing. The bad news is that the top income rate of 6.9% kicks in at just $17,900 of taxable income, and Montana taxes virtually all forms of retirement income, including Social Security. "While the total number of high-net-worth households grew, these increases were largely seen in the wealthiest states, reinforcing the broader ongoing wealth-gap issues the country faces," says Carl Uttaro, VP of financial services research at Phoenix MI. By the Council for Community and Economic Research's formula, costs are 14.3% higher in Vermont. Kansas fell four spots in the Phoenix Wealth and Affluent Monitor millionaire rankings this year. There are nearly 2,400 people worldwide whose individual net worth exceeds $1 billion and more than one-quarter of them live in the United States. Living costs are based on the Council for Community and Economic Researchs Cost of Living Index and the U.S. Bureau of Economic Analysis. West Virginia is a state that is rich in natural resources and ripe with technological advancements. Share of millionaire households. And home prices are a dream compared to what the average American pays. Feel free to check out some more reading about West Virginia: Population: 9,165Rank Last Year: 1 (No Change)Median Income: $87,936Unemployment Rate: 1.5%Poverty Rate: 4.4%More on Bridgeport: Real Estate|Photos, Population: 6,901Rank Last Year: 2 (No Change)Median Income: $65,373Unemployment Rate: 2.7%Poverty Rate: 7.6%More on Hurricane: Real Estate|Photos, Population: 7,500Rank Last Year: 7 (Up 4)Median Income: $46,219Unemployment Rate: 1.6%Poverty Rate: 11.7%More on Dunbar: Real Estate, Population: 10,676Rank Last Year: 3 (Down 1)Median Income: $58,587Unemployment Rate: 6.7%Poverty Rate: 10.5%More on Vienna: Real Estate|Photos, Population: 10,842Rank Last Year: 4 (Down 1)Median Income: $55,189Unemployment Rate: 6.6%Poverty Rate: 15.0%More on St. Albans: Real Estate|Photos, Population: 6,373Rank Last Year: 6 (No Change)Median Income: $79,158Unemployment Rate: 9.1%Poverty Rate: 9.6%More on Charles Town: Real Estate|Photos, Population: 49,055Rank Last Year: 9 (Up 2)Median Income: $54,101Unemployment Rate: 6.3%Poverty Rate: 17.5%More on Charleston: Real Estate|Photos, Population: 13,595Rank Last Year: 5 (Down 3)Median Income: $54,954Unemployment Rate: 6.2%Poverty Rate: 18.3%More on South Charleston: Real Estate|Photos, Population: 5,343Rank Last Year: 14 (Up 5)Median Income: $46,602Unemployment Rate: 6.1%Poverty Rate: 19.5%More on Buckhannon: Real Estate|Photos, Population: 5,208Rank Last Year: 15 (Up 5)Median Income: $48,147Unemployment Rate: 6.6%Poverty Rate: 18.0%More on New Martinsville: Real Estate|Photos. Median home values also are below the national level. What Is The Only U.S. State With Two Panhandles. And major state and local taxes are above average, which can add up to a sucker punch for your wallet. Total households: 1,820,554. And although home values have gone up 6% over the past year, Zillow predicts they will fall 0.9% within the next year. Note that while the sales tax is modest, groceries are taxed, albeit at a lower rate. Connecticut's Stamford metro area, which includes Norwalk and Bridgeport, has the fourth-highest concentration of millionaires in the U.S. Just in case you need a simple salary calculator, that works out to be approximately $24.20 an hour. The Best AI Stocks to Buy for 2021 and Beyond. Jim Kennedy, chairman of conglomerate Cox Enterprises, is the state's wealthiest citizen with a net worth of $8.7 billion. And high taxes don't help matters. The Great Lakes State is home to 11 billionaires, led by Hank & Doug Meijer, whose supermarket empire gives them a net worth of $10.3 billion, according to Forbes. NY 10036. 33 Major U.S. Companies Hiring Now to Meet Coronavirus Demand. Jim Justice, received $5 million to $10 million. Other Virginia billionaires on the list include: Pamela Mars, Mars Inc., family fortune . Indeed, Illinois is one of Kiplinger's top 10 least tax-friendly states. Published 22 February 23. Helpfully, South Dakota ranks second in the U.S. for fiscal soundness, according to a recent report from George Mason University's Mercatus Center. The tax picture for retirees is a little more mixed, however. N ew York City has taken back its crown. Editors Note: Data has been updated for 2023. Now theres a new number one. (2015) The Cooper House in Bramwell, known as the "Millionaires' Town in West Virginia's Southern Coalfields," which extended for 40 miles from Bramwell, which, it is said, once housed more millionaires per capita than any other town in America in the late s.United States Bramwell West Virginia, 2015. Sites of interest in . Virginia's high concentration of millionaires is largely driven by Washington, D.C., and its close-in suburbs such as Arlington and McLean. Meanwhile, Sheldon Adelson CEO of casino operator Las Vegas Sands (LVS (opens in new tab)) is the state's richest person with a net worth of $35.7 billion, per Forbes. This is a list of U.S. states and federal district by the number of billionaires as of 15 Sep 2020; the total of 642 billionaires includes 19 people whose state of residence is unknown at 15 Sep 2020, most of whom hold dual U.S. citizenship. Real estate taxes are the fourth-highest in the country, and the state has not only a gift tax, but a luxury tax. HENRYs dont consider themselves to be wealthy, and they have a reputation for being good bargain hunters. What is the leading industry in West Virginia? Offsetting that somewhat is the fact that the Sunflower State is not the friendliest place when it comes to taxes. 24 Dividend Cuts and Suspensions Chalked Up to the Coronavirus. But not all of New Jersey's millionaires are clustered near the Big Apple. Residents can exclude up to $10,000 per person ($20,000 per couple) of other types of retirement income. The cost of living in the Nutmeg State is 19% greater than the national average. LINK TO NETSTATE . Locals have said their Mountain State neighbors have a strong sense of community, and that they are unpretentious and humble. Others even said West Virginians are pretty much the nicest people on the planet, and even though their state pride runs deep, theyre very welcoming to outsiders. Kentucky has fewer than 84,000 millionaire households. Indeed, Salina and Pittsburg, Kansas, are two of the cheapest small towns in America. West Virginia: 0: 0: 0: 0.00 45 So we looked at this set of criteria from the newly released 2017-2021 American Community Survey: Median household income is the most digestible way to understand how rich a place really is. The farming and food-processing powerhouse of a state has a relatively low cost of living, but Iowa can be tough on residents' wallets when it comes to paying taxes. Forbes Magazine has recently published a list of richest person in each state naming Jim Justice II the winner in West Virginia. But it's worth noting that the city of Wilmington taxes wages of everyone who lives or works there at 1.25%. Most states exempt food and drugs from their sales tax, but that's not the case in Illinois. If youre thinking of moving to one of these towns, youll probably need to start saving. Just for good measure, we're also providing important tax and cost-of-living information. 10 Health and Pharmaceutical Companies Fighting the COVID-19 Coronavirus. While Home Depot earnings disappointed, fellow blue-chip retailer Walmart climbed after its quarterly results. A dollar tends to go father in Big Sky Country, too. Phoenix MI is tracking the effects of the coronavirus pandemic, which could make for a very different landscape going forward. Fortunately, you don't need to be a millionaire to live well. Joseph H. Bramwell, for whom the town was named. In 2014, she was #16 on the Forbe's 400 list of wealthiest Americans. South Charleston. With 107 billionaire residents, worth over $640 billion, The Big Apple is home to more three-comma club members than any other city on the planet. Taxes can be brutal, too. In 2020, California had the highest number of millionaire households in the U.S., with 1.14 million households having one million or more in investible assets. Indeed, the median home value in Tennessee is 23% below the national level. Data on household incomes and home values are from the U.S. Census Bureau. Partly that's because Rhode Island is expensive for homeowners. Heck, the cities of Jonesboro and Conway are among the least expensive places to live in the entire country. Ernest Garcia II, who made his fortune in used cars and auto loans, tops the list with a net worth of $6.6 billion. Although the District of Columbia is a magnet for the highly educated seeking high-powered jobs, the downside is that you need a hefty paycheck to live there. Wealthiest City in West Virginia: Wheeling Wheeling, West Virginia, population 27,062, is situated along the Ohio River in the foothills of the Appalachian Mountains. Idaho taxes all income except Social Security and Railroad Retirement benefits. The cost of living for Illinois is 1.9% below the U.S. average, but taxes can take quite a toll. The numbers get a big lift from Summit Park, a small town with one of the very highest concentrations of millionaires in the country. West Virginia. Billionaires are ranked by net worth as of March 24. Social Security, military, civil-service, and state and local government pensions are exempt from state income taxes. After all, rich people have really high salaries. Even if you think you know critical information, do you really understand what it means and the impact it could have on your standard of living later in life? Dunbar. Although California and New York have a great deal of millionaires in terms of raw numbers, they don't have the highest concentrations of rich households. It's one of five states without a general sales tax, and it has relatively low property taxes. On the other hand, sales taxes run high, as do property taxes. Year after year, the Old Line State routinely has one of the highest concentrations of millionaire households of any state in the union. The state's wealthiest resident is Citadel hedge-fund honcho Ken Griffin. The downside is that folks there need higher incomes; everything costs more in Alaska because it's so remote. North Carolina's tax situation is just so-so. Property taxes are the second-lowest in the country, and all homeowners age 65 or older are exempt from state property taxes. Fortunately, for rich and not-so-rich alike, Idaho's overall cost of living is 7.5% below the national average. In the mid-70s, he began working for his father's coal mining company, Bluestone . Antonia is a gifted educator, and she is widely respected within the education community. World-class ski resorts and luxury shopping are the main draw. The Beaver State's cost of living is 1.1% higher than the U.S. average. The 2019 dividend was $1,606. The highest concentrations of millionaires are found in the Atlanta and Savannah metro areas. Although it has been working to lower its income taxes, Maine's lowest rate still is higher than some other states' maximum rate. The tax rate for 2018 was 5.49%; in 2019 it dropped to 5.25%. Even groceries are taxed (albeit at a lower rate). When it comes to paying taxes, the situation for Kentucky residents is mixed. The Ocean State's sales taxes lean high (and are above its neighboring states), but the income tax bite is modest. By Connect-Bridgeport Staff on August 02, 2015. At the other end of the spectrum, Michigan is home to one of the least expensive places to live in the U.S. From a resurgent Cleveland to the university city of Columbus to Cincinnati with its touch of the South, Ohio contains multitudes of Midwestern culture. Alabama is another state where you don't need a million bucks to live well. Tiny Easton, Maryland, on the Eastern Shore of Chesapeake Bay, punches well above its weight when it comes to millionaire households, too. The state has no state income tax, so Social Security benefits and other forms of retirement income get a free ride. As first postmaster of a post office that needed a legal label, he said, "Every little baby . More than 6% of Arizona's households have at least $1 million in investable assets. Published 24 January 23. recession They also have a higher ranking in this year's millionaire rankings, jumping four spots from last year. Source: Public Domain / Wikimedia Commons 24. UnitedHealth Group (UNH (opens in new tab)), 3M (MMM (opens in new tab)), Target (TGT (opens in new tab)) and General Mills (GIS (opens in new tab)) are just a few of the major firms headquartered there. Rank. Published 28 February 23. New Mexico picked up a billionaire for the first time in newcomer Ron Corio, a solar entrepreneur. Computer and information systems management is one of the best-paying jobs in the state. New York State has the third-most millionaire households in raw numbers after California and Texas. Others made their fortunes closer to home. Tiny Vermont has just 16,411 millionaire households, and the Green Mountain State is one of the tougher states when it comes to taxing millionaires. - Source of wealth: cryptocurrency, self made. 14 Bankruptcy Filings Chalked Up to COVID-19. Hawaii exempts Social Security benefits as well as most pension income from state income taxes. The population ratio is based on 1 Jul 2019 U.S. Census Bureau data. Los Alamos, New Mexico best known for the world-famous Los Alamos National Laboratory seems like an unlikely place to find a lot of millionaires. Investing in real estate can diversify your portfolio. This is the equivalent of $968/week or $4,195/month. Both median income and home value are well above national averages in Colorado, as is the cost of living, albeit only by 1.9%. When it comes to lifestyles of the rich and famous in Nebraska, one name immediately comes to mind: Warren Buffett, chairman and CEO of Berkshire Hathaway (BRK.B (opens in new tab)), is the Cornhusker State's richest and most famous resident by a wide margin. In a notable downside for retirees of all means: Missouri ranks 39th in the nation for senior health, according to America's Health Rankings (opens in new tab). This is a list of U.S. states and federal district by the number of households with more than $1 million in investable assets as of 2020 (data for the year 2019). The Millionaire Next Door: The Surprising Secrets of America's Wealthy, by Thomas Stanley and William Danko. The centrality of the oil industry to Alaska's economy helps make petroleum engineers and chemical engineers some of the best-paid professionals in the state. Minnesota is loaded with giant companies. Medical specialists, CEOs and dentists are among the top-paid jobs in the state. Among other policies, income tax rates reach 8.75%. Sales taxes are reasonable, too. Georgia's tax brackets mean that many taxpayers will find themselves paying the top marginal rate, which kicks in at just $10,000 of taxable income for married couples filing jointly or $7,000 for individual filers. Oregonians face the country's highest income tax bracket. 1 on the list of Kiplinger's most tax-friendly swtates. The state is 3.5% less expensive than the U.S. as a whole. Housing and groceries are particularly affordable. Indeed, Juneau, the state capital, has the third-highest concentration of millionaire households among the country's "micro" areas. And as any East Coast traveler can tell you, New Jersey is no longer a place where you can hop off an exit and buy cheap gas. Wyoming accounts for about 40% of the nation's coal production, and the vast majority of the state's output comes from the Gillette area, which has a high concentration of millionaires as a result. No wonder Massachusetts has a cost of living 22% higher than the national average, according to C2ER. Here's a look at the worst counties in West Virginia according to the data: Mingo County; Mcdowell County; Webster County; For more West Virginia reading, check out: Cheapest Places To Live In West Virginia; Best Places To Retire In West Virginia; Safest Places In West Virginia; Richest Cities In West Virginia; Detailed List Of The Best . APA citation style: Highsmith, C. M., photographer. 13 Dividend Stocks That Have Paid Investors for 100+ Years. All told, there are over 250 cities and towns across the country that at least one of the worlds ultra wealthy calls home. For example, many of the wealthiest people in the country have made their fortune through some association a successful company and these people often live in close proximity to these companies. He has been listed as one of the 20 richest senators. The state also is among the most tax-friendly for retirees. The cost of living in Kalamazoo is 21.6% below the U.S. average. The states with the highest number of millionaire households just might surprise you. Vienna. "Chances for aurora as far . Nike (NKE (opens in new tab)) founder Phil Knight is the state's richest person with a net worth of $38.6 billion. Michael Saylor. When people think about Rhode Island and millionaires, Newport and its grand 19th century mansions naturally come to mind. Well-paid jobs in the finance and insurance industries, as well as the presence of major companies like DuPont (DD (opens in new tab)) and AstraZeneca (AZN (opens in new tab)), help fuel an above-average concentration of millionaire households in Delaware.

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