Property taxes are modest. SammamishMost Affluent Small Cities: 50,000 to 100,000 Residents. As of April 2023, the richest person in West Virginia is Jim Justice. Generally speaking, it's a pricey place to live if you're wealthy. Forbes Magazine has recently published a list of richest person in each state naming Jim Justice II the winner in West Virginia. Pros' Picks: The 15 Best Nasdaq Stocks You Can Buy. The numbers get a big lift from Summit Park, a small town with one of the very highest concentrations of millionaires in the country. By Karee Venema The state is 3.5% less expensive than the U.S. as a whole. Bridgeport in particular houses the richest residents in the state thanks, in part, to a median household income of $87,936 and a ridiculously low poverty rate of 4.4065544729849435%. Rank: 47 (-8 from last year) Median income for all households: $47,905. Published 17 February 23. tech stocks 10 Best Value Stocks for Gritting Out the Downturn. Dan Burrows is Kiplinger's senior investing writer, having joined the august publication full time in 2016. The cost of living in Rhode Island is a whopping 18.6% higher than the national average, according to C2ER. The state's wealthiest resident is Citadel hedge-fund honcho Ken Griffin. Those who earn more than $373,894 are rich. The foundation claims it's provided . 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). No wonder Massachusetts has a cost of living 22% higher than the national average, according to C2ER. Given the state's reputation for hoops NBA legend Larry Bird was known as the Hick from French Lick (Indiana) it should come as no surprise that athletes and sports competitors are among the best-paid professions there. By Jeff Reeves Warren Buffett Stocks Ranked: The Berkshire Hathaway Portfolio. Partly that's because Rhode Island is expensive for homeowners. 1 on the list of Kiplinger's most tax-friendly swtates. Bonus: Youll slash your utility bills. No billionaires live in the tiny state, however. There are fewer than 32,000 millionaire households in Maine a state in which rich and poor alike face relatively high living costs and taxes. You can download the data here. 11 Best E-Commerce Stocks for Electrifying Returns. 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. NY 10036. How did we come up with these mega wealthy cities? Median income for all households is below the U.S. level, and yet home prices are well above the national median. For high earners, a three-person family needed an income between $106,827 and $373,894 to be considered upper-middle class, Rose says. After all, rich people have really high salaries. North Carolina's tax situation is just so-so. Here are nine of the best stocks for rising interest rates. The once-exclusive group of citizens with debt-free assets of more than $1 million has risen by 15 percent over the last year.Currently, there are 520,000 American millionaires, the company said . The combined net worth of the billionaires in some U.S. cities exceeds the entire annual GDP of many states. For more on how we calculated the top ten, read on or skip to the end for the full list of the richest cities in West Virginia. The South had nine of the lowest median income states with Arkansas ($37,987) and West Virginia ($39,170) closely trailing Mississippi.Americas wealthiest (and poorest) states. . 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. Illinois' economic woes are one reason why it makes the list; it's 50th in the latest ranking of states' fiscal health by the Mercatus Center at George Mason University and residents are paying the price with higher taxes. Most central bankers supported a quarter-point rate hike at the most recent Fed meeting, but a few backed a half-point one. Seniors, however, catch a break. The Millionaire Next Door: The Surprising Secrets of America's Wealthy, by Thomas Stanley and William Danko. Millionaires and regular folks alike don't catch much of a break when it comes to giving the state government its cut. If you've been looking for a place to live in the past several years, you've probably stumbled upon his writing already. The Volunteer State has no broad-based income tax. N ew York City has taken back its crown. Expenses in the Granite State run 6% above the U.S. average. 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. Abigail Johnson, CEO and chairwoman of Boston-based Fidelity Investments, is the state's wealthiest resident with a net worth of $14.1 billion. New Mexico picked up a billionaire for the first time in newcomer Ron Corio, a solar entrepreneur. We use data, analytics, and a sense of humor to determine quality of life for places across the nation. Easing the sting of taxes a bit is a cost-of-living index that's 10.8% lower than the U.S. average. Arkansas is not tax-friendly. For residents of all means, the Land of Enchantment is somewhat tax-friendly, though it's a mixed bag for retirees. 4. Agriculture, oil, copper and timber all play an important role in the economy, to say nothing of travel and tourism. The cost of living in Kalamazoo is 21.6% below the U.S. average. The state's tobacco and alcohol taxes take a noticeable bite as well. Source: Public Domain / Wikimedia Commons 24. Anesthesiologists, obstetricians and gynecologists are also within the top 10. New legislation is packed with tax breaks for homeowners who upgrade to energy-efficient systems and appliances. Indeed, Maine is one of Kiplinger's least tax-friendly states. Data on residency and net worth came from the list, which is updated every five minutes to reflect changes in stock prices and private company valuations. The highest concentrations of millionaires are found in the Atlanta and Savannah metro areas. Median Household Income: $48,037. 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. Even groceries are taxed (albeit at a lower rate). Daniel D'Aneelio is the billionaire businessman who co-founded The Carlyle Group, of which he is the chairman. 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. 11 Best Tech Stocks for the New Coronavirus Norm. On average, the cost of living in Texas is 8.5% lower than the U.S. average, according to C2ER. Stacker compiled a list of the richest billionaires who are residents of Virginia, using data from Forbes. The First State is a standout among its East Coast neighbors with no sales tax and low property taxes. Social Security, military, civil-service, and state and local government pensions are exempt from state income taxes. New . The population ratio is based on 1 Jul 2019 U.S. Census Bureau data. Ms. Mars is heiress to the Mars Candy fortune and is #22 on the world's richest people list according to Forbes magazine. At the other end of the spectrum, Michigan is home to one of the least expensive places to live in the U.S. 11 Small-Cap Stocks Analysts Love the Most. Please help update this article to reflect recent events or newly available information. The small town of Edwards, for example, is bristling with millionaires thanks to nearby world-class ski resorts such as Vail and Beaver Creek. Manchin made his fortune as a founder of Enersystems, a coal brokerage firm. The 9.9% rate is applied to taxable income over $125,000 ($250,000 for married couples filing jointly), and the lowest bracket is already 5%. Law professors and podiatrists crack the top 10 jobs with the highest average salaries. To determine the city in every state with the most billionaires, 24/7 Wall St. compiled data from Forbes Real Time Billionaires list. In the mid-70s, he began working for his father's coal mining company, Bluestone . Fewer than 1 in 20 households claiming investable assets of $1 million or more. This is the city in every state with the most billionaires. If youre ready to find an advisor who can help you achieve your financial goals, get started now. Data is current as of March 29, 2021. Harry Stine, the wealthiest person in Iowa with a net worth of $4.4 billion, made his fortune by licensing corn and soybean seeds to multinationals agribusiness companies such as Monsanto. As for the better-paying occupations, managers in finance, marketing and information systems are in the top 20 for average salary. "Chances for aurora as far . Median income is 10% below the national level, but then, home prices are almost 36% cheaper. With more than 28,000 millionaire households out of 420,830, Rhode Island has a merely in-line concentration of millionaires. The cost of living is 12.1% below the national average. There's a lot to like about Oklahoma for wealthy retirees. Farther south, the state capital of Trenton and its metro area that includes tony Princeton has plenty of millionaires, as well. Estimated reading time: 6 minutes. The Centennial State has a flat tax: If you have federal taxable income, the rate is 4.63%. Although sales taxes in Vermont are modest, it's an expensive place to own a home (as well as heat it). 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. This is our tenth time ranking the richest cities in West Virginia. If youre thinking of moving to one of these towns, youll probably need to start saving. Just in case you need a simple salary calculator, that works out to be approximately $24.20 an hour. Worth an estimated $1.2 billion, Jim Justice II is the only resident with a minimum 10-figure net worth. Worth an estimated $1.2 . It's 8.2% less expensive to live in the Tar Heel State than the national average, and Durham is one of the happiest places to live in the U.S., according to the Gallup-Sharecare Well-Being Index. As much as Seattle is associated with Washington State, millionaires also can be found outside the Emerald City that Bezos and Gates call home. A dollar tends to go father in Big Sky Country, too. The cost of living in Washington is 7.8% higher than the national average, according to the BEA. Turn-of-the-century Bramwell, West Virginia, was a rich little town with more millionaires than any place of its size in America. John Menard, Jr., founder of the Menards home improvement chain, is the state's richest resident with a net worth of $18.8 billion. The tax on gasoline also is one of the country's lowest. Published 28 February 23. Virginia's high concentration of millionaires is largely driven by Washington, D.C., and its close-in suburbs such as Arlington and McLean. 8 Safe High-Yield Dividend Stocks Offering 5% or More. Indeed, Juneau, the state capital, has the third-highest concentration of millionaire households among the country's "micro" areas. And home prices are a dream compared to what the average American pays. Median home value: $167 . That means everyone's paycheck, whether they're a millionaire or not, goes further than it does elsewhere. Charles Town. As such, the Mountain State's median real estate taxes are among the lowest in the U.S., according to the Tax Foundation. Overall, the cost of living in the Last Frontier is 24.4% higher than the national average. Property taxes are middle of the road, and the state scores well for fiscal stability, indicating that it will be able to stay tax-friendly in the future. Everything is bigger in Texas. Texas is a place of extremes when it comes to taxes, too. There's no income tax at all. Stephen Bisciotti, owner of the NFL's Baltimore Ravens, is the state's richest citizen with a net worth of $4.4 billion. Residents pay more for housing and utilities, in particular. APA citation style: Highsmith, C. M., photographer. Below are the richest people in West Virginia. The Old Dominion has middle-of-the-road income taxes and relatively low property taxes. The Peace Garden State offers modest sales taxes that favor agriculture, and it has cut income taxes to the point that they barely exist. For example, groceries alone cost 39% more in Juneau. Median home values also are below the national level. South Dakota is better known for Mount Rushmore, agriculture and the great outdoors than millionaires. Taxes can be brutal, too. Future US, Inc. Full 7th Floor, 130 West 42nd Street, JeffersonWest Virginia counties ranked by per capita income. On the other hand, the ratio of median income to median home values is very favorable. Property taxes are low in the Natural State, but sales taxes are tied with Tennessee for highest in the country. The state also is among the most tax-friendly for retirees. The list is compiled annually by market research firm Phoenix Marketing International. 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. Investing in Gold: 10 Facts You Need to Know. Statewide, the cost of living in Kansas is 10% cheaper than the national average, helped by much more affordable housing than what the average American pays. Physicians, CEOs and nurse anesthetists are among the state's best-paid jobs. Where is the highest concentration of millionaires? 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. Property tax rates in South Carolina are low too. Published 24 January 23. recession The Beaver State's cost of living is 1.1% higher than the U.S. average. Washington is one of Kiplinger's most tax-friendly states because it doesn't have an income tax. 272 pages. When you purchase through links on our site, we may earn an affiliate commission. As a no-income-tax haven, Nevada is one of Kiplinger's most tax-friendly states. The average combined rate is 7.63%, according to the Tax Foundation. Florida's popularity as a retirement destination helps boost its concentration of millionaires. 13 Dividend Stocks That Have Paid Investors for 100+ Years. North Carolina has a lot going for it whether you're a millionaire or not. If youre curious enough, here are the poorest cities in West Virginia, according to data: Poorest: Morgantown2nd Poorest: Huntington3rd Poorest: Elkins. With a net worth of $64 billion, Larry Ellison is California's richest resident and one of the richest people in the world. Indeed, the median home value in Tennessee is 23% below the national level. Louisiana's 90,000 millionaires, whose income depends on the state's economic staples, are likely to be feeling a pinch. About the only bright spot in Connecticut's tax picture is that localities can't add to the Constitution State's 6.35% sales tax. Jacqueline Mars, heir to the Mars candy fortune, is the state's wealthiest resident with a net worth of $27.4 billion, per Forbes. South Charleston. And yet it remains one of the 20 cheapest large U.S. cities in which to live. 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). Kansas fell four spots in the Phoenix Wealth and Affluent Monitor millionaire rankings this year. Idaho taxes all income except Social Security and Railroad Retirement benefits. Jim Justice No Longer A Billionaire, After $850 Million Debt To Insolvent Greensill Capital Revealed", From a Utah Basement to SAP's $8 Billion Buy: The Brothers Behind Qualtrics Are Tech's Newest Billionaires, Here Are The States With The Most Billionaires, https://en.wikipedia.org/w/index.php?title=List_of_U.S._states_by_the_number_of_billionaires&oldid=1143656706, This page was last edited on 9 March 2023, at 02:42. 15 Dividend Kings for Decades of Dividend Growth. When it comes to where millionaires live in America, the rich keep getting richer. South Dakota is one of the most tax-friendly states on the whole. We analyzed 27 places in West Virginia to determine where the 1% live. AI stocks have been bloodied up in recent months, but the technology's relentlessly growing importance should see the sun shine on them again. Shipping and agriculture, the state's other major industries, aren't immune to changes in global demand either. Does Going To A Selective College Matter? Utah is the first of our states to cross the 7% plateau for concentration of millionaire households. West Virginia is a state that is rich in natural resources and ripe with technological advancements. Sales taxes are high (and are applied to groceries), and property taxes are steep, too. And property taxes, particularly in Detroit, are steep. Share of millionaire households. The heir to the Dexter Shoe Company has a net worth of $1.5 billion. Part of Arizona's appeal to the wealthy and retirees is that, like Florida, it's one of Kiplinger's most tax-friendly states. The Empire State's average sales tax rate is the 10th-highest in the country. Alaska is among the most tax-friendly states in the country. Michael Saylor. 42. (The highest payment ever was $2,072 in 2015.). The state's cost of living is 3% higher than the national average, according to the BEA. Finding a qualified financial advisor doesnt have to be hard. The state has no state income tax, so Social Security benefits and other forms of retirement income get a free ride. While Home Depot earnings disappointed, fellow blue-chip retailer Walmart climbed after its quarterly results. In the Portland metro area the state's most populous region costs are 15% above the national average. Indeed, North Carolina's 3,490 chief executives have an average salary of $206,390, according to the Bureau of Labor Statistics. Check out his net worth and all of the other people on the list HERE . For more West Virginia reading, check out: Chris Kolmar has been in the real estate business for almost ten years now. It also boasts a decent concentration of millionaire households. Heck, petroleum engineers are some of the best-paid professionals in the state. The 11 Best Closed-End Funds (CEFs) for 2020. Virginia's high concentration of . But you don't have to go to Las Vegas to rub elbows with the Silver State's millionaires. Taxable income over $40,000 is taxed at a steep 6.5% tax rate (the top rate of 8.95% is reserved for taxable income over $1,000,000). We aim to deliver bite-sized pieces of infotainment about where you live. Sadly for its residents, the Buckeye State is among Kiplinger's least tax-friendly states. The cost of living in Indiana overall is 10.7% below the national average. Although Virginia's D.C. suburbs are among the more expensive places to live in the U.S., the state as a whole isn't unaffordable. Forbes lists 8 billionaires in Virginia. Helpfully, the Show Me State no longer taxes Social Security benefits for many taxpayers. However, we dont believe that one statistic wholly encompasses what it means to be one of the richest places. Housing costs in Ohio are relatively low, but the state's average property tax bill isn't. California's reputation as a high-tax destination is built in part on how aggressively it goes after big earners, with a 13.3% tax rate that kicks in at $1 million (for single filers) of taxable income. Dunbar. Heck, Texas is so big it not only has two of the smallest towns with the most millionaires in the U.S. Andrews and Fredericksburg but it's also home to two of the cheapest U.S. metro areas in which to live. What is a Henry High Earner Not Rich Yet? After we collected the data for all 25 places with more than 5,000 people in West Virginia, we ranked each place from 1 to 25 for each of the criteria, with 1 being the richest. But then, with a cost of living almost 12.2% below the national average, paychecks tend to go further. No, it doesn't have the highest concentration of millionaires, but in terms of raw numbers, only California has more than the Lone Star State's 650,216 millionaire households. Groceries and utilities are a bit pricier in the Sunshine State, but as a whole, Florida is only 0.6% more expensive than the U.S. average. For 2019, it was 5.4% on income over $8,424. The Tax Foundation's average combined state and local sales tax rate for Washington is the fourth-highest in the country, as is its gas tax. In a difficult market like this, weak positions can get even weaker. Top-paying jobs include surgeons, computer and information research scientists, nuclear engineers and sales engineers. State. Data on household incomes and home values are from the U.S. Census Bureau. Unhappily, taxes and expenses in the Ocean State are on the high side too. The 2019 dividend was $1,606. Fortunately, for rich and not-so-rich alike, Idaho's overall cost of living is 7.5% below the national average. Anesthesiologists, psychiatrists and other medical specialties are among the state's best-paid jobs. Switzerland was the country with the highest rate of millionaires worldwide in 2020, with almost 15 percent of the adult population owning assets worth more than one million U.S. dollars. Mississippi consistently ranks as the state with the lowest concentration of millionaire households per capita in the U.S., but don't feel bad for the Magnolia State. "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. And its top tax rate of 6.925% kicks in at a relatively low level. Richmond, where the cost of living runs 19.8% below the U.S. average, happens to be the second-cheapest small town in America. Income is close to national levels, but house prices are well below. Published 22 February 23. No wonder that top-paying jobs in the Cowboy State include engineering managers and industrial production managers. Now theres a new number one. It also happens to be a great place to retire. 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). Home West Virginia University How Many Millionaires Live In West Virginia? Heck, the cities of Jonesboro and Conway are among the least expensive places to live in the entire country. As befits a place that pumps a lot of oil out of the ground, fuel taxes are low. 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. All told, there are over 250 cities and towns across the country that at least one of the worlds ultra wealthy calls home. They often offer low investment fees, helping you maximize your profit. That's up from 6.21% in 2018 and just 5.81% in 2017. Gardnerville Ranchos and Elko, Nevada, are among the top 20 small towns with the highest concentration of millionaires in the U.S. The California-Lexington Park metro area also has one of the country's highest concentrations of millionaires. 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. Additionally, Alabama allows folks to deduct their federal income taxes (it's one of just of a handful of states with this break). A long-time financial journalist, Dan is a veteran of SmartMoney, MarketWatch, CBS MoneyWatch, InvestorPlace and DailyFinance. By the Council for Community and Economic Research's formula, costs are 14.3% higher in Vermont.