Daily Court Reporter - News Ohio has among lowest concentration of affluent households in Midwest
Ohio has among lowest concentration of affluent households in Midwest
BRANDON KLEIN, Daily Reporter Staff Writer
Ohio is near the middle among states for the concentration of rich households.
The state ranked 33rd with 243,118 households out of nearly 4.7 million households that have investable assets of $1 million or more, or a concentration of nearly 5.2 percent, according to a report from Kiplinger magazine.
“NBA superstar LeBron James might have forsaken the Cleveland Cavaliers for the Los Angeles Lakers, but the great state of Ohio has plenty of other millionaires to fill his sizable shoes. Nearly a quarter of a million households — out of 4.7 million total — have at least $1 million in investable assets in the Buckeye State,” the report stated.
The rankings did not include real estate, employer-sponsored retirement plans and business partnerships in defining millionaire households.
The top 10 states with the largest concentration of rich households were Maryland at 7.87 percent, followed by New Jersey (7.86 percent), Connecticut (7.75 percent), Hawaii (7.57 percent), Alaska (7.5 percent), Massachusetts (7.41 percent), New Hampshire (7.36 percent), Virginia (6.98 percent), Delaware (6.62 percent) and California (6.61 percent).
The bottom 10 were Mississippi with a concentration of millionaires at 4.2 percent, followed by West Virginia (4.2 percent), Arkansas (4.25 percent), Kentucky (4.48 percent), Alabama (4.61 percent), Tennessee (4.67 percent), Idaho (4.81 percent), South Carolina (4.83 percent), Louisiana (4.86 percent), North Carolina (4.88 percent) and New Mexico (4.94 percent).
In the United States, millionaires make up 5.8 percent of the nation, or 7.2 million households, according to the report.
In the Midwest, Minnesota has the highest concentration of millionaire households at 6.57 percent, ranking 12th overall.
Illinois ranks 18th overall with its concentration of millionaires at 6.14 percent, followed by North Dakota, 20th with a concentration of 6 percent. Iowa ranks No. 24 with a concentration of 5.6 percent, followed by Nebraska at No. 26 and with a concentration of 5.44 percent.
Kansas came in at No. 27 with a concentration of 5.43 percent. Wisconsin ranked No. 28 with its concentration at 5.4 percent, followed by Michigan at No. 29 with 5.35 in concentration of millionaire households with Ohio up next.
Missouri and Indiana pick up the rear, ranking No. 37 and N. 38, respectively, with concentrations of millionaire households at 5.01 percent and 4.99 percent.
Date Published: August 20, 2018