Also like Connecticut, the Garden State is pricey and taxes are high. Largely rural and remote, Vermont is a comparatively expensive state in which to live in other ways, too. In West Virginia, Lewisburg is the only city home to a billionaire. The 2019 dividend was $1,606. 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. The southwest corner of the state is the base for many hedge funds and prominent public companies. When you look at the data, the cities and places mentioned above meet the criteria for being at the very top of the income ladder for everyone that lives there. 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. Although it has been working to lower its income taxes, Maine's lowest rate still is higher than some other states' maximum rate. What Is The Only U.S. State With Two Panhandles. While there are probably few millionaires in the cockpits of commercial airplanes, airline pilots, co-pilots and flight engineers are among the best-paid workers in the state. 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. New York, Tucked away in the coal fields, 14 millionaires or perhaps 19, depending on which account you read lived sumptuously along-side the town's 4,000 citizens. Median home value is a whopping 62% higher than the national level, but median income is less just 20% greater. They're disproportionately located in the greater New York City area, however, where a million bucks doesn't go that far. Property taxes are low in the Natural State, but sales taxes are tied with Tennessee for highest in the country. Investable assets include education/custodial accounts, individually owned retirement accounts, stocks, options, bonds, mutual funds, managed accounts, hedge funds, structured products, ETFs, cash accounts, annuities and cash value life insurance policies. On average, the cost of living in Texas is 8.5% lower than the U.S. average, according to C2ER. Millionaire households: 87,565. He has been listed as one of the 20 richest senators. In 2020 alone, he received $500,000 in dividends. Property tax rates in South Carolina are low too. Whether he complains about Oregon's taxes is unknown, but millionaires (and pretty much everyone else) do. The cost of living in the Aloha State is 23.3% higher than the national average. At the other end of the spectrum, Michigan is home to one of the least expensive places to live in the U.S. In addition to the prize giveaways, this year's West Virginia Day doubled as a celebration of the State's success in its fight . 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. How many millionaires are in America and where do they live? The following data are the most current income statistics for West Virginia from the US Census Bureau, are in 2020 inflation adjusted dollars and are from the American Community Survey 2020 5-year estimates. The unemployment rate tries to capture the prospects for more people to become rich. And yet, happily, you don't have to be a millionaire to enjoy its many pleasures. To determine the city in every state with the most billionaires, 24/7 Wall St. compiled data from Forbes Real Time Billionaires list. Justice is known best for his part in pulling the Greenbrier Resort out of bankruptcy in 2009. Forbes Magazine has recently published a list of richest person in each state naming Jim Justice II the winner in West Virginia. Although Minnesota affords residents a cost of living that's 2.5% below the national average, median home value (and median income) easily top national levels. Morgantown is located on the banks of the Monongahela River and home to West Virginia State University, a major influence in the city. Oklahoma City, a metro area with about 1.4 million people, offers a lot of big-city attractions, from a philharmonic orchestra to the National Softball Hall of Fame and Museum to the NBA's Oklahoma City Thunder. Sales taxes have a broad reach here (and include groceries), but they're generally low. Average Household Income: $65,332. It's one of five states without a general sales tax, and it has relatively low property taxes. Published 17 February 23. tech stocks If youre ready to find an advisor who can help you achieve your financial goals, get started now. Relatively low prices for housing and transportation help keep the Palmetto State's cost of living under control. 20 Best Stocks to Buy for the Next Bull Market. 11 Monthly Dividend Stocks and Funds for Reliable Income. Larry Ellison, founder of Oracle (ORCL (opens in new tab)), is the state's richest person with a net worth of $66.7 billion. 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%. 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. The cost of living is 3.4% lower than the national average, according to the BEA. They also have a higher ranking in this year's millionaire rankings, jumping four spots from last year. The First State is a standout among its East Coast neighbors with no sales tax and low property taxes. Austin's hearing aid company's charitable foundation, long known for its glitzy galas and celebrity supporters, took a $350,000 to $1 million PPP loan. Sales taxes are reasonable, too. Law professors and podiatrists crack the top 10 jobs with the highest average salaries. Shipping and agriculture, the state's other major industries, aren't immune to changes in global demand either. Tax information is as of 2019. 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. The Keystone State has the second-highest state gas tax in the nation and the sixth-highest state and local cellphone wireless service taxes. The vast expanse of the Gem State claims only about 655,000 households, of which fewer than 34,000 can be considered millionaires. Breckenridge, Glenwood Springs and Boulder punch well above their weights in the millionaire rankings as well. In the former case, the state capital is home to a horde of state, county, local and federal agencies and the law firms and professional agencies that support them. Indeed, small towns such as Dickinson and Williston, located in the oil-rich Bakken Formation, have some of the highest concentrations of millionaires in the U.S. West Virginia has a relatively low concentration of millionaires, but the cost of living is 12.2% lower than the national average, according to the BEA. Michigan doesn't have the highest concentration of millionaires in the country, but it is certainly well-stocked with billionaires. But wait, there's more. And more than 5% of the state's households can claim millionaire status. According to the BEA, South Carolina is 8.9% cheaper than the national average. But if you have taxable income, the rate gets high quickly. The Greenbrier Hotel, which operates the famed luxury resort in West Virginia and is owned by billionaire West Virginia Gov. If youre thinking of moving to one of these towns, youll probably need to start saving. Virginia's high concentration of . Rank: 47 (-8 from last year) Median income for all households: $47,905. Kansas fell four spots in the Phoenix Wealth and Affluent Monitor millionaire rankings this year. This is the city in every state with the most billionaires. By Karee Venema The greater D.C. area is a magnet for the highly educated seeking high-powered jobs. We use data, analytics, and a sense of humor to determine quality of life for places across the nation. Millionaires and other residents deal with some annoyingly high taxes, however. West Virginia is a state that is rich in natural resources and ripe with technological advancements. A long-time financial journalist, Dan is a veteran of SmartMoney, MarketWatch, CBS MoneyWatch, InvestorPlace and DailyFinance. The Sooner State doesn't tax Social Security benefits or Civil Service Retirement System benefits. Tiny Oak Harbor, Washington, has one of the highest concentrations of millionaires of any small town in America. 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). And home prices are a dream compared to what the average American pays. But paradise doesn't come cheap. Kapaa, on Hawaii's fourth-largest island of Kauai, and Honolulu have two of the highest concentrations of millionaire households in the U.S. Future US, Inc. Full 7th Floor, 130 West 42nd Street, The state's tobacco and alcohol taxes take a noticeable bite as well. HomeSnacks is reader-supported. Ernest Garcia II, who made his fortune in used cars and auto loans, tops the list with a net worth of $6.6 billion. There's no income tax at all. Published 21 February 23. Indeed, the median home value in Tennessee is 23% below the national level. Tourism is under pressure from the coronavirus lockdown, while the petroleum industry has been hit by the crash in oil prices. Indiana jumped four places in the millionaire rankings year-over-year. Gail Miller, with $1.7 billion stemming originally from car dealerships, is the state's wealthiest person. 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. 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).List. Residents pay more for housing and utilities, in particular. 21 Stocks Warren Buffett Is Selling (And 1 He's Buying). Indeed, a record 6.71% (or 8,386,508 out of 125,018,808 total U.S. households) can now claim millionaire status. New York State has the third-most millionaire households in raw numbers after California and Texas. As of April 2023, the richest person in West Virginia is Jim Justice. Median income for all households is below the U.S. level, and yet home prices are well above the national median. 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. The California-Lexington Park metro area also has one of the country's highest concentrations of millionaires. If youre an investor looking to minimize expenses, consider checking out online brokerages. Median Household Income: $48,037. The state levy for sales tax is 2.9%, but localities can add as much as 8.30%. (The highest payment ever was $2,072 in 2015.). And income tax is particularly complicated in Arkansas. Jim Justice, received $5 million to $10 million. In the mid-70s, he began working for his father's coal mining company, Bluestone . In an extreme example, Tupelo is one of the 10 cheapest cities in the U.S. Mississippians also enjoy some of the lowest property taxes in the nation, and its income tax levy, already fairly low, continues to shrink. Utah is the first of our states to cross the 7% plateau for concentration of millionaire households. State income tax doesn't exist; in fact, the government actually pays residents. West Virginia is the second-poorest U.S. state, with a $48,850 median household income and a poverty rate of 17.54%. We analyzed 27 places in West Virginia to determine where the 1% live. Kansas has more than 66,000 millionaire households out of a total of about 1.1 million households, but the state is known more for affordable living than for conspicuous consumption. 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. Concentration of millionaires: 4.81%. South Dakota is one of the most tax-friendly states on the whole. 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. 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. The tax on gasoline also is one of the country's lowest. In a difficult market like this, weak positions can get even weaker. New Jersey's property taxes are the highest in America. Just in case you need a simple salary calculator, that works out to be approximately $24.20 an hour. Overall, the cost of living in the Yellowhammer State is 13.6% below the national average. It almost goes without saying that California is a pricey place to live. The list of billionaires is compiled annually by Forbes magazine. Now, D'Aniello's net worth is a whopping $3.8 billion. West Virginia's educational attainment levels are on the low side, with the lowest percentage of adults with a Bachelor's degree or higher, and has the second-lowest life expectancy of 74.8. 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. Hawaii exempts Social Security benefits as well as most pension income from state income taxes. He originally worked for Movoto Real Estate as the director of marketing before founding HomeSnacks. Property taxes are low, too. Partly that's because Rhode Island is expensive for homeowners. She has worked in schools all over the world, and has developed groundbreaking curricula that have helped countless students excel. Worth an estimated $1.2 . West Virginia: 27,302: 22: $35,234: 50. 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. Total households: 1,820,554. 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 . N ew York City has taken back its crown. Home West Virginia University How Many Millionaires Live In West Virginia? 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). Less sunny is the fact that the North Star State hits hard with income tax. Property taxes are on the high side, and you can only get relief from that if you're a low-income resident. And property taxes, particularly in Detroit, are steep. 24 Dividend Cuts and Suspensions Chalked Up to the Coronavirus. The Federal Reserve has been aggressive in its rate hiking, and it's likely not done yet. Arkansas is not tax-friendly. Maine is one of Kiplinger's least tax-friendly states, Nevada is one of Kiplinger's most tax-friendly states, Kiplinger's top 10 most tax-friendly states. From Hilton Head Island to the Midlands region to the Blue Ridge Mountains, South Carolina has something for everyone. Market research firm Phoenix Marketing International notes that although the total number of millionaire households rose for the 11th straight year in 2019, the gains were disproportionately seen in states that already had more than their fair share of millionaires. Tennessee is known for country music, BBQ and bourbon more than an abundance of millionaires, but the state should get more recognition for its affordability. In the early 1880s, word spread quickly of the discovery of . Property taxes in Illinois are high, as are sales taxes. Jefferson County, where Shepherdstown and Charles Town are, has a per capita income of $29,733. The top tax bracket is an eye-popping 11%. The state's cost of living is 3% higher than the national average, according to the BEA. Among other policies, income tax rates reach 8.75%. Sales taxes with an average combined rate of 9.16% do take a bite, though. West Virginia ranks number 33 out of 50 states nationwide for Upper Class job salaries. Top-paying jobs include surgeons, computer and information research scientists, nuclear engineers and sales engineers. And its top tax rate of 6.925% kicks in at a relatively low level. So you can have high confidence that it can keep up with short-term expenses and long-term financial obligations. Published 23 January 23. Adderall shortage affecting millions of Americans Feb. 17, 2023 01:37 The supply problem means people with ADHD who need the drug are forced to turn to different medications or wait several weeks . List. It added a new top income tax rate of 9.85% in 2013. Check out his net worth and all of the other people on the list HERE . But if you're a retiree, Georgia's taxes aren't nearly so onerous. Bucolic Wisconsin's 138,283 millionaire households enjoy a relatively affordable cost of living, but taxes in the Badger State can be quite a burden. Bridgeport, Hurricane, Dunbar: These cities arent just some of the best places to live in West Virginia. Everything is bigger in Texas. Wyoming's famed Jackson Hole valley, with three major ski resorts and an abundance of other year-round recreational activities, also is a mecca for millionaires. Steep local income levies make Maryland a decidedly tax-unfriendly state. 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. A levy on stock dividends and interest income from bonds and other investments is being phased out and will be gone by 2022. Other Virginia billionaires on the list include: Pamela Mars, Mars Inc., family fortune . Connecticut's Stamford metro area, which includes Norwalk and Bridgeport, has the fourth-highest concentration of millionaires in the U.S. 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. 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? The explosion in shale oil drilling has minted many a millionaire in North Dakota over the past decade. Jim Kennedy, chairman of conglomerate Cox Enterprises, is the state's wealthiest citizen with a net worth of $8.7 billion. That's significant considering that a million bucks sure goes far in some parts of Indiana. However, Social Security benefits are exempted from state income taxes, and property taxes are light. Indeed, Illinois is one of Kiplinger's top 10 least tax-friendly states. Antonia is a gifted educator, and she is widely respected within the education community. Stacker compiled a list of the richest billionaires who are residents of Virginia, using data from Forbes. A good deal of Montana's wealth stems from its abundance of natural resources. In the Portland metro area the state's most populous region costs are 15% above the national average. But the tax situation is far more friendly than many people think. Born in Raleigh County, West Virginia, Jim Justice earned both his bachelor's degree and his MBA from Marshall University. Warren Buffett Stocks Ranked: The Berkshire Hathaway Portfolio. Financial managers are among the highest paid professionals in the state. 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. Affordability is the main factor. 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. Below are the richest people in West Virginia. Helpfully, South Dakota ranks second in the U.S. for fiscal soundness, according to a recent report from George Mason University's Mercatus Center. 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. In 2021, Americans said they needed $624,000 in net assets to live comfortably, while it would take $1.9 million to be rich. The richest places in West Virginia share common characteristics such as having a genius level populous, sky high home prices, and a Pleasantville level of married couples. Folks also save on utilities and groceries. Texas is a place of extremes when it comes to taxes, too. He has written for The Wall Street Journal, Bloomberg, Consumer Reports, Senior Executive and Boston magazine, and his stories have appeared in the New York Daily News, the San Jose Mercury News and Investor's Business Daily, among other publications. Median home value: $167 . That helps make the cost of living in Ohio cheaper by 11.6%. But at 13.2%, it has the second-highest concentration of millionaires per capita of any city in the U.S. 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. Note that while the sales tax is modest, groceries are taxed, albeit at a lower rate. How Many Millionaires Live In West Virginia? The Beehive State runs a flat tax system. stocks Montana's cost of living is 6.7% lower than the national average. We then averaged all the rankings for a place into a Rich Score with the place having the lowest overall Rich Score, Bridgeport, crowned the Richest City In West Virginia For 2023. Share of millionaire households. You can find out more about him on LinkedIn or his website. We aim to deliver bite-sized pieces of infotainment about where you live. Ms. Mars is heiress to the Mars Candy fortune and is #22 on the world's richest people list according to Forbes magazine. From a resurgent Cleveland to the university city of Columbus to Cincinnati with its touch of the South, Ohio contains multitudes of Midwestern culture. JeffersonWest Virginia counties ranked by per capita income. By the Council for Community and Economic Research's formula, costs are 14.3% higher in Vermont. Minnesota is loaded with giant companies. The Centennial State has a flat tax: If you have federal taxable income, the rate is 4.63%. A strong score on fiscal stability indicates the Beehive State is likely to be able to keep things average. Property taxes are low and sales taxes average. 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 population ratio is based on 1 Jul 2019 U.S. Census Bureau data. The Richest People In West Virginia. Abigail Johnson, Jeff Bezos, Larry Page Fidelity Corporate Affairs, Michael Prince for Forbes, Albin Lohr/Jones/Bloomberg. But more than 1 in 20 households have at least $1 million in investable assets. Median income is 10% below the national level, but then, home prices are almost 36% cheaper. For the 40th annual Forbes 400 list of the wealthiest Americans, the members' collective fortune rose a massive 40% over the last year to $4.5 trillion, up from $3.2 trillion. GUESTBOOK. No billionaires live in the tiny state, however. - Net worth: $1.1 billion (#2,384 wealthiest in the world) - Residence: Vienna. Not only does Oklahoma boast a cost of living that's 11.6% below the national average, but its largest city offers remarkably affordable prices for its size. 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. Michael Bloomberg, founder of the financial data company that bears his name and erstwhile presidential candidate, is the state's richest person at a net worth of $60.1 billion. Washington is one of Kiplinger's most tax-friendly states because it doesn't have an income tax. Texas has 56 billionaires among its ranks, led by Alice Walton ($55.1 billion) of Walmart (WMT (opens in new tab)) fame. 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. Unhappily, taxes and expenses in the Ocean State are on the high side too. Tucked into the mountains in a bend of the Bluestone River, the tiny Mercer County town of Bramwell has a claim to fame that might surprise you: This turn-of-the-20th-century coal mining town once was home to more millionaires per capita than anywhere else in the United States.. Today you can walk Bramwell's streets and marvel at the beautiful architecture of the mansions where the coal . 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. The cost of living for Illinois is 1.9% below the U.S. average, but taxes can take quite a toll. 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. Washington, D.C., has one of the highest concentration of millionaires in the country thanks to its position as the nation's capital. Jemima McEvoy. With its unparalleled collection of universities, hospitals, historical sites, and tech and biotech employers, Boston is a center of wealth, as well as one of the priciest cities in the U.S. On the smaller side of things, Barnstable Town and Vineyard Haven (Martha's Vineyard) have some of the highest concentrations of millionaires in the country. Batten the hatches for continued market tumult without eating high fees with these six Vanguard ETFs and mutual funds. Data on household incomes and home values are from the U.S. Census Bureau. 19 Dividend Aristocrats That Have Gone on Deep Discount. However, the loss of the federal personal exemption due to the new tax law means that many Utahns, particularly those with multiple dependents, will pay higher state taxes than before. Estimates of millionaire households provided by Phoenix Marketing International (opens in new tab), a firm that tracks the affluent market. They help drive an economy that supports more than 167,000 millionaire households. The state is 3.5% less expensive than the U.S. as a whole. Real estate taxes are the fourth-highest in the country, and the state has not only a gift tax, but a luxury tax. To top it off, the cost of living is 9.4% lower than the U.S. average, while median income is higher than the national level.

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