Make us your home page

Is Florida flush with millionaires? Perhaps not as much as you think

Florida ranks fourth among states based on its sheer number of millionaire households, but drops to 31st in millionaire households per capita.
[Associated Press]

Florida ranks fourth among states based on its sheer number of millionaire households, but drops to 31st in millionaire households per capita. [Associated Press]

By one measure, Florida is awash in millionaire households — 383,290 of them, in fact. That's no surprise given the lack of a state income tax, warm weather and a seemingly endless coastline offering upscale homes with water views.

But a new study suggests there are fewer here than one might expect.

Florida ranks an impressive fourth among states based on its sheer number of millionaire households. Only California with 772,555, Texas with 490,634 and New York with 437,889 had more in 2015, according to a new report on where affluent people live in the United States published by wealth tracker Phoenix Marketing International.

Looked at a different way, though, Florida falls dramatically in the affluence rankings. Per capita — dividing the number of millionaire households by state population — Florida drops to 31st among U.S. states. In Florida, 4.89 percent of all households are considered millionaire households, defined as households that possess at least $1 million in "investable assets." That excludes the homes they live in but includes financial investments such as stocks, bonds, retirement accounts and insurance policies.

Per capita, California ranked No. 13, Texas ranked No. 25 and New York ranked No. 15.

Florida, in fact, ranks below the national average of per capita millionaire households of 5.37 percent. That means there were 6,504,201 such households out of the nation's total of 121,099,157. The country added 238,533 millionaire households from 2014 to 2015.

At 31st among the states, Florida's density of millionaire households is just under Oregon at No. 30 and just above No. 32 New Mexico, both small-population states. In 2014, Florida ranked 32nd with 358,191 millionaire households. The state gained 25,099 millionaire households in 2015.

These numbers, it should be noted, are compiled from numerous sources and Phoenix Marketing has tracked affluent households for many years, but the figures ultimately are estimates. (Even the IRS does not know for sure how many millionaire households exist given the limits of the kinds of data it collects and the tendency of many taxpayers to understate their wealth to tax collectors.)

So where do millionaire households tend to cluster? Where are the most of them per capita? The top five geographically diverse states based on this measure are No. 1 Maryland, followed by Connecticut, Hawaii, New Jersey and Alaska.

On the flip side, here are the five states with the lowest density of millionaire households: Idaho, West Virginia, Kentucky, Arkansas and, in last place, Mississippi.

What's interesting to see is which states gained or lost the most millionaire households from 2014 to 2015. Those numbers suggest which states produced or lost millionaire households because of economic changes, but also where millionaire households chose to move to or from.

Places that gained the most millionaire households per capita in 2015 tended to be Upper Midwest or Western states. At the top, gaining six spots at No. 33, was Montana. Oregon rose five spots, passing Florida, to No. 30. Minnesota also climbed five spots to No. 11.

The states losing the most millionaire households per capita were Rhode Island, falling seven spots to No. 19, and Missouri, dropping five spots to No. 39. And Nevada dipped four spots to No. 41. So much for getting rich gambling in Vegas.

Contact Robert Trigaux at Follow @venturetampabay.

Is Florida flush with millionaires? Perhaps not as much as you think 01/22/16 [Last modified: Friday, January 22, 2016 7:34pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. 'Road to Nowhere' is back: Next phase of Suncoast Parkway coming


    Despite intense public opposition and dubious traffic projections, the Florida Department of Transportation has announced that construction of the toll road known as "Suncoast 2" is expected to start in early 2018.

    The Suncoast Parkway ends at U.S. 98 just south of Citrus County. For years residents have opposed extending the toll road, a project dubbed the "Suncoast 2" into Citrus County. But state officials recently announced that the Suncoast 2 should start construction in early 2018. [Stephen J. Coddington  |  TIMES]
  2. A sports rout on Wall Street


    NEW YORK — Sporting goods retailers can't shake their losing streak.

  3. Grocery chain Aldi hosting hiring event in Brandon Aug. 24


    BRANDON — German grocery chain Aldi is holding a hiring event for its Brandon store Aug. 24. It is looking to fill store associate, shift manager and manager trainee positions.

  4. Lightning owner Jeff Vinik backs film company pursuing global blockbusters


    TAMPA — Jeff Vinik's latest investment might be coming to a theater near you.

    Jeff Vinik, Tampa Bay Lightning owner, invested in a new movie company looking to appeal to a global audience. | [Times file photo]
  5. Trigaux: Look to new Inc. 5000 rankings for Tampa Bay's future heavyweights


    There's a whole lotta fast-growing private companies here in Tampa Bay. Odds are good you have not heard of most of them.


    Kyle Taylor, CEO and founder of The Penny Hoarder, fills a glass for his employees this past Wednesday as the young St. Petersburg personal advice business celebrates its landing at No. 25 on the 2017 Inc. 5000 list of the fastest growing private companies in the country. Taylor, still in his 20s, wins kudos from executive editor Alexis Grant for keeping the firm's culture innovative. The business ranked No. 32 last year. [DIRK SHADD   |   Times]