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. Amid U.S. real estate buying binge by foreign investors, Florida remains first choice

    Real Estate

    Foreign investment in U.S. residential real estate recently skyrocketed to a new high with nearly half of all foreign sales happening in Florida, California and Texas.

    A National Association of Realtors annual survey found record volume and activity by foreign buyers of U.S. real estate. Florida had the highest foreign investment activity, followed by California and Texas. [National Association of Realtors]
  2. Trigaux: Tampa Bay health care leaders wary of getting too far ahead in disruptive times


    Are attempts to repeal Obamacare dead for the foreseeable future? Might the Affordable Care Act (ACA), now in dire limbo, be revived? Will Medicaid coverage for the most in need be gutted? Can Republicans now in charge of the White House, Senate and House ever agree to deliver a substitute health care plan that people …

    Natalia Ricabal of Lutz, 12 years old, joined other pediatric cancer patients in Washington in July to urge Congress to protect Medicaid coverage that helped patients like Ricabal fight cancer. She was diagnosed with Ewing's sarcoma in 2013 and has undergone extensive treatments at BayCare's St. Joseph's Children's Hospital in Tampa. [Courtesy of BayCare]
  3. The Iron Yard coding academy to close in St. Petersburg


    ST. PETERSBURG — The Iron Yard, a code-writing academy with a location in downtown St. Petersburg, will close for good this summer.

    Instructors (from left) Mark Dewey, Jason Perry, and Gavin Stark greet the audience at The Iron Yard, 260 1st Ave. S, in St. Petersburg during "Demo Day" Friday, Oct. 7, 2016, at The Iron Yard, which is an immersive code school that is part of a trend of trying to address the shortage of programmers.  The academy is closing this summer.  [LARA CERRI   |   Times]
  4. Florida's unemployment rate drops for fourth straight month


    Unemployment in Florida hit a 10-year low in June, clocking in at 4.1 percent, down from 4.3 percent in May. The state added 19,400 jobs over the month, and saw growth in most industries. But there's one glaring missing piece to the economic recovery puzzle: wage growth.

    Florida's unemployment level dropped to 4.1 percent in June from 4.3 percent in May. |  [Times file photo]
  5. Is sinkhole damage sinking Tampa Bay property values?

    Real Estate

    On a scale of desirability, the house for sale on Whittner Drive in Land O' Lakes would rank fairly low. It's a short sale; it sits on an unstabilized sinkhole and it's within a few miles of two houses that collapsed into a gargantuan hole July 14.

    A gated community in Hernando's Spring Hill area, Pristine Place has long been susceptible to sinkholes with nearly a third of its houses with documented sinkhole damage by 2012. Today, however, many houses with repaired sinkhole damage are selling for more than houses without any issues. [WILL VRAGOVIC   |   Times file photo]