He is chairman, president, and CEO of Chick-fil-A. 21 Stocks Warren Buffett Is Selling (And 1 He's Buying). Marcus co-founded Home Depot and was the company's first CEO; he served as Chairman of the Board until retiring in 2002. Here are the top 10 billionaires in Canada, who are at the same time the 10 richest Canadians as of October 2021: David Thomson (and family), media magnate and hereditary peer - US$ 51 billion. Washington, D.C., has one of the highest concentration of millionaires in the country thanks to its position as the nation's capital. Cities on our list like Alpharetta and Milton are the playground of Georgias rich and famous with great parks, amazing golf courses, and posh shopping. Less sunny is the fact that the North Star State hits hard with income tax. The First State is a standout among its East Coast neighbors with no sales tax and low property taxes. Colorado has a relatively high concentration of millionaire households partly because it's an outdoor recreational paradise. The Beehive State runs a flat tax system. Learn about careers at Cox Media Group. And although home values have gone up 6% over the past year, Zillow predicts they will fall 0.9% within the next year. 11 Monthly Dividend Stocks and Funds for Reliable Income. New York State has the third-most millionaire households in raw numbers after California and Texas. Indeed, the median home value in Tennessee is 23% below the national level. It also has the lowest beer taxes in the nation, a nice perk. The feds have arrested two people they say bilked government medical assistance and the nation's opioid crisis for millions through shoddy services and fraudulent billing at their chain of addiction treatment centers in Massachusetts and Rhode Island. 60 . Folorunsho Alakija: $1.1 billion Alakija is vice chair of Famfa Oil, a Nigerian oil exploration company. Residents pay more for housing and utilities, in particular. Property taxes are on the high side, too. The cost of living is 24.7% higher than the U.S. average, according to C2ER. There's a lot to like about Oklahoma for wealthy retirees. The Forbes list of billionaires now includes two citizens of Georgia. Social Security benefits are subject to tax by the state, as are retirement account distributions and pension payouts. The small town of Edwards, for example, is bristling with millionaires thanks to nearby world-class ski resorts such as Vail and Beaver Creek. Axelle/Bauer-Griffin/FilmMagic Georgia ranked 27th on the annual Phoenix Wealth & Affluent Monitor. Given the number of major corporation headquarters, it should come as no surprise that CEOs have some of the highest average salaries. Here are the 27 billionaires from Dallas-Fort Worth that Forbes highlighted in its report, along with their estimated net worth: Alice Walton, $61.8 billion: Daughter of Walmart founder Sam Walton. Although N.H. is a relatively tax-friendly state especially for retirees the high concentration of millionaires contributes to relatively high living costs. Heres how it works. The cost of living for Illinois is 1.9% below the U.S. average, but taxes can take quite a toll. Although New Jersey gives residents a break on income taxes, it brings the hammer down when they buy a home. Agriculture, oil, copper and timber all play an important role in the economy, to say nothing of travel and tourism. Finding the best ETFs to buy in a high-inflation environment can seem like a tall task, but these five picks are a good place to start. $8.1 B. Georgia counties ranked by per capita income. 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. But there are some locals who made the list. Physicians, CEOs and nurse anesthetists are among the state's best-paid jobs. As for taxes, millionaires could do better, but then, they could also do worse. New Hampshire's high concentration of millionaires hinges on Concord and Laconia. In some municipalities, combined state and local sales taxes exceed 10%. As with Virginia, that's partly thanks to its Washington, D.C., suburbs, but the pull of the nation's capital can't take all the credit. 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. She has the largest controlling interest in her father's business. Kennedy is chairman of Cox Enterprises. The state is 3.5% less expensive than the U.S. as a whole. The top 10 states for millionaires in 2018 were: The states with the least number of millionaires were mainly concentrated in the South and Southwest, again with some exceptions. When it comes to where millionaires live in America, the rich keep getting richer. Former New York City mayor Michael Bloomberg has given some $330 million in Covid-19 related funding. Stephen Bisciotti, owner of the NFL's Baltimore Ravens, is the state's richest citizen with a net worth of $4.4 billion. Indeed, a record 6.71% (or 8,386,508 out of 125,018,808 total U.S. households) can now claim millionaire status. Indeed, a record 6.71% (or 8,386,508 out of 125,018,808 total U.S. households) can now claim millionaire status. Psychiatrists, dentists and CEOs are among the folks earning the highest salaries. Heck, the cities of Jonesboro and Conway are among the least expensive places to live in the entire country. 4 Kiplinger, "Millionaires in America 2020: All 50 States Ranked," May 2020. *All figures are compiled by Wealth-X. He is an American businessman as well as philanthropist. You can learn more about the top ten below or skip to the end to see the rankings for all 128 places. The state levy for sales tax is 2.9%, but localities can add as much as 8.30%. By the Council for Community and Economic Research's formula, costs are 14.3% higher in Vermont. He believes the key to finding the right place to live comes down to looking at the data, reading about things to do, and, most importantly, checking it out yourself before you move. Fortunately, for rich and not-so-rich alike, Idaho's overall cost of living is 7.5% below the national average. A long-time financial journalist, Dan is a veteran of SmartMoney, MarketWatch, CBS MoneyWatch, InvestorPlace and DailyFinance. Texas is a place of extremes when it comes to taxes, too. Property taxes are low, too. Medical specialists, CEOs and dentists are among the top-paid jobs in the state. Fortunately, you don't need to be a millionaire to live well. The farming and food-processing powerhouse of a state has a relatively low cost of living, but Iowa can be tough on residents' wallets when it comes to paying taxes. It also offers a bayou full of tax breaks to retirees. SECURE 2.0 Act Lets Retirees Defer Some Taxes Longer, 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. For the fourth year in a row, UGA raised more than $100 million in private gifts ($110.8 million). Georgia is home to 13 billionaires, according to Forbes' 33rd annual ranking of the world's billionaires released Tuesday. Hawaii exempts Social Security benefits as well as most pension income from state income taxes. But at 13.2%, it has the second-highest concentration of millionaires per capita of any city in the U.S. Millionaires are Married (and Dual-Income) It may surprise many to learn that the majority of taxpayers today are single individuals or heads of household. 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. Wherever they have traveled, they have made an impact. 2023 Cox Media Group. For those looking to attain millionaire status in Kentucky, the folks with the highest salaries are surgeons, anesthesiologists and obstetricians. Here are the facts: Nearly 8 out of 10 (79%) millionaires received no inheritance at all. The average combined rate is 7.63%, according to the Tax Foundation. And rents and mortgages are closing in on triple the national average, making D.C. one of the most expensive cities in the U.S. Many of the country's largest companies, such as ANZ, BHP, Rio Tinto, and Telstra are based in the coastal city, whose affluent suburbs include Brighton and Toorak. . Here are 10 of the richest people in Georgia. Editors Note: Data has been updated for 2023. Farther south, the state capital of Trenton and its metro area that includes tony Princeton has plenty of millionaires, as well. Approximately 13.5 million individuals in the U.S. are millionaires; Financial projections show that there are 1700 new U.S. millionaires every day; Recommended Usage. 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. 1 That's rightthe vast majority of millionaires never received a penny from their parents and are first-generation millionaires who come from middle class or lower-middle class families. Steep local income levies make Maryland a decidedly tax-unfriendly state. How many millionaires are in America and where do they live? Concentration of millionaires: 7.2% Median income for all households: $63,032 (U.S.: $61,937) Median home value: $231,100 (U.S.: $229,700) The Hudson, New York, micro area has emerged as an. James T. Stephens. There are about 62.5 million millionaires globally, a 11.4% increase from 2020. Senate Rejects Secession Bill + Food Frenzy + Buckhead In Creed III, In-Home Elevator Danger + St. Cecilia: Georgias Best Italian Food, Loudermilk Estate Sells For $8.6 Million + The Atlanta Fair Sets Up, 4wk Salsa Dance Class Tuesdays / 4wk Bachata Class Wednesdays in Atlanta, Customer Service / Office Work / No Weekends, Lottery Application Opens For 2023-2024 Pre-Kindergarten, Buckhead Area Pets Who Need A Home: Meet Kitt, Hank & More. 50 Top Stock Picks That Billionaires Love. "The allegations set forth in this case represent one of the most brazen and 8 Dirt-Cheap Index Mutual Funds for Thrifty Investors. Share of millionaire households 1 . 24 Dividend Cuts and Suspensions Chalked Up to the Coronavirus. Virginia: 272,103 8.31% 9 Ohio: 261,157 5.54% 10 Massachusetts: 254,201 9.38% 11 Georgia: 239,287 6.07% 12 In the Peach State, there are 211,662 millionaire households, for a ratio to total households of 5.44 percent, according to the Phoenix Marketing International report that tracks high net-worth households. Thats a lot of Georgia cheddar, folks.Secondly, you have to be a hard worker. Heck, petroleum engineers are some of the best-paid professionals in the state. That puts the state's concentration of millionaires not far off from the national percentage of 6.71%, even as the cost of living in the Keystone State is 2.5% lower than the U.S. average. It also boasts a decent concentration of millionaire households. In total, the team looked at the salary data set for all 5485 jobs in Georgia in order to identify those that get paid the most. According to the table there are 163,144 millionaires in Georgia, which is down some 7,000 millionaires from 2012. New Jersey's property taxes are the highest in America. Rollins' brother, Gary Rollins, has a net worth of $3.7 billion. But be forewarned: Income tax bites hard on higher incomes, with the top rate of 6.5% kicking in on taxable income over $60,000. Philip Anschutz a mogul whose interests span oil, railroads, telecom, real estate and entertainment tops the state's rich list with a net worth of $11.6 billion. Here's a look at the millionaire rankings for all 50 states (plus the District of Columbia), based on the percentage of millionaire households in each. Property taxes are quite low, but sales taxes take a toll. Sure, median income is below the national level, but the cost of living is 11.2% below the national average. But paradise doesn't come cheap. According to the table there are 163,144 millionaires in Georgia, which is down some 7,000 millionaires from 2012. According to the Spectrem Group Market Insights Report, there were 11.8 million Americans in the United States in 2019 with a net worth of at least $ 1 million1. A total of 12 billionaires live in Atlanta with a combined net worth of $55.1 billion. How many millionaires in Georgia? The best healthcare stocks offer investors a defensive hedge in an uncertain market. The cost of living is 12.1% below the national average. Nationwide, the number of U.S. households with more than $1 million in assets rose to 7.7 million in 2018, according to the report. Median income for all households is below the U.S. level, and yet home prices are well above the national median. Investing in Gold: 10 Facts You Need to Know. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. Still, Californians pay high sales taxes, as well as high fuel taxes on all that driving they have to do. If more people are employed, the richer the future looks. Indeed, Juneau, the state capital, has the third-highest concentration of millionaire households among the country's "micro" areas. Indeed, an hour's drive north of Walt Disney World, you'll find The Villages, a sprawling retirement haven with a high percentage of affluent residents. Kapaa, on Hawaii's fourth-largest island of Kauai, and Honolulu have two of the highest concentrations of millionaire households in the U.S. The top white 1% households have a median net worth of $8.3 . Seniors, however, catch a break. The states with the highest number of millionaire households just might surprise you. The Empire State of the South is calling.