But you don't have to go to Las Vegas to rub elbows with the Silver State's millionaires. Also like Connecticut, the Garden State is pricey and taxes are high. 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. Well-paid jobs in the finance and insurance industries, as well as the presence of major companies like DuPont (DD (opens in new tab)) and AstraZeneca (AZN (opens in new tab)), help fuel an above-average concentration of millionaire households in Delaware. A levy on stock dividends and interest income from bonds and other investments is being phased out and will be gone by 2022. Cusseta-Chattahoochee County Unified Government, Athens-Clarke County Unified Government (Balance). 2015-2023 Chasing Chains, LLC. At the same time, median and average home prices are well below national levels. 10 Health and Pharmaceutical Companies Fighting the COVID-19 Coronavirus. For 2019, it was 5.4% on income over $8,424. By Express News Service. Take a look at Georgia's richest people: Brown served as president and CEO of Stryker Corp., a medical device and software company, for 32 years before retiring as chairman in 2009. Visit our corporate site. Acts of conspicuous consumption, on the other hand, can rack up payments to local authorities. Folorunsho Alakija: $1.1 billion Alakija is vice chair of Famfa Oil, a Nigerian oil exploration company. On the other hand, Alaska is among the most tax-friendly states in the country. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. 10 Best Value Stocks for Gritting Out the Downturn. Overall, Georgia was No. So what city in Georgia crushed all categories as the richest city? Tyler Perry is America's newest billionaire, according to Forbes. 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. If you're a joint filer, you won't hit the top bracket until your income is over $318,000. Another ray of sunshine: Property taxes as a percentage of home value are the lowest in the U.S. Ebay (EBAY (opens in new tab)) founder Pierre Omidyar, with a net worth of $15.3 billion, is the state's wealthiest person. Where do the millionaires live in Georgia? From Hilton Head Island to the Midlands region to the Blue Ridge Mountains, South Carolina has something for everyone. Editors Note: Data has been updated for 2023. Seniors, however, catch a break. Within the state, you're most likely to find millionaires living in the Phoenix-Mesa-Scottsdale metro area. (Image: Atlanta Business Chronicle ) 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. Through his business activities with the Kazakh fintech firm KASPI, Mr. Lomtadze amassed an estimated fortune of $3.8 billion. Fortunately, you don't need to be a millionaire to live well. By Jeff Reeves How many millionaires are in America and where do they live? 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. No wonder Massachusetts has a cost of living 22% higher than the national average, according to C2ER. James T. Stephens. Indeed, Illinois is one of Kiplinger's top 10 least tax-friendly states. In the list, it says CNN creatorTed Turner has net worth of $2.1 billion. Data on household incomes and home values are from the U.S. Census Bureau. Additionally, Alabama allows folks to deduct their federal income taxes (it's one of just of a handful of states with this break). That makes it easier for everyone along the wage scale to put a roof over their heads. To see which cities are the wealthiest in Georgia for 2023, take a look at the list below. Given the number of major corporation headquarters, it should come as no surprise that CEOs have some of the highest average salaries. Unhappily, taxes and expenses in the Ocean State are on the high side too. The vast expanse of the Gem State claims only about 655,000 households, of which fewer than 34,000 can be considered millionaires. 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. 8 Dirt-Cheap Index Mutual Funds for Thrifty Investors. The 2019 dividend was $1,606. 65 Best Dividend Stocks You Can Count On in 2020. 27 on the list. 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. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. More than 50% of millionaires live in a neighborhood where the average household income is below $75,000 a year. There are 13 billionaires in Georgia. Most states exempt food and drugs from their sales tax, but that's not the case in Illinois. It's one of five states without a general sales tax, and it has relatively low property taxes. There are 1.2 million households in the top 1% of net worth and over 96% are white (1,152,000). Overall, the cost of living in the Yellowhammer State is 13.6% below the national average. But for more modest incomes, the impact is far milder. It's 8.2% less expensive to live in the Tar Heel State than the national average, and Durham is one of the happiest places to live in the U.S., according to the Gallup-Sharecare Well-Being Index. As for taxes, millionaires could do better, but then, they could also do worse. Low costs are great, but there's not as much to like when it comes to paying taxes. Chris Kolmar has been in the real estate business for almost ten years now. When it comes to paying taxes, the situation for Kentucky residents is mixed. Many residents find themselves in the 6.27% income tax bracket, which kicks in on income above only $22,900 for singles and $30,540 for joint filers (2018 brackets). Shipping and agriculture, the state's other major industries, aren't immune to changes in global demand either. Blame Hawaii's remoteness, making pretty much everything more expensive than it would be on the mainland. Our state moved up five places since 2017. Florida is well-known for its absence of a state income tax, which helps put it into Kiplinger's top 10 most tax-friendly states. Marketing managers and financial managers tend to do well in SD. The Beaver State's cost of living is 1.1% higher than the U.S. average. 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. Published 21 February 23. And major state and local taxes are above average, which can add up to a sucker punch for your wallet. Groceries and utilities are a bit pricier in the Sunshine State, but as a whole, Florida is only 0.6% more expensive than the U.S. average. 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. However, while the Bay State gets dubbed "Taxachusetts," it's perhaps a little exaggerative. "While the total number of high-net-worth households grew, these increases were largely seen in the wealthiest states, reinforcing the broader ongoing wealth-gap issues the country faces," says Carl Uttaro, VP of financial services research at Phoenix MI. New York State has the third-most millionaire households in raw numbers after California and Texas. Just for good measure, we're also providing important tax and cost-of-living information. While many of its residents are moderately wealthy, the Bay State is also home to some of the richest people in America, including billionaires Abigail Johnson, the CEO of mutual fund corporation Fidelity Investments, and Robert Kraft, CEO of Kraft Group and the owner of the New England Patriots NFL team. Continue with Recommended Cookies. Facebook's Mark Zuckerberg has given at least $100 million. And, yes, were talking about you Georgia. For residents of all means, the Land of Enchantment is somewhat tax-friendly, though it's a mixed bag for retirees. You can learn more about the top ten below or skip to the end to see the rankings for all 128 places. Year after year, the Old Line State routinely has one of the highest concentrations of millionaire households of any state in the union. Property taxes are on the high side, and you can only get relief from that if you're a low-income resident. Partly that's because Rhode Island is expensive for homeowners. The Wealth & Affluent Monitor rankings used a combination of data, including information from the Survey of Consumer Finance, which allowed the reports authors to determine the general distribution of households by their level of investable assets. Housing costs in Ohio are relatively low, but the state's average property tax bill isn't. Montana is generally tax-friendly if you're still working. According to the BEA, South Carolina is 8.9% cheaper than the national average. Oregonians face the country's highest income tax bracket. Kiplinger is part of Future plc, an international media group and leading digital publisher. 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. (Those would be Brownsville-Harlingen and McAllen-Edinburg-Mission.). Batten the hatches for continued market tumult without eating high fees with these six Vanguard ETFs and mutual funds. Sales taxes are high (and are applied to groceries), and property taxes are steep, too. The Empire State's average sales tax rate is the 10th-highest in the country. There are Georgia cities on our richest cities list that do just that. More than 5% of Missouri's households have at least $1 million in investable assets. Check out this list of the 10 richest cities in Georgia: 1) Berkeley Lake, GA. wikipedia. And yet, happily, you don't have to be a millionaire to enjoy its many pleasures. The small town of Edwards, for example, is bristling with millionaires thanks to nearby world-class ski resorts such as Vail and Beaver Creek. By Karee Venema Wealthy and notable Jekyll residents included the Crane family, the Pulitzers, Morgans, Vanderbilts, Rockefellers, and Goodyear clan to name but a few. Washington, D.C., has one of the highest concentration of millionaires in the country thanks to its position as the nation's capital. But the tax situation is far more friendly than many people think.

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