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Rather, he dollar-cost averages into cheap funds and index funds and holds them forever in tax-advantaged accounts. 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. Unfortunately for millionaires and non-millionaires alike, Michigan is not tax-friendly. New Hampshire's high concentration of millionaires hinges on Concord and Laconia. The Empire State's average sales tax rate is the 10th-highest in the country. Connecticut TheBloomberg's Billionaire Index lists the richest people on Earth, who have a net worth starting at $4.16 billion. Rich people not your cup of tea? 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. However, it remains to be seen what happens to their ranks amid an historic crash in oil prices. 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. Fortunately, for rich and not-so-rich alike, Idaho's overall cost of living is 7.5% below the national average. Kiplinger is part of Future plc, an international media group and leading digital publisher. State income tax doesn't exist; in fact, the government actually pays residents. 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. Billionaires U.S. billionaires 1990-2020 U.S. billionaires 1990-2020 Number of billionaires in the United States from 1990 to 2020 Distribution of billionaires in the U.S. by gender 2022. 10 Health and Pharmaceutical Companies Fighting the COVID-19 Coronavirus. (Image: Atlanta Business Chronicle ) When you click through real estate links on our site, we earn an affiliate commission. Published 23 January 23. The state's tobacco and alcohol taxes take a noticeable bite as well. Households with more than $1 million in investable assets. This is the first time in history that the majority of members are millionaires. Sure, median income is below the national level, but the cost of living is 11.2% below the national average. Wealthy and notable Jekyll residents included the Crane family, the Pulitzers, Morgans, Vanderbilts, Rockefellers, and Goodyear clan to name but a few. The ranking includes 2,153 people who have a combined wealth of $8.7. World-class ski resorts and luxury shopping are the main draw. Architectural and engineering managers, CEOs and pharmacists have some of the highest average salaries in the state. Seattle, which is one of America's fastest-growing cities, also is one of the most expensive. Athletes and sports competitors, surgeons and CEOs are among the state's best-paid residents. 2023 Cox Media Group. More than 50% of millionaires live in a neighborhood where the average household income is below $75,000 a year. The consent submitted will only be used for data processing originating from this website. He is chairman, president, and CEO of Chick-fil-A. Although sales taxes in Vermont are modest, it's an expensive place to own a home (as well as heat it). The state has no state income tax, so Social Security benefits and other forms of retirement income get a free ride. The Volunteer State has no broad-based income tax. 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. Low costs are great, but there's not as much to like when it comes to paying taxes. And median home prices are more than a third less expensive than the national level. Of the 3.8 million households, there are 211,662 millionaire households in the state, which means about 5% of Georgians are millionaires. Connecticut's Stamford metro area, which includes Norwalk and Bridgeport, has the fourth-highest concentration of millionaires in the U.S. For the second year in a row, New Jersey is the top spot for millionaires per capita in the U.S. Like Connecticut, New Jersey has a high concentration of millionaires largely thanks to its proximity to New York City. The 9.9% rate is applied to taxable income over $125,000 ($250,000 for married couples filing jointly), and the lowest bracket is already 5%. Steep local income levies make Maryland a decidedly tax-unfriendly state. Feel free to check out some more reading about Georgia: Population: 12,833Rank Last Year: 1 (No Change)Median Income: $110,253Unemployment Rate: 2.3%Poverty Rate: 3.6%More on Braselton: Real Estate|Photos, Population: 5,093Rank Last Year: Median Income: $77,509Unemployment Rate: 0.0%Poverty Rate: 2.8%More on Temple: Real Estate|Photos, Population: 7,615Rank Last Year: 4 (Up 1)Median Income: $94,189Unemployment Rate: 3.0%Poverty Rate: 2.0%More on Tyrone: Real Estate|Photos, Population: 9,194Rank Last Year: 3 (Down 1)Median Income: $83,100Unemployment Rate: 1.0%Poverty Rate: 5.2%More on Flowery Branch: Real Estate|Photos, Population: 51,103Rank Last Year: 5 (No Change)Median Income: $97,868Unemployment Rate: 2.2%Poverty Rate: 6.2%More on Dunwoody: Real Estate|Photos, Population: 82,068Rank Last Year: 6 (No Change)Median Income: $133,948Unemployment Rate: 3.6%Poverty Rate: 3.6%More on Johns Creek: Real Estate|Photos, Population: 7,066Rank Last Year: 9 (Up 2)Median Income: $72,835Unemployment Rate: 2.0%Poverty Rate: 2.8%More on Bremen: Real Estate|Photos, Population: 33,857Rank Last Year: 7 (Down 1)Median Income: $92,648Unemployment Rate: 3.3%Poverty Rate: 5.6%More on Woodstock: Real Estate|Photos, Population: 40,487Rank Last Year: 8 (Down 1)Median Income: $136,020Unemployment Rate: 4.2%Poverty Rate: 4.3%More on Milton: Real Estate|Photos, Population: 37,867Rank Last Year: 2 (Down 8)Median Income: $103,374Unemployment Rate: 3.4%Poverty Rate: 6.8%More on Peachtree City: Real Estate|Photos. Rollins' brother, Gary Rollins, has a net worth of $3.7 billion. 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. 2. Taxes more than make up for higher prices, however. Oklahoma has one of the highest combined sales tax rates in the nation, at an average of 8.94%. Heck, Texas is so big it not only has two of the smallest towns with the most millionaires in the U.S. Andrews and Fredericksburg but it's also home to two of the cheapest U.S. metro areas in which to live. 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. Georgia counties ranked by per capita income. Property taxes are low in the Natural State, but sales taxes are tied with Tennessee for highest in the country. Affordability is the main factor. The Golden State is home to the most millionaires in the nation, at more than 1 million households, and claims four of the top 10 metro areas with the highest concentrations of millionaires. 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. Acts of conspicuous consumption, on the other hand, can rack up payments to local authorities. Cathy is theson of Truett Cathy, the founder of Chick-fil-A. John Menard, Jr., founder of the Menards home improvement chain, is the state's richest resident with a net worth of $18.8 billion. Wisconsin ranks among Kiplinger's least tax-friendly states, thanks to high income and property taxes. According to the table there are 163,144 millionaires in Georgia, which is down some 7,000 millionaires from 2012. By Karee Venema Indeed, Salina and Pittsburg, Kansas, are two of the cheapest small towns in America. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. Alaska gives each legal resident who has lived in the state for a full year an annual "Permanent Fund Dividend." Together, these inputs enable us to estimate the number of households by investable assets at a national level, Phoenix Marketing International said in its report. New York State has the third-most millionaire households in raw numbers after California and Texas. Published 21 February 23. 5) Dunwoody, GA. James Willamoor via Flickr. Psychiatrists, dentists and CEOs are among the folks earning the highest salaries. By Jeff Reeves The cost of living in the Aloha State is 23.3% higher than the national average. Overall, the cost of living in the Last Frontier is 24.4% higher than the national average. Property taxes are low and sales taxes average. He's reportedly worth $12.6 billion. Housing costs in Ohio are relatively low, but the state's average property tax bill isn't. Millionaires and regular folks alike don't catch much of a break when it comes to giving the state government its cut. Generally speaking, it's a pricey place to live if you're wealthy. Total Money Donated so far is $5 million. . Although New Jersey gives residents a break on income taxes, it brings the hammer down when they buy a home. The cost of living for Illinois is 1.9% below the U.S. average, but taxes can take quite a toll. Were just going to leave this right here: if youre the home to The Masters golf tournament, you better believe you house some crazy rich cities. When people think about Rhode Island and millionaires, Newport and its grand 19th century mansions naturally come to mind. So, if you care about living where there are great jobs and wealthy people, take a look the list below. From Hilton Head Island to the Midlands region to the Blue Ridge Mountains, South Carolina has something for everyone. The tax picture for retirees is a little more mixed, however. His net worth is an astounding $110 billion. North Carolina's tax situation is just so-so. They are (from least affluent to most affluent): Thompson told Patch there are always changes in how the states are ranked and Marylands slippage doesnt necessarily mean the state has fewer millionaires. There are about 22 million millionaires in the U.S. 8.8 % of U.S. adults are millionaires. The average combined rate is 7.63%, according to the Tax Foundation. That makes it easier for everyone along the wage scale to put a roof over their heads. At the other end of the spectrum, Michigan is home to one of the least expensive places to live in the U.S. Indeed, Juneau, the state capital, has the third-highest concentration of millionaire households among the country's "micro" areas. But you don't have to go to Las Vegas to rub elbows with the Silver State's millionaires. The vast expanse of the Gem State claims only about 655,000 households, of which fewer than 34,000 can be considered millionaires. Illinois has a higher concentration of millionaires than the national average, and a million bucks goes a bit farther in the Prairie State than it does in much of the rest of the country. Fortunately, you don't need to be a millionaire to live well. Some are wealthy commuters who make their livings in the Big Apple. Sales taxes are reasonable, too. Data on household incomes and home values are from the U.S. Census Bureau. Arkansas is not tax-friendly. How does your net worth compare to the fortunes of the wealthiest people in Georgia? The Tax Foundation's average combined state and local sales tax rate for Washington is the fourth-highest in the country, as is its gas tax. The best healthcare stocks offer investors a defensive hedge in an uncertain market. And home prices are a dream compared to what the average American pays. Future US, Inc. Full 7th Floor, 130 West 42nd Street, As for the better-paying occupations, managers in finance, marketing and information systems are in the top 20 for average salary. Tamara Gustavson. But not all of New Jersey's millionaires are clustered near the Big Apple. 10 Best Value Stocks for Gritting Out the Downturn. But it's worth noting that the city of Wilmington taxes wages of everyone who lives or works there at 1.25%. Partly that's because Rhode Island is expensive for homeowners. . 33 Major U.S. Companies Hiring Now to Meet Coronavirus Demand. When it comes to paying taxes, the situation for Kentucky residents is mixed. Relatively low prices for housing and transportation help keep the Palmetto State's cost of living under control. They also have a higher ranking in this year's millionaire rankings, jumping four spots from last year. Everything is bigger in Texas. Other notables in the top 10 include Warren Buffett, Mark Zuckerberg and Charles Koch. Chris Hogan, radio host and author of the book "Everyday. On the other hand, sales taxes run high, as do property taxes. However, as Chart 2 illustrates, the vast majority of millionaire tax returns (86 percent) were . The world's richest person, as calculated by Bloomberg, is no surprise: It's Amazon's founder Jeff Bezos. In a year also marked by . 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. Mikheil Lomtadze is a new addition to the list of the world's wealthiest people. We and our partners use cookies to Store and/or access information on a device. Tim Cook - The well know mobile manufactures company apple CEO. Taxable income over $40,000 is taxed at a steep 6.5% tax rate (the top rate of 8.95% is reserved for taxable income over $1,000,000). 11 Best Tech Stocks for the New Coronavirus Norm. Indeed, Maine is one of Kiplinger's least tax-friendly states. Ted Turner - Well know as CNN Founder, Total Money Give away so far for donation is $1 Billion. That's the eighth-highest property tax amount in Kiplinger's U.S. rankings. Ernest Garcia II, who made his fortune in used cars and auto loans, tops the list with a net worth of $6.6 billion. Rank Job Title Average Salary Entry Level Salary # Of People; 1: Vice President, Products & Marketing: $188,884: $132,000: 1,840: 2: Pain Management Physician: Income is close to national levels, but house prices are well below. 11 Best E-Commerce Stocks for Electrifying Returns. There are Georgia cities on our richest cities list that do just that. And, yes, were talking about you Georgia. Georgia is the thirty-third-richest (33rd) state in the United States of America, with a median household income of US$46,007 (2011). The Palmetto State extends some real Southern hospitality, offering a charming collection of income tax breaks. Marketing managers and financial managers tend to do well in SD. The reports authors also said that since the financial crisis, the number of millionaires in the United States has increased by more than 2 million. Los Alamos, New Mexico best known for the world-famous Los Alamos National Laboratory seems like an unlikely place to find a lot of millionaires. 8 Safe High-Yield Dividend Stocks Offering 5% or More. 19 Dividend Aristocrats That Have Gone on Deep Discount. North Carolina has been shaking up its tax structure, switching out graduated income tax brackets for a flat tax and capturing more services with its sales tax. Publisher: Taylor Trade Publishing; Reissue edition (November 16, 2010) According to the authors, most people have it all wrong about how you become wealthy in America. Kapaa, on Hawaii's fourth-largest island of Kauai, and Honolulu have two of the highest concentrations of millionaire households in the U.S. JOHNS CREEK, GA With a median household income of $151,773, 24/7 Wall St. has named Johns Creek as the richest city in Georgia. 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. North Carolina has a lot going for it whether you're a millionaire or not. The Federal Reserve has been aggressive in its rate hiking, and it's likely not done yet. Over the past five years, the number of U.S. millionaires has grown by more than 800,000 and by more than 1.3 million since 2006, according to the report, which found households with at least $1 . Obstetricians/gynecologists and orthodontists are the best-paid professions in the state. "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. With a cost of living 7% lower than the national average, a million dollars goes a bit further in the Peach State than elsewhere. Property taxes are quite low, but sales taxes take a toll. And like Patch on Facebook!). An inheritance tax adds to the state's overall tax burden. Forbes Magazine released its annual list of billionaires, and 14 Georgia residents made the cut. 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. In the Portland metro area the state's most populous region costs are 15% above the national average. And then there are all the folks in the 10-figures club. Housing and groceries are particularly affordable. 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. Might we suggest a job in healthcare in our number one richest city? Cathy is the son of Truett Cathy, the founder of Chick-fil-A. Arkansas might not be bristling with millionaires, but it has the lowest living cost in the U.S., at 14.7% less than the national average. 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. James T. Stephens. The 11 Best Closed-End Funds (CEFs) for 2020. Median home values also are below the national level. Number of millionaires: 8,938 Number of billionaires: 34 Total population: Approximately 3.9 million, according to the US Census Bureau. Tennesseans also tend to keep more of their hard-earned dollars. The downside is that folks there need higher incomes; everything costs more in Alaska because it's so remote. Heck, petroleum engineers are some of the best-paid professionals in the state. The second richest person in the world as listed is Bill Gates, with a fortune of $108 billion. It should come as no surprise that a tropical paradise would be a magnet for millionaires. Other notables in the top 10 include Warren Buffett, Mark Zuckerberg and Charles Koch. However, Social Security benefits are exempted from state income taxes, and property taxes are light. Naturally, Maryland also is one of the most expensive places to live, with a cost of living 18.8% greater than the national average. Well, a couple of things have to fall into place for you. And more than 5% of the state's households can claim millionaire status. Phoenix MI is tracking the effects of the coronavirus pandemic, which could make for a very different landscape going forward. Our state moved up five places since 2017. The Forbes list of billionaires now includes two citizens of Georgia. They also benefit from property taxes that are among the lowest in the country, which helps make Louisiana one of the more tax-friendly states. 11 Monthly Dividend Stocks and Funds for Reliable Income. He is an American businessman as well as philanthropist. After buying his freedom for $50 at the age of 21, he continued to work in the lumberyards until establishing his own lumber business in 1822, as well as dealing coal. But last year, at least, the good times continued to roll. Indeed, a record 6.71% (or 8,386,508 out of 125,018,808 total U.S. households) can now claim millionaire status. Despite inflation and, as a consequence, lower purchasing power, the US dollar is the international selection criterion for millionaires. Mikheil Lomtadze is a new addition to the list of the world's wealthiest people. Here we list the world's most generous philanthropists (with their donations in dollars as they're mostly American) and the foundations they fund, just in case you want to get in touch. That's significant considering that a million bucks sure goes far in some parts of Indiana. The Millionaire Next Door: The Surprising Secrets of America's Wealthy, by Thomas Stanley and William Danko. Like we said earlier, when we set out to identify the richest places in Georgia, we werent sure what wed encounter, but it ended up being some of the best places to live in Georgia. 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. Colorado has a relatively high concentration of millionaire households partly because it's an outdoor recreational paradise. The state's gas tax is now the 11th-highest in the country. New Mexico is a land of stark contrasts when it comes to its millionaire population. 15 Dividend Kings for Decades of Dividend Growth. Published 17 January 23. This is our tenth time ranking the richest cities in Georgia. 8. According to the BEA, South Carolina is 8.9% cheaper than the national average. Six out of 10 millionaires live in a house valued under $500,000. North Dakota, the nation's second-largest oil-producing state after Texas, saw its oil output decline 4.6% from January to February, the most recent available data as of this writing. West Virginia benefits from natural resources such as gas and coal, and it collects significant severance taxes from them. Tiny Oak Harbor, Washington, has one of the highest concentrations of millionaires of any small town in America. David Cheriton, computer scientist and businessman - US$11.1 billion. But there are some locals who made the list. Living costs are based on the Council for Community and Economic Researchs Cost of Living Index and the U.S. Bureau of Economic Analysis. Breckenridge, Glenwood Springs and Boulder punch well above their weights in the millionaire rankings as well. Thanks to low consumer prices and light taxes, Mississippi also is the second-least expensive state. Both median income and home value are well above national averages in Colorado, as is the cost of living, albeit only by 1.9%. Georgia. However, we dont believe that one statistic wholly encompasses what it means to be one of the richest places. The Dow closed higher on the day thanks to strength in healthcare stocks, but notched its longest weekly losing streak since September. And income tax is particularly complicated in Arkansas. 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. Even groceries are taxed (albeit at a lower rate). Unemployment rates and poverty rates in these Georgia cities barely scratches 4.5%. Law professors and podiatrists crack the top 10 jobs with the highest average salaries. With more than 28,000 millionaire households out of 420,830, Rhode Island has a merely in-line concentration of millionaires. Besides the obvious: high paying jobs, safe cities and neighborhoods, gold star schools, and high-end amenities, we know that the one percent like to be catered to on a different level. 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.