US (investable) millionaires by state

[kgtest]

Would be interesting to see a pie of each state's % of earners below poverty. Then we also see the worst of the worst alongside the best of the best. To me that is more interesting. If you are a millionaire in my state you've essentially accomplished what 9/10 other people could not.



I wonder though...for DF in his situation, he holds all the assets for him and DM. So Mom looks very poor in terms of investments, dad looks very rich...but if you combine them, they even out a bit.


EDIT: nevermind, this chart is labelled HH so that is the entire house's assets.

[Rianne]

Yikes, 6.2% in Illinois? That seems unreal considering Chicago and suburbs. I'd think the % would be much higher.

[braumeister]

Quote:

Originally Posted by Mr._Graybeard Hm. Where do old Army/Air Force officers go to retire?

It varies widely, but my guess is that many of them head for states that don't tax their military retired pay.

States that Do & Don’t Tax Military Retirement Pay

Scroll down on this page and you can see a map with the number by state:
States Compete for Military Retirees

[COcheesehead]

Quote:

Originally Posted by Mr._Graybeard I think the St. George area is also attracting a lot of snowbirds.

Yep, agree.

[bobandsherry]

Quote:

Originally Posted by Mr._Graybeard Hm. Where do old Army/Air Force officers go to retire? My uncle enlisted in the Army at 16 (a long time ago, early 1930s) and retired an Air Force major. His first move after the service was to a place within commuting distance to DC, because he'd landed a job doing business with the Pentagon.

Based on my neighbors and friends around me, Florida would be my answer.

[bobandsherry]

Quote:

Originally Posted by kgtest Would be interesting to see a pie of each state's % of earners below poverty. Then we also see the worst of the worst alongside the best of the best. To me that is more interesting. If you are a millionaire in my state you've essentially accomplished what 9/10 other people could not.

Not a pie, but does this help?



Population Below Poverty Level by U.S. State - FactsMaps

[Surewhitey]

Quote:

Originally Posted by ER Eddie I'm in a poor state, so I'm one of the elite. Woohoo. Doesn't really matter. Compared to most people who've ever lived, we are incredibly fortunate. Even up to 100 years ago, the vast majority of people lived in complete poverty. Even most of our poor people are well off, compared to most poor people in the world.

We live in complete poverty when we are not on vacation...

[Mr._Graybeard]

Quote:

Originally Posted by bobandsherry Based on my neighbors and friends around me, Florida would be my answer.

Obviously, they can retire anywhere they want. I've always heard that San Diego and South Carolina are popular with retired Navy veterans, although I have nothing empirical to back that up.

But the topic is millionaire career military veterans, which suggests a pretty elite rank. Here's the prospects for many of them, according to a 2010 Boston Globe story:

"From 2004 through 2008, 80 percent of retiring three- and four-star officers went to work as consultants or defense executives, according to the Globe analysis. That compares with less than 50 percent who followed that path a decade earlier, from 1994 to 1998."

If they're working for Raytheon, based in Bethesda, MD, or General Dynamics or Northrup Grumman, both of Falls Church, VA, they'd be retiring to the DC area if they want to be close to their j*bs. Of course, other big defense contractors are based far from DC, but the contracts are coming out of the Pentagon.

On the other hand, a few ex-generals open ski lodges in Vermont, and then it doesn't snow. That's when Bing holds a telethon.

https://www.youtube.com/watch?v=HM8SQQ5Vneo

[HFWR]

“Investible assets” as defined here would exclude lots of “millionaires next door” types, with assets in real estate, equipment, and inventory, as well as “good will”...

[NW-Bound]

Quote:

Originally Posted by bobandsherry Not a pie, but does this help? Population Below Poverty Level by U.S. State - FactsMaps

See how people get poorer as you go down in latitude, from the northern states to the southern ones. Keep going, and one sees how people do in countries near the equator.

The same general trend happens in Europe and Asia. I am sure this phenomenon has been observed, and treatises written on it. Is it because when you worry about freezing your buns off in the winter you have to save in order to have enough to keep them warm?

[braumeister]

Quote:

Originally Posted by NW-Bound See how people get poorer as you go down in latitude, from the northern states to the southern ones. Keep going, and one sees how people do in countries near the equator.

Yeah, those Canadians are just rolling in dough, eh?

(Well, some Vancouverites are, I guess.)

[NW-Bound]

I would think the Canucks in general would do at least as well as the middling US states, and better than the poorest ones.

Thought of it some more. It may be that poor people can't survive in the colder states, so they move down south.

And as the Canadians are stuck above the 49th parallel, well...

[GravitySucks]

Quote:

Originally Posted by USGrant1962 Not a surprise that Maryland is number one per capita. Think of the Capital in The Hunger Games.

Thanks!

[Cayman]

Quote:

Originally Posted by NW-Bound See how people get poorer as you go down in latitude, from the northern states to the southern ones. Keep going, and one sees how people do in countries near the equator. The same general trend happens in Europe and Asia. I am sure this phenomenon has been observed, and treatises written on it. Is it because when you worry about freezing your buns off in the winter you have to save in order to have enough to keep them warm?

Yes, and brain bake. The sun's mighty warm as you go down in latitude.

[scrabbler1]

Quote:

Originally Posted by joeea Hmm, I wonder how that compares to the population of each state? Go figure - states with higher populations tend to have more millionaires! Who'd a thunk it?

This was my first thought, too. As a quick way to remember the rough ranking of state populations, at least for the more populated states, I think about their U.S. House representation (based on 2010 census). The only high-population state which stuck out a lot in terms of being well above its relative U.S. House representation was New Jersey, as it is only 11th in representation but 7th on the pie chart. Virginia was also well above its relative congressional representation.

[gerntz]

Quote:

Originally Posted by braumeister The number will be growing rapidly, thanks to the tech sector. I just read in The Economist that the median salary at Facebook is $240K, and $200K at Alphabet.

Don't know why you say that. Numbers working in tech at high salaries aren't that great compared to overall population.

[gerntz]

Quote:

Originally Posted by bobandsherry Not a pie, but does this help? Population Below Poverty Level by U.S. State - FactsMaps

Gov. poverty numbers fail to account for all the income support sources such as subsidized housing & whatever food stamps are called today. Perhaps I'm missing it, but I don't see numbers for DC & they are part of the population.

[JoeWras]

Quote:

Originally Posted by gerntz Don't know why you say that. Numbers working in tech at high salaries aren't that great compared to overall population.

It is kind of like saying US salaries will go up because of actor salaries.

A lot of the salaries quoted are for narrow segments of people who hit it right with the hot company, or are superstars, or include stock bonuses for a company with highly appreciating stock (i.e. Facebook).

The majority of tech workers are not in those positions.

[corn18]

[Dtail]

Quote:

Originally Posted by NW-Bound I would think the Canucks in general would do at least as well as the middling US states, and better than the poorest ones. Thought of it some more. It may be that poor people can't survive in the colder states, so they move down south. And as the Canadians are stuck above the 49th parallel, well...

Yeah if one is living in the streets, might as well be a warmer place.