Commodity Online
NEW YORK: The number of millionaires in USA is dwindling according to a study by Phoenix Affluent Marketing Service, a Phoenix Marketing International practice. It announced that the number of millionaires in the U.S. has declined by 14% over the past two years. Additionally the Phoenix data shows that Hawaii again leads the nation in the percent of millionaires per overall population.
Phoenix's annual market sizing analysis and aggregate wealth rankings shows that approximately 6.4% of Hawaii's households are millionaires, leading the nation for the second year in a row. Phoenix defines a millionaire household as one with $1 million or more in investable or liquid assets (excluding sponsored retirement plans and real estate).
Rounding out the top five states in millionaires per population are Maryland (6.3%), New Jersey (6.2%), and Connecticut (6.2%). These states maintained their order of ranking from 2008. Virginia (5.5%) cracked the top five in 2009, up from 6th in 2008, while Massachusetts (5.4%) came in 6th in 2009, down from 5th in the previous year.
"While the top states in millionaire percentages were little changed from the previous year, overall, the market downturn has taken its toll on the ranks of millionaires in most states," says David Thompson, Managing Director of the Phoenix Affluent Market. "Since June of 2007, we estimate that the number of millionaires nationally has declined by 14%," notes Thompson. Phoenix estimates that there are now about 5.1 million households in the U.S. that qualify as millionaires, down from nearly six million two years ago.
(Courtesy: PRWeb)
