Maui Business

Hawai‘i Ranks No.4 for Highest Density of Millionaires

February 7, 2018, 8:56 AM HST
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Hawaiʻi was ranked number four in a nationwide list for the places with the highest density of millionaires.

Phoenix Marketing International

According to the annual study released by Phoenix Marketing International, the richest Americans are overwhelmingly concentrated in states that were carried by Democrats in at least three out of the four past presidential elections.

The study forecasts a greater impact on wealthy residents in blue states as a result of the impact of the GOP tax bill, which puts new limits on itemized deductions of state and local income and property taxes, or mortgage interest.

In Hawaiʻi, more than 7.5% of households per capita (36,903 out of 487,708) had investable assets in excess of $1 million, according to the report.

Hawaiʻi previously held the number one ranking in 2010.  In 2017, Hawaiʻi ranked #4 behind #3 Connecticut, #2 New Jersey and #1 Maryland.

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