The Most and Least Successful States

If you could live in a “successful” state, would you?

Some might determine a state’s success by analyzing how its government is run and the economy’s performance. But, what about the people who live in these states? Shouldn’t their financial success also be a factor when determining the most and least successful states in the nation?

At GOBankingRates, we thought so, which is why we surveyed all 50 states and the District of Columbia and ranked them by:

• the average income of the top 1 percent
• the average income of the bottom 99 percent
• the states’ poverty rates
• the percentage of the population in the upper, middle and lower class
• the number of millionaire households
• the ratio of millionaires to total households
• and the number of billionaires

Of course, it would be unwise to assume that just because you live in any of the states that rank higher, you’ll automatically be rich or successful. Or, if you live in a state that scored low, you have a smaller chance of being wealthy. After all, the key to success is different for everyone — your financial success might rely mostly on your hard work, discipline and intelligence, for example.

Still, living in a state that offers families a richer life and boasts a fair share of people who are thriving financially might help you achieve the financial success you’ve always wanted. So, click through to find out if your state is considered one of the most “successful” states in the U.S. — or one of the least “successful.”

51. Mississippi

• Average income of top 1%: $565,813
• Average income of bottom 99%: $33,383
• Number of millionaire households: 40,955
• Ratio of millionaires to total households: 3.63%
• Number of billionaires: 0
• Population in upper class: 14%
• Population in middle class: 49%
• Population in lower class: 36%
• Overall poverty rate: 21.5

Not only is it the state where Americans are earning less than any other state, found a recent GOBankingRates study, but it’s the least successful state in the U.S.

Mississippi actually has more millionaire households than 16 other states. However, it has the smallest ratio of millionaires to total households. And, the average income of the top 1 percent in most of those 16 states is higher than the top 1 percent in Mississippi.

Plus, Mississippi is pulled down to the bottom of the rankings because it has a larger percentage of its population in the lower class than any other state. And, the bottom 99 percent has the lowest average income in the nation.

50. New Mexico

• Average income of top 1%: $593,739
• Average income of bottom 99%: $37,995
• Number of millionaire households: 37,957
• Ratio of millionaires to total households: 4.65%
• Number of billionaires: 0
• Population in upper class: 15%
• Population in middle class: 50%
• Population in lower class: 35%
• Overall poverty rate: 21.3

There’s a big gap between New Mexico’s upper and lower class. In fact, the state ranks No. 1 in the nation for having the greatest inequality between the top and bottom income levels, according to a 2012 Center on Budget and Policy Priorities report. The poverty rate in the state is the second highest on our list, after Mississippi — no wonder why getting out of debt is the biggest cause of financial stress in this state.

49. West Virginia

• Average income of top 1%: $488,634
• Average income of bottom 99%: $34,407
• Number of millionaire households: 29,367
• Ratio of millionaires to total households: 3.82%
• Number of billionaires: 1
• Population in upper class: 14%
• Population in middle class: 53%
• Population in lower class: 33%
• Overall poverty rate: 18.3

Part of the reason West Virginia ranks so low on our list is because it’s the only state where the average income of the top 1 percent is below $500,000. Plus, the percentage of its population that’s in the upper class is smaller than in every state but two — Mississippi and Idaho.

Find Out: Why West Virginia Is the Worst State for Entrepreneurs

48. Arkansas

• Average income of top 1%: $750,101
• Average income of bottom 99%: $36,421
• Number of millionaire households: 43,588
• Ratio of millionaires to total households: 3.73%
• Number of billionaires: 5
• Population in upper class: 15%
• Population in middle class: 52%
• Population in lower class: 33%
• Overall poverty rate: 18.9

Arkansas does have some incredibly successful residents, including Jim Walton and S. Robson Walton, the sons of Wal-Mart founder Sam Walton, reports Forbes.

However, the average income of the bottom 99 percent is among the lowest in the nation. And the large percentage of the state’s population that’s in the lower class pulls Arkansas down in the rankings.

47. Kentucky

• Average income of top 1%: $619,585
• Average income of bottom 99%: $37,371
• Number of millionaire households: 67,068
• Ratio of millionaires to total households: 3.84%
• Number of billionaires: 1
• Population in upper class: 16%
• Population in middle class: 52%
• Population in lower class: 32%
• Overall poverty rate: 19.1

Kentucky does have one billionaire — B. Wayne Hughes, who founded self-storage chain Public Storage, according to Forbes.

However, the state as a whole has only a small percentage of its population in the upper class. And the average income of the bottom 99 percent is among the lowest in the nation.

46. Alabama

• Average income of top 1%: $665,097
• Average income of bottom 99%: $38,854
• Number of millionaire households: 80,138
• Ratio of millionaires to total households: 4.20%
• Number of billionaires: 0
• Population in upper class: 18%
• Population in middle class: 50%
• Population in lower class: 32%
• Overall poverty rate: 19.3

Alabama is one of just seven states without any billionaires. Although it does have more millionaire households than several other states, the percentage of its population that’s in the lower class is larger than in most other states.

45. South Carolina

• Average income of top 1%: $668,739
• Average income of bottom 99%: $36,950
• Number of millionaire households: 76,831
• Ratio of millionaires to total households: 4.15%
• Number of billionaires: 1
• Population in upper class: 17%
• Population in middle class: 51%
• Population in lower class: 31%
• Overall poverty rate: 18

According to Forbes, South Carolina does have one billionaire and a decent number of millionaire households. However, the average income of the bottom 99 percent in the state is among the lowest in the nation, with only five states having lower average incomes.

44. Louisiana

• Average income of top 1%: $859,619
• Average income of bottom 99%: $41,600
• Number of millionaire households: 79,681
• Ratio of millionaires to total households: 4.49%
• Number of billionaires: 1
• Population in upper class: 19%
• Population in middle class: 49%
• Population in lower class: 32%
• Overall poverty rate: 19.8

The state’s only billionaire — Tom Benson — is an example of a true success story. He worked his way up from bookkeeper at a car dealership to the owner of several dealerships, banks, and the New Orleans Saints and Pelicans football and basketball teams, reports Forbes.

Louisiana also has a fair share of millionaire households. However, the average income of the bottom 99 percent is relatively low. And the percentage of its population that’s in the lower class is higher than most states.

43. Tennessee

• Average income of top 1%: $820,373
• Average income of bottom 99%: $40,156
• Number of millionaire households: 101,465
• Ratio of millionaires to total households: 3.99%
• Number of billionaires: 10
• Population in upper class: 17%
• Population in middle class: 51%
• Population in lower class: 32%
• Overall poverty rate:18.3

Tennessee is home to several self-made billionaires, and it has more millionaire households than half of the states. So, it’s certainly possible to be successful and live in Tennessee.

But, this state is near the bottom of our rankings because the average income of the bottom 99 percent in Tennessee is lower than in the majority of states. Plus, nearly a third of its population is in the lower class — not to mention, its poverty rate is relatively high.

42. Arizona

• Average income of top 1%: $784,469
• Average income of bottom 99%: $38,354
• Number of millionaire households: 108,682
• Ratio of millionaires to total households: 4.43%
• Number of billionaires: 9
• Population in upper class: 17%
• Population in middle class: 51%
• Population in lower class: 32%
• Overall poverty rate: 18.2

After New Mexico, Arizona has the greatest income inequality between the top and bottom earners, according to the Center on Budget and Policy Priorities. Although the state has more than 100,000 millionaire households, one-third of its population is in the lower class.

41. North Carolina

• Average income of top 1%: $745,686
• Average income of bottom 99%: $42,162
• Number of millionaire households: 158,447
• Ratio of millionaires to total households: 4.11%
• Number of billionaires: 3
• Population in upper class: 17%
• Population in middle class: 51%
• Population in lower class: 31%
• Overall poverty rate: 17.2

North Carolina is home to only three billionaires, but the state has more millionaire households than nearly three-quarters of the states. Yet, a relatively large lower class population and a low average income among the bottom 99 percent in the state pulls North Carolina down in the rankings.

40. Georgia

• Average income of top 1%: $857,728
• Average income of bottom 99%: $40,095
• Number of millionaire households: 163,144
• Ratio of millionaires to total households: 4.42%
• Number of billionaires: 9
• Population in upper class: 19%
• Population in middle class: 50%
• Population in lower class: 31%
• Overall poverty rate: 18.3

A relatively low average income of the bottom 99 percent in the state pulls Georgia down in our rankings of the most and least successful states. However, it does have a large number of millionaire households, and half of its population is in the middle class.

39. Montana

• Average income of top 1%: $730,864
• Average income of bottom 99%: $42,013
• Number of millionaire households: 18,106
• Ratio of millionaires to total households: 4.30%
• Number of billionaires: 4
• Population in upper class: 17%
• Population in middle class: 53%
• Population in lower class: 31%
• Overall poverty rate: 15.4

Montana has fewer millionaire households than most states and has a relatively low ratio of millionaires to total households.

To encourage success and entrepreneurship in the state, a Montana-based $20 million venture capital fund was announced, according to a 2015 Montana Governor’s Office of Economic Development report.

38. Idaho

• Average income of top 1%: $738,278
• Average income of bottom 99%: $45,254
• Number of millionaire households: 22,379
• Ratio of millionaires to total households: 3.76%
• Number of billionaires: 3
• Population in upper class: 14%
• Population in middle class: 55%
• Population in lower class: 30%
• Overall poverty rate: 14.8

Only a handful of states has fewer millionaire households than Idaho. And the percentage of its population that’s in the upper class is the lowest in the nation — along with Mississippi and West Virginia.

37. Oregon

• Average income of top 1%: $754,431
• Average income of bottom 99%: $40,719
• Number of millionaire households: 70,731
• Ratio of millionaires to total households: 4.54%
• Number of billionaires: 2
• Population in upper class: 18%
• Population in middle class: 52%
• Population in lower class: 30%
• Overall poverty rate: 16.6

Although it has two billionaires — Nike co-founder Phil Knight and Columbia Sportswear CEO Timothy Boyle — according to Forbes, Oregon ranks in the bottom half of states for the number of millionaire households it has. Plus, one-third of the state’s population is in the lower class, and its overall poverty rate is higher here than in over half the states.

36. Michigan

• Average income of top 1%: $834,008
• Average income of bottom 99%: $37,896
• Number of millionaire households: 169,991
• Ratio of millionaires to total households: 4.38%
• Number of billionaires: 11
• Population in upper class: 18%
• Population in middle class: 53%
• Population in lower class: 29%
• Overall poverty rate: 16.2

Seven of Michigan’s 11 billionaires are self-made, reports Forbes. So, success is certainly possible in this state. In fact, personal income has been growing in the state, according to a 2015 University of Michigan report.

35. Oklahoma

• Average income of top 1%: $930,201
• Average income of bottom 99%: $44,849
• Number of millionaire households: 62,233
• Ratio of millionaires to total households: 4.16%
• Number of billionaires: 5
• Population in upper class: 18%
• Population in middle class: 53%
• Population in lower class: 29%
• Overall poverty rate: 16.6

Many, including three of the state’s five billionaires, have achieved success in Oklahoma through the state’s natural gas and oil reserves. However, the gap in average income between the top 1 percent and bottom 99 percent is large.

34. Maine

• Average income of top 1%: $612,494
• Average income of bottom 99%: $41,165
• Number of millionaire households: 26,276
• Ratio of millionaires to total households: 4.69%
• Number of billionaires: 1
• Population in upper class: 17%
• Population in middle class: 55%
• Population in lower class: 28%
• Overall poverty rate: 14.1

Although Maine ranks near the bottom of the nation for the number of millionaire households it has, its poverty rate is lower than half of the states, giving it a little push in these rankings. However, the average income of the top 1 percent is one of the lowest on this list.

33. Nevada

• Average income of top 1%: $1.39 million
• Average income of bottom 99%: $36,169
• Number of millionaire households: 44,437
• Ratio of millionaires to total households: 4.35%
• Number of billionaires: 8
• Population in upper class: 16%
• Population in middle class: 56%
• Population in lower class: 29%
• Overall poverty rate: 15.2

Although the average income of the top 1 percent in Nevada is among the highest in the nation, the state’s bottom 99 percent has the third-lowest average income. Plus, nearly one-third of the state’s population is in the lower class.

32. Indiana

• Average income of top 1%: $717,688
• Average income of bottom 99%: $43,426
• Number of millionaire households: 101,789
• Ratio of millionaires to total households: 4.02%
• Number of billionaires: 4
• Population in upper class: 17%
• Population in middle class: 57%
• Population in lower class: 26%
• Overall poverty rate: 15.2

A relatively small percentage of Indiana’s population is in the upper class, but more than half of its population is in the middle class. In fact, the percentage of the population in the middle class is the third-highest on the list, along with several other states.

31. Florida

• Average income of top 1%: $1.27 million
• Average income of bottom 99%: $36,530
• Number of millionaire households: 348,623
• Ratio of millionaires to total households: 4.57%
• Number of billionaires: 44
• Population in upper class: 16%
• Population in middle class: 52%
• Population in lower class: 33%
• Overall poverty rate: 16.5

Despite a large number of millionaire households and billionaires, only 16 percent of the population is in the upper class. In fact, Florida has one of the highest percentages of population in the lower class.

30. Missouri

• Average income of top 1%: $833,823
• Average income of bottom 99%: $41,641
• Number of millionaire households: 106,390
• Ratio of millionaires to total households: 4.43%
• Number of billionaires: 6
• Population in upper class: 19%
• Population in middle class: 55%
• Population in lower class: 26%
• Overall poverty rate: 15.5

Although Missouri has less than one-third as many millionaire households as No. 31 Florida, it has fewer strikes against it. A greater percentage of the state’s population is upper class, and the average income of the bottom 99 percent is higher in Missouri than in Florida.

29. Ohio

• Average income of top 1%: $752,582
• Average income of bottom 99%: $42,391
• Number of millionaire households: 204,121
• Ratio of millionaires to total households: 4.41%
• Number of billionaires: 6
• Population in upper class: 20%
• Population in middle class: 54%
• Population in lower class: 26%
• Overall poverty rate: 15.8

The percentage of Ohio’s population that is upper class is higher than more than half of the other states. Plus, it has one of the highest number of millionaire households in the nation — yet, one of the lowest ratios of millionaires to total households.

28. Vermont

• Average income of top 1%: $735,607
• Average income of bottom 99%: $45,719
• Number of millionaire households: 13,630
• Ratio of millionaires to total households: 5.26%
• Number of billionaires: 0
• Population in upper class: 19%
• Population in middle class: 55%
• Population in lower class: 26%
• Overall poverty rate: 12.2

Vermont has the third-fewest millionaire households — but it has a small population, which increases its ratio of millionaires to total households. Although it doesn’t have any billionaires, Vermont has one of the lowest poverty rates in the nation.

27. Rhode Island

• Average income of top 1%: $884,609
• Average income of bottom 99%: $47,545
• Number of millionaire households: 22,845
• Ratio of millionaires to total households: 5.53%
• Number of billionaires: 1
• Population in upper class: 23%
• Population in middle class: 51%
• Population in lower class: 26%
• Overall poverty rate: 14.3

The smallest state has one of the largest percentages of upper-class residents in the nation. However, it has fewer millionaire households than all but nine states.

26. Kansas

• Average income of top 1%: $981,279
• Average income of bottom 99%: $50,367
• Number of millionaire households: 54,266
• Ratio of millionaires to total households: 4.81%
• Number of billionaires: 2
• Population in upper class: 20%
• Population in middle class: 55%
• Population in lower class: 25%
• Overall poverty rate: 13.6

Kansas has a higher percentage of upper-class residents than half of the states. And the top 1 percent in the state boasts a higher average income than the top 1 percent in 31 other states.

Yet, it ranks in the bottom half of this ranking of the most and least successful states partly because of the number of millionaire households it has.

25. Wisconsin

• Average income of top 1%: $888,121
• Average income of bottom 99%: $46,669
• Number of millionaire households: 106,647
• Ratio of millionaires to total households: 4.61%
• Number of billionaires: 9
• Population in upper class: 19%
• Population in middle class: 57%
• Population in lower class: 24%
• Overall poverty rate: 13.2

Several of Wisconsin’s billionaires inherited their fortunes, reports Forbes. Despite the large number of millionaire households in this state, its ratio of millionaires to total households is middling.

24. Pennsylvania

• Average income of top 1%: $926,051
• Average income of bottom 99%: $45,781
• Number of millionaire households: 265,350
• Ratio of millionaires to total households: 5.24%
• Number of billionaires: 10
• Population in upper class: 19%
• Population in middle class: 54%
• Population in lower class: 27%
• Overall poverty rate: 13.6

Only five states have more millionaire households than Pennsylvania. However, there’s a big income disparity between Pennsylvania’s top 1 percent and bottom 99 percent.

Although fortunes in the state grew with the boom in natural gas production, the decline in energy prices has led to a downturn in parts of the state, the Wall Street Journal reports.

23. South Dakota

• Average income of top 1%: $1.02 million
• Average income of bottom 99%: $53,213
• Number of millionaire households: 14,553
• Ratio of millionaires to total households: 4.37%
• Number of billionaires: 1
• Population in upper class: 20%
• Population in middle class: 57%
• Population in lower class: 23%
• Overall poverty rate: 14.2

The average income of the top 1 percent in South Dakota is higher than in most states, as is the average income of the bottom 99 percent. However, the relatively small number of millionaire households in the state pulls South Dakota down in the rankings.

22. Texas

• Average income of top 1%: $1.3 million
• Average income of bottom 99%: $48,350
• Number of millionaire households: 456,949
• Ratio of millionaires to total households: 4.89%
• Number of billionaires: 48
• Population in upper class: 20%
• Population in middle class: 50%
• Population in lower class: 31%
• Overall poverty rate: 17.2

Only two states have more billionaires than Texas. And only one state has more millionaire households. However, Texas has one of the greatest gaps between the rich and poor in the nation, ranking among the top 10 states for income inequality.

21. Utah

• Average income of top 1%: $940,662
• Average income of bottom 99%: $50,367
• Number of millionaire households: 45,393
• Ratio of millionaires to total households: 4.95%
• Number of billionaires: 1
• Population in upper class: 16%
• Population in middle class: 59%
• Population in lower class: 25%
• Overall poverty rate: 11.7

Utah has only one billionaire. Although it has fewer millionaire households than more than half of the states, this state has a relatively small percentage of its population in the lower class, helping it rank higher in this list.

20. Iowa

• Average income of top 1%: $714,758
• Average income of bottom 99%: $51,248
• Number of millionaire households: 58,095
• Ratio of millionaires to total households: 4.69%
• Number of billionaires: 1
• Population in upper class: 20%
• Population in middle class: 57%
• Population in lower class: 23%
• Overall poverty rate: 12.2

A relatively low poverty level and a relatively high average income among the bottom 99 percent help pull Iowa up in the rankings. However, the average income of the top 1 percent is lower compared to most other states.

19. Delaware

• Average income of top 1%: $768,109
• Average income of bottom 99%: $48,371
• Number of millionaire households: 21,679
• Ratio of millionaires to total households: 6.20%
• Number of billionaires: 0
• Population in upper class: 22%
• Population in middle class: 54%
• Population in lower class: 24%
• Overall poverty rate: 12.5

Delaware has one of the smallest numbers of millionaire households in the nation — but that’s because of its small population. This state actually has one of the highest ratios of millionaires to total households, which helps pull it up in our rankings.

18. Illinois

• Average income of top 1%: $1.2 million
• Average income of bottom 99%: $48,684
• Number of millionaire households: 270,414
• Ratio of millionaires to total households: 5.54%
• Number of billionaires: 17
• Population in upper class: 21%
• Population in middle class: 52%
• Population in lower class: 27%
• Overall poverty rate: 14.4

Most of the billionaires in Illinois prove you can make your own success. According to Forbes, 12 of the 17 billionaires here created their own fortune rather than inheriting it.

However, the income disparity is among the highest in the nation, according to the Center on Budget and Policy Priorities.

17. Nebraska

• Average income of top 1%: $872,892
• Average income of bottom 99%: $57,076
• Number of millionaire households: 34,916
• Ratio of millionaires to total households: 4.74%
• Number of billionaires: 2
• Population in upper class: 20%
• Population in middle class: 57%
• Population in lower class: 23%
• Overall poverty rate: 12.4

Nebraska might not have a large number of millionaire households compared with the rest of the states. But it is home to the world’s third wealthiest person and one the most successful investors of all time — Warren Buffett.

Plus, the average income of the bottom 99 percent is among the highest. The percentage of the population in Nebraska that’s in the lower class is lower than in most states, too.

16. Washington

• Average income of top 1%: $1.1 million
• Average income of bottom 99%: $50,372
• Number of millionaire households: 155,668
• Ratio of millionaires to total households: 5.74%
• Number of billionaires: 13
• Population in upper class: 22%
• Population in middle class: 53%
• Population in lower class: 25%
• Overall poverty rate: 13.2

Most of Washington’s billionaires are self-made, including the world’s richest man — Microsoft founder Bill Gates, according to Forbes. Other Washington billionaires whose names you might recognize include Amazon founder Jeff Bezos, Los Angeles Clippers owner Steve Ballmer, Microsoft co-founder Paul Allen and Starbucks CEO Howard Schultz, reports Forbes.

15. Colorado

• Average income of top 1%: $1.1 million
• Average income of bottom 99%: $54,809
• Number of millionaire households: 113,914
• Ratio of millionaires to total households: 5.54%
• Number of billionaires: 10
• Population in upper class: 22%
• Population in middle class: 54%
• Population in lower class: 24%
• Overall poverty rate: 12

The percentage of upper-class residents in Colorado is higher than in most states. Plus, Colorado’s economy has been growing at a faster pace than all but three states, according to the Bureau of Economic Analysis’ first quarter 2016 report on gross domestic product by state.

14. Hawaii

• Average income of top 1%: $690.073
• Average income of bottom 99%: $51,033
• Number of millionaire households: 33,520
• Ratio of millionaires to total households: 7.18%
• Number of billionaires: 1
• Population in upper class: 17%
• Population in middle class: 60%
• Population in lower class: 23%
• Overall poverty rate: 11.4

Hawaii has only one billionaire, and it has a relatively small number of millionaire households compared with other states. But, the state’s ratio of millionaires to households is the fourth highest in the nation.

13. New York

• Average income of top 1%: $2 million
• Average income of bottom 99%: $44,163
• Number of millionaire households: 429,153
• Ratio of millionaires to total households: 5.79%
• Number of billionaires: 93
• Population in upper class: 19%
• Population in middle class: 49%
• Population in lower class: 32%
• Overall poverty rate: 15.9

New York has the second-highest number of billionaires in the nation, and the third most millionaire households. More than half of the state’s wealthiest people made their money through finance and investments, and 78 of them live in the Big Apple, reports Forbes.

However, the state’s large percentage of low-income residents pulls it down in the rankings.

12. Minnesota

• Average income of top 1%: $1.04 million
• Average income of bottom 99%: $52,689
• Number of millionaire households: 118,410
• Ratio of millionaires to total households: 5.56%
• Number of billionaires: 5
• Population in upper class: 24%
• Population in middle class: 55%
• Population in lower class: 21%
• Overall poverty rate: 11.5

A low poverty rate and a relatively high average income among the bottom 99 percent in the state help Minnesota edge out New York in the rankings — even though it has fewer millionaire households and billionaires.

11. Wyoming

• Average income of top 1%: $2.12 million
• Average income of bottom 99%: $52,196
• Number of millionaire households: 12,058
• Ratio of millionaires to total households: 5.20%
• Number of billionaires: 9
• Population in upper class: 21%
• Population in middle class: 55%
• Population in lower class: 24%
• Overall poverty rate: 11.2

Wyoming actually has the fewest number of millionaire households in the nation. But, it’s home to nine billionaires, some of whom made their fortune and some of whom inherited it, reports Forbes.

The average income of the top 1 percent in Wyoming is higher here than in all states but one.

10. Virginia

• Average income of top 1%: $987,607
• Average income of bottom 99%: $55,743
• Number of millionaire households: 208,187
• Ratio of millionaires to total households: 6.64%
• Number of billionaires: 5
• Population in upper class: 26%
• Population in middle class: 51%
• Population in lower class: 24%
• Overall poverty rate: 11.8

Virginia has the eighth-highest number of millionaire households, and one of the highest percentages of upper-class residents in the nation. It also has one of the lowest poverty rates in the nation.

9. North Dakota

• Average income of top 1%: $1.28 million
• Average income of bottom 99%: $61,178
• Number of millionaire households: 13,494
• Ratio of millionaires to total households: 4.59%
• Number of billionaires: 0
• Population in upper class: 25%
• Population in middle class: 56%
• Population in lower class: 19%
• Overall poverty rate: 11.5

Only one state has fewer millionaire households than North Dakota — Wyoming. But, the average income of the bottom 99 percent in North Dakota is higher than in Wyoming and most of the other states. Plus, North Dakota has the smallest percentage of its population in the lower class among all states.

8. Alaska

• Average income of top 1%: $833,117
• Average income of bottom 99%: $63,226
• Number of millionaire households: 18,209
• Ratio of millionaires to total households: 6.75%
• Number of billionaires: 0
• Population in upper class: 25%
• Population in middle class: 53%
• Population in lower class: 22%
• Overall poverty rate: 11.2

Alaska has fewer millionaire households than most states. But, it has one of the highest ratios of millionaires to total households. Plus, the average income of the bottom 99 percent in the state is the highest in the nation, pulling it up in our rankings.

7. California

• Average income of top 1%: $1.41 million
• Average income of bottom 99%: $48,899
• Number of millionaire households: 777,624
• Ratio of millionaires to total households: 6.04%
• Number of billionaires: 124
• Population in upper class: 19%
• Population in middle class: 48%
• Population in lower class: 33%
• Overall poverty rate: 16.4

California has the highest number of millionaire households and billionaires, many of whom built their wealth through the tech industry, according to Forbes.

But California doesn’t rank as the most successful state because it has a much higher percentage of its population in the lower class than any of the other top five successful states. Only two states have a larger percentage of the population in the lower class — Mississippi and New Mexico.

6. Washington, DC

• Average income of top 1%: $1.53 million
• Average income of bottom 99%: $63,100
• Number of millionaire households: 17,378
• Ratio of millionaires to total households: 6.10%
• Number of billionaires: N/A
• Population in upper class: 34%
• Population in middle class: 40%
• Population in lower class: 27%
• Overall poverty rate: 17.7

The average income of the top 1 percent in the nation’s capital is among the highest in the nation. Washington, DC, also has the highest percentage of its population in the upper class.

DC’s economy has been booming since the recession, but its growth has slowed, reported the Washington Post in late 2015.

5. New Hampshire

• Average income of top 1%: $1.01 million
• Average income of bottom 99%: $56,475
• Number of millionaire households: 33,867
• Ratio of millionaires to total households: 6.48%
• Number of billionaires: 1
• Population in upper class: 23%
• Population in middle class: 57%
• Population in lower class: 20%
• Overall poverty rate: 9.2

New Hampshire has only one billionaire, yet the state’s ratio of millionaires to total households is among the highest in the nation. Plus, New Hampshire has the lowest overall poverty rate in the U.S.

4. Massachusetts

• Average income of top 1%: $1.69 million
• Average income of bottom 99%: $56,115
• Number of millionaire households: 174,225
• Ratio of millionaires to total households: 6.73%
• Number of billionaires: 10
• Population in upper class: 28%
• Population in middle class: 49%
• Population in lower class: 23%
• Overall poverty rate: 11.6

Massachusetts has the 10^th-highest number of millionaire households. And a woman — Fidelity Investments CEO Abigail Johnson — is the wealthiest person in the state, according to Forbes.

However, Massachusetts has a greater income inequality between the top and bottom than in most states, according to the Center on Budget and Policy Priorities. Still, the average income of the bottom 99 percent in Massachusetts is higher than in most states. And, it has the second-highest percentage of its population in the upper class among all states.

3. New Jersey

• Average income of top 1%: $1.45 million
• Average income of bottom 99%: $57,447
• Number of millionaire households: 242,647
• Ratio of millionaires to total households: 7.49%
• Number of billionaires: 8
• Population in upper class: 25%
• Population in middle class: 51%
• Population in lower class: 25%
• Overall poverty rate: 11.1

New Jersey’s neighbor, New York, has nearly twice as many millionaire households. But, New Jersey actually has a higher ratio of millionaires to total households — the second-highest ratio on our list, helping it earn the No. 3 spot in this ranking of the most successful states. Not to mention, the average income of the top 1 percent is the sixth highest on this list.

2. Maryland

• Average income of top 1%: $1.02 million
• Average income of bottom 99%: $60,172
• Number of millionaire households: 169,287
• Ratio of millionaires to total households: 7.70%
• Number of billionaires: 8
• Population in upper class: 26%
• Population in middle class: 52%
• Population in lower class: 22%
• Overall poverty rate: 10.1

Maryland has the highest ratio of millionaires to total households of any state. Also, a relatively small percentage of Maryland’s population is low income, and the average income of the bottom 99 percent is among the highest in the nation.

1. Connecticut

• Average income of top 1%: $2.4 million
• Average income of bottom 99%: $56,445
• Number of millionaire households: 100,754
• Ratio of millionaires to total households: 7.32%
• Number of billionaires: 12
• Population in upper class: 27%
• Population in middle class: 50%
• Population in lower class: 23%
• Overall poverty rate: 10.8

The average income of the top 1 percent in Connecticut is the highest in the nation. The state also boasts the third-highest ratio of millionaires to total households. In fact, Southwestern Connecticut is commonly known as the gold coast because such a large percentage of the population there is wealthy.

But even the bottom 99 percent in the state aren’t doing badly. The average income of this percentage of the population is still higher than incomes in most states.

Keep Reading: 10 Financial Habits You Need to Start Today

Methodology: GOBankingRates.com used the Economic Policy Institute’s data (published in June 2016) on the average income of the top 1 percent and bottom 99 percent in each state. Poverty rates are based on figures from PovertyUSA.org. The figures for the percentage of households in each in the upper, middle and lower class are from the Pew Research Center income calculator. The number of billionaires in each state was sourced from Forbes, and the number of millionaire households and ratio of millionaires to total households was sourced from Phoenix Marketing International’s Ranking of U.S. States by Millionaires Per Capita 2006-2013.

About the Author

Cameron Huddleston

Cameron Huddleston is an award-winning journalist with nearly 14 years of experience writing about personal finance. Before joining GOBankingRates, she was a contributing editor for Kiplinger.com and wrote the popular Kip Tips column, which was syndicated in Tribune newspapers nationwide. Her work has appeared on Yahoo!, MSN, AOL Daily Finance and other online and print publications.

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