These Are the Best States for Rich Americans, Study Says

These states are ideal for wealthy residents.

The United States is home to an abundance of the world’s super-wealthy, with 620 of the world’s 2,397 billionaires living in America, more than double the 249 in second-place China, and over 40 percent of the world’s millionaires.

However, not every part of the U.S. is the same for the rich.

Keep reading to discover where the richest and poorest Americans live.

A new GOBankingRates study found that there are considerable differences from state to state in terms of the quality of life they could offer the wealthy class.

The study looked at five metrics: property crime rates, quality of school districts as defined by ACT scores, the top state income tax rates, property taxes and the average income for the wealthiest 1 percent of the population. After scoring and weighting the results, the study produced a definitive ranking of all 50 states in how advantageous they are for the wealthy class.

© GOBankingRates.

One conclusion that could be drawn is that more rural states appear to offer a more attractive life for the 1 percent — but not in an entirely consistent fashion.

Four of the top six states for being the best state to live while rich are also among the top 10 states with the lowest population density: Wyoming, North Dakota, South Dakota and Nevada. However, if you think a sparse population always translates to good living when you’re wealthy, think again. New Mexico, the state with the nation’s seventh-fewest people per square mile, ranked last in the study.

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There is also a pattern of “mini-regions” that proved to have similar qualities when it came to life for the wealthy. Connecticut, Massachusetts and Rhode Island all border each other and all finished among the 10 top-ranked states for living in luxury. Likewise, North Dakota and South Dakota, and Virginia and West Virginia each share both a border and a spot on the list of the 10 best states for the wealthy.

Looking at the bottom 10 states, the same is true for the pairings of Alabama and Mississippi, as well as Arizona and New Mexico.

And, while Michigan and Wisconsin don’t technically share a border, they are camped out on either side of Lake Michigan from each other.

Here’s a look at the complete list of the best states for the wealthy class:

  1. Wyoming
  2. South Dakota
  3. Massachusetts
  4. Nevada
  5. West Virginia
  6. North Dakota
  7. Florida
  8. Rhode Island
  9. Virginia
  10. Connecticut
  11. Maryland
  12. California
  13. Colorado
  14. Indiana
  15. Minnesota
  16. New Hampshire
  17. Ohio
  18. Pennsylvania
  19. Texas
  20. New York
  21. Delaware
  22. Montana
  23. Maine
  24. Washington
  25. Oklahoma
  26. Utah
  27. Vermont
  28. New Jersey
  29. Idaho
  30. Illinois
  31. South Carolina
  32. Louisiana
  33. Kansas
  34. Arkansas
  35. Kentucky
  36. Tennessee
  37. Georgia
  38. Alaska
  39. Missouri
  40. Nebraska
  41. Michigan
  42. Alabama
  43. North Carolina
  44. Mississippi
  45. Iowa
  46. Oregon
  47. Arizona
  48. Wisconsin
  49. Hawaii
  50. New Mexico

Click through to see the best and worst states for the middle class.

Methodology: GOBankingRates considered five factors when ranking the best states for the wealthy class: 1) property crime by rate per 100,000 people, sourced from the FBI; 2) average ACT scores as an indicator of school performance, sourced from the ACT; 3) income tax, sourced from Tax Foundation; 4) average property tax, sourced from Smart Asset;
and 5) average income of the top 1 percent, sourced from the Economic Policy Institute.

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About the Author

Joel Anderson

Joel Anderson is a business and finance writer with over a decade of experience writing about the wide world of finance. Based in Los Angeles, he specializes in writing about the financial markets, stocks, macroeconomic concepts and focuses on helping make complex financial concepts digestible for the retail investor.

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These Are the Best States for Rich Americans, Study Says
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