For the sixth year in a row, Maryland continues to be the state with the highest ratio of millionaire households.
At 7.55 percent in 2016, the state again outpaces the rest of the country, according to the Phoenix Wealth & Affluent Monitor, a Rhinebeck, N.Y., market research firm.
The state saw a decrease from 7.7 percent in 2015. The total number of households in Maryland grew from 2,237,507 in 2015 to 2,254,798 households.
Maryland topped Connecticut, at 7.4 percent, for the top spot again this year. The top 10 states rank as followed; New Jersey, Hawaii, Alaska, Massachusetts, New Hampshire, Virginia, Washington, D.C. and Delaware.
The study shows that while the overall U.S. wealth market has grown, the wealth gap between the upper and middle class continues to widen.
Non-affluent households, which makes up 70 percent of the nation’s households, controls less than 10 percent of the country’s liquid wealth. A non-affluent household, by Phoenix’s definition, is one that has less than $100,000 in investable assets.
Click here to read the rest of the story written by Carley Milligan over at the Baltimore Business Journal