Ohio’s millionaires list growing faster than other states


Ohio was among a handful of states showing the greatest gains in the number of millionaire households last year, according to the annual Wealth & Affluent Monitor published by New York-based Phoenix Marketing International.

Ohio ranked No. 31 for the number of households in the 50 states and District of Columbia that had $1 million or more in “investable assets” in 2016, up five spots from 2015, according to the report. Utah (No. 17); Michigan (No. 29); and Arizona (No. 30), also climbed five places in the rankings from 2015, joining Ohio as the states with the biggest jump in the rankings.

Households with at least $1 million in investable assets — including retirement accounts, stocks and cash accounts — represented about 5 percent of all households in Ohio last year, according to the report.

RELATED:Personal income grows in Ohio 

Nationwide, nearly 6.8 million U.S. households — approximately 5.5 percent of all U.S. households — had $1 million or more in investable assets last year, representing an increase of about a quarter of a million more households from 2015, the data shows.

Over the past five years, the number of U.S. millionaires has grown by more than 800,000 and by more than 1.3 million since 2006, according to the report, which found households with at least $1 million in investable assets hold about $20 trillion in total liquid wealth, or approximately 59 percent of total liquid wealth in the U.S.

Meanwhile, the wealth gap continues to widen with 1 percent of the wealthiest U.S. households now holding 24 percent of all liquid wealth, while non-affluent households, representing 70 percent of U.S. households, control less than 10 percent of the nation’s liquid wealth, according to the report.

RELATE:Incomes rise for those at the top

“Our research reveals stark geographic, demographic and economic differences within the broad wealth and affluent market, reinforcing the need for more precise segmentation and targeted, relevant messaging,” said Phoenix Marketing’s David Thompson. “The trends we’ve seen over the past 10 years show a deeper and wider wealth divide as families in the near- and emerging affluent segments fall further behind financially.”

The Top 10 states for millionaires, and their share of total households in the state are:

1. Maryland; 7.55 percent

2. Connecticut; 7.4 percent

3. New Jersey; 7.39 percent

4. Hawaii; 7.35 percent

5. Alaska; 7.15 percent

6. Massachusetts; 6.98 percent

7. New Hampshire; 6.82 percent

8. Virginia; 6.64 percent

9. District of Columbia; 6.32 percent

10. Delaware; 6.28 percent

FIVE QUICK BUSINESS READS

REX shares up on ethanol demand

Trump scuttles Obamacare change

Kettering Health to expand medical offices

Student loans hurting retirement

Aetna, Humana merger nixed



Reader Comments ...


Next Up in Business

Documenting growth: O’Neil seeks up to 100 new workers
Documenting growth: O’Neil seeks up to 100 new workers

A year ago, Hernan Olivas was several months into his new role as chief executive of technical documentation and engineering firm O’Neil & Associates. After the unexpected passing of his predecessor, Robert Heilman, Olivas saw his mandate pretty clearly: Raise the revenue bar. Explore revenue possibilities locally, including at Wright-Patterson...
Bada Bing Pizzeria is out, En Fuego is in, owners say
Bada Bing Pizzeria is out, En Fuego is in, owners say

A Facebook post by Bada Bing Pizzeria on Tuesday announced to guests that it would be serving its last slice of pizza on Sunday — but the owner told them to stay tuned for what’s next. What is next? Bada Bing owner Jason Hague said the answer, is a new concept — a restaurant called En Fuego Wood-Fired Tacos. He will own and operate...
Kroger’s new approach to stocking shelves is boosting its earnings
Kroger’s new approach to stocking shelves is boosting its earnings

Shares of Kroger Co. surged Thursday after the company topped Wall Street expectations and gave an upbeat outlook. The grocery store has been making more investments in online offerings while shedding more traditional convenience stores in an effort to become more competitive. Earlier this year it sold its convenience store unit for $2.15 billion and...
What’s next for Bada Bing Pizzeria? Wood-fired tacos, owner says
What’s next for Bada Bing Pizzeria? Wood-fired tacos, owner says

A Facebook post by Bada Bing Pizzeria on Tuesday announced to guests that it would be serving its last slice of pizza on Sunday — but told them to stay tuned for what’s next. What is next? Bada Bing owner Jason Hague said the answer, is a new concept — a restaurant called En Fuego Wood-Fired Tacos. He will operate the restaurant in...
New study lowers chemical water safety standards to Dayton’s current levels
New study lowers chemical water safety standards to Dayton’s current levels

A new study on potentially dangerous substances found in water is coinciding with the city of Dayton’s own recent findings in a startling coincidence. Paul Buszka, a supervisory hydrologist with the U.S. Geological Survey in Indianapolis, pointed to the release Wednesday of a draft study about the risks posed by PFAS substances (polyfluoralkyl)...
More Stories