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.
“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
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