It’s no surprise that Massachusetts is a magnet for, and creator of, millionaires with its multifaceted economy and burgeoning industries, cutting-edge technology and prestigious higher-education institutions. But are you aware of how many actually live in our midst? A new study by Phoenix Marketing International shows that out of our 50 fair states and Washington D.C., Massachusetts ranks sixth in millionaire households per capita.
And why not? The amenities are endless, the attractions are historic, beaches are in abundance and mountain ranges are multiple. Massachusetts is a consummate concentration of all things good.
According to the report, the study is based on date per “Sizing estimates provided at the State level as well as by Core-Based Statistical Areas (CBSAs). A Core-Based Statistical Area is comprised of Metropolitan and Micropolitan Statistical Areas,” which in turn are defined as “at least one urbanized area of 50,000 or more population” and “at least one urban cluster of at least 10,000 but less than 50,000 population.”
The Bay State has fluctuated between the fifth and sixth spots every year since 2006 and currently boasts a solid 6.73 percent ratio of millionaires to the commonwealth’s 2,587,868 households.
Rounding out the top five in order are Maryland, New Jersey, Connecticut, Hawaii and Alaska.
Some important items to consider with these states are their actual population, population density and the major metropolitan hubs within their borders. Maryland, New Jersey and Connecticut, for example, are situated around or encompass Washington D.C. and New York City. Hawaii is not nearly as populated as those three, but its reputation as a vacation destination needs no introduction – the perfect place to drop a few bills if you have them.
Alaska, though, has a different feature than the aforementioned. The summers are nice enough but due to its severe winter weather and population lacking to that of even Hawaii, one has to consider its major economic exports. Topping that list, of course, is a good that everyone needs and is willing to pay for: oil and related energy sources.
For its own, densely populated Massachusetts is the location of a multitude of booming industries and trades, is home to bountiful education services, has a deep-rooted history as one of the earliest settlements in the Americas, and was a major hub of immigration – all of which are applicable to capital city Boston and have fostered a locale in which people are often hesitant to leave.
So next time you’re out and about, enjoying all of the lovely luxuries afforded by the Bay State, take a look around. The person you walk by could have a couple extra zeroes tacked on to his or her bank account.
