Here’s some good news for Marylanders: We’re rich!
Well, not all of us. Certainly not the blogger currently disseminating this information. But a lot of us are rich. Very rich. So rich that, get this: Maryland, for the first time, now has more millionaires per total households than any other state in the country.
Really. I’m not making this up. Even the Washington Examiner says so. At the same time I’m telling you how rich we are, there is probably a great deal of self-loathing unfolding in Hawaii because people there have been the richest in the country since 2008. (They still have better scenery, though.)
So how rich are we?
According to Phoenix Marketing International, a global marketing firm, 7.22 percent of Maryland households are millionaires. Hawaii: 7.21 percent. Yes, I realize how close this competition is. But think about how far we’ve come: In 2006, Maryland millionaires made up 6.21 percent of households.
It’s rather obvious to anyone who lives in the region that our economy benefits from the mostly stable, well-paying jobs connected to the government — whether they be in law firms, contracting firms, research facilities, or biotech companies. There is a good number of private equity firms around here, too. The state once even had a special tax for millionaires.
But the news about Maryland’s moneybags (referring to liquid assets) comes as the country is grappling with questions about the widening wealth gap between the rich and everyone else. The Occupy Wall Street movement is simmering in downtown D.C. — and around the country. And the haves and the have-nots have never been more far apart, as this terrific series from The Washington Post explained earlier this year.
So, is this news about Maryland’s wealth actually good or bad? Are you a millionaire? If so, tell us how you did it!