In Maryland, nearly 8 out of every 100 households in 2014 had assets topping $1 million, giving the state more millionaires per capita than any other in the country, according to a new report from Phoenix Marketing International.
The rest of the Beltway isn’t lacking in millionaires either: The District and Virginia ranked in the top 10 among those with the highest number of millionaire households per capita in 2014. In Virginia, which was No. 6 on the list, 6.76 percent of the state’s 3.17 million households are millionaires. And in the District, which rounds out the top 10, 6.25 percent of its more than 292,000 households are millionaires.
(D.C. region’s population could hit 7.5 million by 2030)
In 2013, D.C., Maryland, and Virginia also all landed in the top 10, with Maryland topping the list. (In 2013, 7.7 percent of Maryland’s households were millionaires, compared with 7.67 percent in 2014.)
The rankings aren’t all that surprising. Census data in 2011 found that seven of the nation’s richest counties were located in the Washington region, with Loudoun and Fairfax ranking first and second, respectively. Maryland had the nation’s highest household income, and Virginia was ninth.
The wealth in this highly educated region is indicative of an economy supported by the federal government and its contractors, which allowed the area to weather the recession better than most in the country.
The Phoenix Marketing International report catalogs the number of millionaire households per state from 201o to 2014. Read it in its entirety here.