A long-time financial journalist, Dan is a veteran of SmartMoney, MarketWatch, CBS MoneyWatch, InvestorPlace and DailyFinance. But wait, there's more. Property taxes are the second-lowest in the country, and all homeowners age 65 or older are exempt from state property taxes. To top it off, the cost of living is 9.4% lower than the U.S. average, while median income is higher than the national level. How does your net worth compare to the fortunes of the wealthiest people in Georgia? Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more. And property taxes, particularly in Detroit, are steep. The cost of living in Washington is 7.8% higher than the national average, according to the BEA. Michigan doesn't have the highest concentration of millionaires in the country, but it is certainly well-stocked with billionaires. After we collected the data for all 128 places with more than 5,000 people in Georgia, we ranked each place from 1 to 128 for each of the criteria, with 1 being the richest. Millionaires and other residents deal with some annoyingly high taxes, however. More than a quarter-million of Ohio's 4.7 million households have investable assets of at least $1 million. Property taxes for a $400,000 home in the state would run at an estimated $7,695 per year. Private equity macher Jonathan Nelson is the top earner in the state with a net worth of $1.8 billion. Tiny Oak Harbor, Washington, has one of the highest concentrations of millionaires of any small town in America. First off, you need to find a job that pays on average $100,000/year. Manage Settings But there are. Anesthesiologists, obstetricians and gynecologists are also within the top 10. 83. The Peace Garden State offers modest sales taxes that favor agriculture, and it has cut income taxes to the point that they barely exist. 2023 Cox Media Group. Although living costs are low, Indiana isn't a great state for taxes, whether you're working or retired. Texas is a place of extremes when it comes to taxes, too. While many of its residents are moderately wealthy, the Bay State is also home to some of the richest people in America, including billionaires Abigail Johnson, the CEO of mutual fund corporation Fidelity Investments, and Robert Kraft, CEO of Kraft Group and the owner of the New England Patriots NFL team. Unfortunately for millionaires and non-millionaires alike, Michigan is not tax-friendly. If you're a joint filer, you won't hit the top bracket until your income is over $318,000. 11 Best Tech Stocks for the New Coronavirus Norm. Farther south, the state capital of Trenton and its metro area that includes tony Princeton has plenty of millionaires, as well. But not all of New Jersey's millionaires are clustered near the Big Apple. Only 1.4% of them are black (16,800). The cost of living in Nevada is 2.5% below the national average, according to the BEA, and residents can catch a break on taxes. Anesthesiologists, psychiatrists and other medical specialties are among the state's best-paid jobs. In the Los Angeles-Long Beach-Anaheim metro, more than 360,000 households have at least $1 million in investable assets. And rents and mortgages are closing in on triple the national average, making D.C. one of the most expensive cities in the U.S. We use data, analytics, and a sense of humor to determine quality of life for places across the nation. Although California and New York have a great deal of millionaires in terms of raw numbers, they don't have the highest concentrations of rich households. Indeed, Juneau, the state capital, has the third-highest concentration of millionaire households among the country's "micro" areas. Stephen Bisciotti, owner of the NFL's Baltimore Ravens, is the state's richest citizen with a net worth of $4.4 billion. It should come as no surprise that a tropical paradise would be a magnet for millionaires. Overall, the cost of living in the Yellowhammer State is 13.6% below the national average. Published 17 January 23. The highest concentrations of millionaires are found in the Atlanta and Savannah metro areas. Acts of conspicuous consumption, on the other hand, can rack up payments to local authorities. Living costs are based on the Council for Community and Economic Researchs Cost of Living Index and the U.S. Bureau of Economic Analysis. Connecticut's Stamford metro area, which includes Norwalk and Bridgeport, has the fourth-highest concentration of millionaires in the U.S. The cost of living in Rhode Island is a whopping 18.6% higher than the national average, according to C2ER. 13 Dividend Stocks That Have Paid Investors for 100+ Years. You can learn more about the top ten below or skip to the end to see the rankings for all 128 places. 1. The average millionaire has a wealth of approximately 821.7% of the median wealth of an American household. UnitedHealth Group (UNH (opens in new tab)), 3M (MMM (opens in new tab)), Target (TGT (opens in new tab)) and General Mills (GIS (opens in new tab)) are just a few of the major firms headquartered there. Buckhead Atlanta's Buckhead is a vibrant, . Note well that to be considered a millionaire by the standards of wealth research, a household must have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships, among other select assets. But it's worth noting that the city of Wilmington taxes wages of everyone who lives or works there at 1.25%. Arkansas might not be bristling with millionaires, but it has the lowest living cost in the U.S., at 14.7% less than the national average. Unemployment rates and poverty rates in these Georgia cities barely scratches 4.5%. In Rhode Island, residents pay an average $1,723 in taxes per $100,000 of assessed home value. The bill's sponsor makes no secret that the intended target of this bill is the news media. The list below (Source: WSJ / Phoenix Marketing International) shows the number of households with at least $1 million to invest per state. After all, rich people have really high salaries. Cusseta-Chattahoochee County Unified Government, Athens-Clarke County Unified Government (Balance). If you have an iPhone, click here to get the free Patch iPhone app; download the free Patch Android app here. Although N.H. is a relatively tax-friendly state especially for retirees the high concentration of millionaires contributes to relatively high living costs. Expenses in the Granite State run 6% above the U.S. average. Dan Burrows is Kiplinger's senior investing writer, having joined the august publication full time in 2016. The Forbes list of billionaires now includes two citizens of Georgia. We aim to deliver bite-sized pieces of infotainment about where you live. That means everyone's paycheck, whether they're a millionaire or not, goes further than it does elsewhere. John Menard, Jr., founder of the Menards home improvement chain, is the state's richest resident with a net worth of $18.8 billion. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. Marketing managers and financial managers tend to do well in SD. Michael Bloomberg, founder of the financial data company that bears his name and erstwhile presidential candidate, is the state's richest person at a net worth of $60.1 billion. More than 6.4% of Pennsylvania's 5 million-plus households have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships. Fewer than 1 in 20 households claiming investable assets of $1 million or more. NY 10036. The numbers get a big lift from Summit Park, a small town with one of the very highest concentrations of millionaires in the country. West Virginia benefits from natural resources such as gas and coal, and it collects significant severance taxes from them. But at 13.2%, it has the second-highest concentration of millionaires per capita of any city in the U.S. Estimates of millionaire households provided by Phoenix Marketing International (opens in new tab), a firm that tracks the affluent market. A total of 12 billionaires live in Atlanta with a combined net worth of $55.1 billion. Naturally, Maryland also is one of the most expensive places to live, with a cost of living 18.8% greater than the national average. Its proximity to the Gulf of Mexico makes it a popular tourist destination, and visitors are welcomed with great shopping, restaurant, and sports options. Despite a heavy corporate presence, Delaware's cost of living is just 1.8% above the U.S. average. That's up from 6.21% in . $8.1 B. Medical specialists, CEOs and dentists are among the top-paid jobs in the state. Facebook's Mark Zuckerberg has given at least $100 million. The greater D.C. area is a magnet for the highly educated seeking high-powered jobs. New York State has the third-most millionaire households in raw numbers after California and Texas. Again, comparatively low home prices lead the way in making the state affordable. Montana is generally tax-friendly if you're still working. Check out this list of the 10 richest cities in Georgia: 1) Berkeley Lake, GA. wikipedia. There's a lot to like about Oklahoma for wealthy retirees. Although sales taxes in Vermont are modest, it's an expensive place to own a home (as well as heat it). That makes it easier for everyone along the wage scale to put a roof over their heads. Georgia ranked 27th on the annual Phoenix Wealth & Affluent Monitor. Indeed, Illinois is one of Kiplinger's top 10 least tax-friendly states. After buying his freedom for $50 at the age of 21, he continued to work in the lumberyards until establishing his own lumber business in 1822, as well as dealing coal. Learn about careers at Cox Media Group. According to Forbes Magazine,Bubba serves as Chick-fil-A's executive vice president and is president of the company's Georgia-based Dwarf House and Truett's Grill. Home Depot. The 25 Best Low-Fee Mutual Funds You Can Buy. Utah is the first of our states to cross the 7% plateau for concentration of millionaire households. 6) Druid Hills, GA. 7) Sandy Springs, GA. Alpharetta, GA. 11 Best E-Commerce Stocks for Electrifying Returns. From Hilton Head Island to the Midlands region to the Blue Ridge Mountains, South Carolina has something for everyone. He's also written for Esquire magazine's Dubious Achievements Awards. The Federal Reserve has been aggressive in its rate hiking, and it's likely not done yet. And the average property tax rate in the Hawkeye State is the 12th-highest in the nation. For the second year in a row, New Jersey is the top spot for millionaires per capita in the U.S. Like Connecticut, New Jersey has a high concentration of millionaires largely thanks to its proximity to New York City. Like we said earlier, when we set out to identify the richest places in Georgia, we werent sure what wed encounter, but it ended up being some of the best places to live in Georgia. Everything is bigger in Texas. Now, its not lost on us that there are multiple cities on our ten best cities to live in Georgia for 2023 that are also on our richest list. North Carolina's tax situation is just so-so. Property taxes are modest. Ted Turner - Well know as CNN Founder, Total Money Give away so far for donation is $1 Billion. The 7% rise in millionaire households in 2018 is the strongest rate of growth in that market since the financial downturn ten years ago, David M. Thompson, the managing director of the Phoenix Affluent Practice, said in a statement. Sales taxes are reasonable, too. To start, Social Security benefits are completely exempt.
