The study concluded that 157,779 of the state’s 2,186,613 households had “$1 million or more in investable or liquid assets (excluding sponsored retirement plans and real estate).” That 7.22 percent proportion knocked Hawaii (7.21 percent) out of the top spot that it held for three years.
The rest of the top five is New Jersey (7.19 percent), Connecticut (7.13 percent) and Massachusetts (6.41 percent). The national average is 5.08 percent of households, though those states at the top of the list all had one thing in common.
“All of the top 10 states increased their millionaire ratios during the past year,” said David Thompson, the Global Wealth Monitor managing director, in a statement. “The richest states keep getting richer.”
And when he says “richer,” he means it in the most readily measurable way — “investable or liquid assets” basically translates to “money.” The metric differs from the more commonly cited “net worth” in that it measures how much a household has available in cash and (non-real estate) investments, while net worth is how much money a person would have if they sold all their stuff.