Data Snapshot: Loaded up

By Business Observer Staff
| 11:00 a.m. March 2, 2018
| 2 Free Articles Remaining!

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When it comes to the number of wealthy people residing within its borders, the Sunshine State has achieved platinum status.

Florida, according to personal finance and economics website SmartAsset, is among the states with the most millionaires. It's No. 7 overall, with 32,880 tax returns — out of a total of 9,614,610— filed by people who earned $1 million or more in adjusted gross income. That equates to 0.342% of the state's population, the report shows.

SmartAsset used IRS and filing data from 2015 to compile its millionaire report.

The top spot on the list, by a wide margin, is Connecticut, with 0.652% of its tax returns being filed by millionaires. Washington, D.C., is next, followed by New York at No. 3. Massachusetts and New Jersey round out the top five. California — despite Hollywood and Silicon Valley — couldn't crack the top five, coming in at No. 6.

West Virginia, meanwhile, has the fewest number of millionaire residents in the country. A mere 710 of West Virginia's 780,960 tax returns were filed by individuals or couples who earned $1 million or more, the report found. Bringing up the rest of the bottom five are Mississippi, New Mexico, Maine and Kentucky.