Only about 6.2% of Americans are considered millionaires, but how many of them live in Georgia?
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Kiplinger, a personal finance website, recently released its "Millionaires in America" report, which ranks the number of millionaire households in every U.S. state and Washington D.C.
To determine the list, the site’s researchers used the U.S. Census Bureau to examine data on household incomes. They pulled estimates on millionaire households from Phoenix Marketing International, a firm that tracks affluent market. And they gathered information on living costs from the Council for Community and Economic Research’s Cost of Living Index.
The team noted millionaires must have at least $1 million in investable assets, which can include cash, stocks, bonds and funds, and other types of investments and financial products.
Overall, Georgia was No. 27 on the list. Of the 3.8 million households, there are 211,662 millionaire households in the state, which means about 5% of Georgians are millionaires.
“With a cost of living 11.1% lower than the national average, a million dollars goes a bit further in the Peach State than elsewhere,” Kiplinger wrote.
However, the site said taxes take a big chunk of the funds. According to the findings, millionaires in Georgia pay the top marginal rate, “which kicks in at just $10,000 of taxable income for married couples filing jointly or $7,000 for individual filers.”
As for other states, New Jersey has the most millionaires in the country, with more than 8% in the state, and Mississippi has the least, with just 3% in the state.
Want to know how other areas fared? Take a look at the full assessment here.
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