N.J. has high percentage of millionaires

Jan. 11, 2008 at 8:40 PM

RHINEBECK, N.Y., Jan. 11 (UPI) -- One out of every 15 New Jersey households has $1 million or more in assets, giving the state the highest percentage of millionaires in the country.

Phoenix Affluent Marketing Service said that Hawaii, which was in the top spot last year, has fallen to fourth. While 7.12 percent of New Jersey households counted as millionaires, Maryland was in the second spot with 7.08 percent and Connecticut third with 7 percent.

The company counts assets as those that are liquid, like stocks, bank accounts and retirement accounts, but not houses.

"Traditional East Coast concentrations of wealth have continued to outperform most of the rest of the country," said David Thompson, managing director of Phoenix Affluent Practice.

The other states in the top 10 were Massachusetts, Virginia, Delaware, Alaska, New Hampshire and California.

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