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Economic Development News

Delaware sees drop in millionaires

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The number of millionaire households in the U.S. has grown by 800,000 over the past five years, but in Delaware the number is shrinking.

The state is still ranked in the top ten states where millionaires live, but it slipped from ninth to 10th place this year. Now 6.28 percent of millionaire households in the country call the state home.

Wealth is becoming more concentrated and shifting geographically, according to the annual Wealth & Affluent Monitor published by Phoenix Marketing International.

Strengthening economies have helped personal wealth rise in some states, while other states, hit hard by the recession and their reliance on bygone sectors, lost ground: Michigan was ranked number 18 in 2006, but 29 in 2016. Florida was ranked number 10 in 2006, but slipped to 32 in 2016. New York slipped from number 13 in 2006 to 18 in 2016. In addition, the disparity in wealth between the downstate suburbs of New York City and the rural northern part of the state became more obvious.

Other states, including North Dakota, South Dakota and Texas, have risen in the rankings.

About 5.5 percent of all U.S. households had $1 million or more in investable assets in mid-2016. That means the number of millionaire households last year jumped 4 percent, or 250,000 additional millionaire households.

Those millionaire households hold about 59 percent of the total liquid wealth in the U.S.
The top one percent of wealthiest households now holds 24 percent of all liquid wealth.

About 70 percent of the wealth is owned by Americans age 52 or older, but 13 percent is now owned by millennials. They are gaining on members of Generation X, which currently owns 17 percent of the wealth.

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