Skip to comments.New Jersey tops US in Number of Millionaires
Posted on 01/11/2008 2:10:30 PM PST by Clemenza
New Jersey has the most millionaire households in the country, according to a marketing company's fifth annual ranking.
The Garden State moved up from No. 2 in 2005 and 2006 to No. 1 last year on the index, compiled by Phoenix Affluent Marketing Service, which does research for companies that sell luxury products, investments and the like to the wealthy.
According to the service, in 2007, 7.12 percent of New Jersey's 3.2 million households had a total of $1 million or more liquid or investable assets. That includes items such as savings, stocks and bonds, precious metals, the cash value of certain life insurance policies and retirement accounts not controlled by employers, but not equity in homes.
In 2006, 6.46 percent of New Jersey households met the $1 million standard. The figure was 5.89 percent in 2005. Hawaii ranked first in both those years, but fell to fourth in 2007. Maryland was second last year and Connecticut was third.
"It's obviously hard to pinpoint what the major driver is," said David Thompson, managing director at Phoenix Affluent.
But he said many New Jersey residents work for the financial services industry in the New York metropolitan area and received large bonuses last year.
"I think that would have the most to do with it," Thompson said, adding that New Jersey has always been in the top 10 in the survey.
The survey rankings are based on Census data and online surveys of thousands of affluent households.
Take into account purchasing power parity, and you will see that we are not as “wealthy” as these numbers indicate.
explains their governor.
Well, I’m not one of them. However, we do know a few “millionaires” living here in South Jersey, and they didn’t get rich working in financial services. They were entrepreneurs for start-up companies in other business sectors.
They’re the only ones who can afford to pay the property taxes.
Yes, like millionaires (because they bought their home 40 years ago) who can’t afford to pay property taxes (like 20K/year for a fairly modest house in some towns.)
I remember once in the 60’s there was a section of Wichita Falls, Texas, that had more millionaires than anywhere else in the country.
Sweet lord. 20K a year for property tax.
I always thought of South Jersey as being filled with Yoo-yun members who took the Walt Whitman Bridge to Gloucestor and Camden Counties. There are some wealthy folks in places like Haddonfield, but most of the wealth in the state is concentrated north of I-195, especially in Hunterdon/Somerset/Morris Counties (all of which vote GOP, BTW).
Corzine was a “pump and dumper” who was “asked to leave” Goldman by Hank Paulsen. He is an outstanding salesman, but far from a financial genius (as shown by his pathetic budgets).
I’m RICH!! (Oh—wait a minute, mebbe not)
Doesn’t Corzine look like a street bum who happened to steal a nice suit that happened to fit?
He was a great salesman, which accounted for his wealth. All that money can buy neither class nor management skills.
Maybe some are “the millionaire next door,” folks who got into run of the mill small businesses and worked long and hard over the years. I understand the owners of plumbing companies, electrical contractors, and HVAC contractors can often do this. One plumber told me he makes as much as a physician in a specialty.
You HAVE to be a millionaire to pay the taxes there!
Few people realize that, when you look at profiles of the wealthy, how many are business owners/entrepreneurs versus “salarymen.”
And maybe you’re no longer a millionaire once you do!
It never ceased to amaze me how many conservatives praise "local control." In NJ and much of NY State, it means nothing but higher taxes and a dispersion of patronage from the core to the periphery.
“New Jersey has the most millionaire households in the country”
There’s Sammy, Jimmy, Tony, Pauly, Alphonse, Guido, and a couple of other guys I might have missed.
I've always thought of North Jersey that way. At least, that was always my impression. But, it makes sense that most of the wealth would be concentrated in the north because most of the population is concentrated in the north. Our own township is very blue-collar, but there are plenty of upper-middle class townships like Cherry Hill and Medford, and some wealthy areas around here, too.
Most of the “urban blight” in North Jersey is in a few towns that have seen better days along the turnpike. Much of Middlesex (the Brunswicks, Woodridge, South Amboy, etc.) and southern Bergen County is blue collar. Northern Bergen, Northern Passaic, western Essex, and Morris/Somerset/Hunterdon are largely white collar, with many folks employed in finance or pharma who work either in the area or in NYC.
With their taxes they need to be rich.
My town and surrounding towns have their own fire department and EMS - volunteer. In some towns, EMS is so volunteer, we raise the money ourselves to buy the ambulances. Donations appreciated, esp. when we save your life.
Corzine wants to regionalize. Paid firefighters and EMS = more state employees, more generous benefits following early retirement = what’s killing us now.
Local school districts wouldn’t be so bad if they weren’t so top-heavy with administrators - superintendents gettting close to 200K - again with the generous pension plans. But I don’t see regionalizing as the only way to reduce administration - the Catholic schools do with a lot less.
At least local control allows for budgets to be voted down and it does happen. The school district where my children go is education-proud and built a brand-new fancy high school - now people there are starting to be very unhappy with their 13K property taxes (for a relatively modest McMansion) so I am guessing the next budget will get voted down.
My town doesn’t have its own schools, or McMansions. We pay to send our children to the larger town, and have lower property taxes because our population has been stable - not so many young families moving in. The folks in other states would still be shocked at our taxes, though.
Hey what about Linden, Elizbeth, Jersey City, Bayone,Newark.To name a few. Are these places why they call Jersey the garden state?
North Jersey is also home to some of the wealthiest counties in the US. Take I-80 and I-78 west only a few miles from the Turnpike to see what I mean.
And yet, they still choose to live in New Jersey?
What do they make?
Look at any state with low property taxes (most of the south) and you will see regionalization. Look at the places with local control at every town large or small (NY, NJ, NH) and you will see high property taxes. Look at any region of the country with low property taxes, and you will see that s
Is this title deceptive? It implies an absolute number yet talks only about percentages as far as I can tell.
I know areas of NJ are rich, but if I have a million $ and live in a state populated by one family, we will look really good statistic-wise....
Not surprising, given all that developed coastline and proximity to two eastern major cities.
Some other little-known facts about NJ:
Median family income in NJ is ranked number one:
Of course, the cost of living here is higher, too.
And NJ is ranked dead last in federal funds received for every dollar paid in federal taxes:
I guess the number of millionaire households and the relatively high median household income explains the higher federal tax burden. After all, federal income tax is not adjusted for cost of living.
Don’t forget the shore towns....
“And yet, they still choose to live in New Jersey?”
Do you think they’d want to live in....ummmm....Maryland?
Mantolocking and Bay Head in particular.
“Mantolocking and Bay Head in particular.”
Yes, my daughter bought one of those little old bungalows in Lavallette (just south of Mantoloking) a few years years ago only to demolish it and build a huge house. That little old bungalow was $600,000!
One after another are purchased and the multi million dollar homes are replacing them. It boggles my mind.
Most red states are below the average and the blue states are richer. Very interesting I must say. Yes I live in a state that has turned blue recently and we are not very high on the rank list. Pennsylvania.
One in seventeen Alaskans is a millionaire. Thank you ARCO, BP, and of course, Mother Nature.
Did they count the money Tony Soprano had hidden with the bird seed?
What’s a million dollars? Soon it will cost that much to buy a loaf of bread. Believe me when I tell you that when Argentina had a gold peso it was money. Then inflation came, then hyperinflation. Paper money is worth exactly what it’s printed on.
When Herb Kelleher (founder of Southwest Airlines) was asked by his mother when he made his first million why he didn't live on a huge estate with servants, he told her (and keep in mind, this was during the era of stagflation), "ma, being a millionaire aint what it used to be." And this is in Dallas, TX where a million buys a lot more than in NY and NJ.
Also remember that in NJ, the red counties are wealthier than the blue counties.
I’ve lived in NJ all my life. It is more corrupt than ancient Rome. Yea , tons of rich people , politicians and gangsters . The rest of us suffer under an oppressive Democrat machine for the last 80 years.
Remember that the last Republican Senator elected from NJ was uber-RINO Clifford Case, and he was first elected when my father was in the Cub Scouts.