How many millionaires per capita live in california compared to other US states?
Executive summary
California contains the largest absolute number of millionaire households in the U.S.—over 1.1 million—yet its share of households that are millionaires is smaller than several smaller states and the District of Columbia, where concentrations top California’s by percentage (sources: California ~1.1M; New Jersey, Connecticut, D.C. higher per capita) [1] [2]. Estimates in reporting range around 0.7% of Californians being millionaires or roughly 1.14 million millionaire households in the state, while Northeast states like New Jersey and Connecticut rank higher on a millionaires‑per‑household basis [3] [1].
1. California leads in absolute numbers but not in concentration
Multiple recent pieces of reporting agree on the core fact: California houses the most millionaire households by sheer count—reported as roughly 1.1–1.14 million households—due to its enormous population and dominant tech and entertainment centers, but smaller states such as New Jersey and Connecticut, and the District of Columbia, have higher millionaire households per capita or per household [1] [2] [4].
2. How reporters measure “per capita” and why rankings differ
“Per capita” can mean millionaires per 1,000 adults, millionaires as a share of total households, or the percentage of the state population with $1 million+ investable assets; different outlets use different denominators. Yahoo Finance and Statistica/Statista‑cited research report shares of households (e.g., a millionaires-to-total‑households ratio), and Visual Capitalist/UBS use adults as the base in cross‑country ranks—this produces different state orderings and can explain why California’s absolute lead does not translate into the highest percentage ranking [4] [5] [6].
3. Numeric snapshots cited in reporting
Recent consumer and business outlets list California’s millionaire households at about 1.1–1.14 million [1] [4]. One site summarizes California’s income‑level millionaire rate as roughly 0.7% of the population, explicitly noting that California’s large population dilutes its per‑capita rank [3]. Other reporting names New Jersey and Connecticut among the states with higher millionaire household shares than California [1] [2].
4. Regional patterns: why small states can top the list
Reporting highlights a recurring pattern: relatively small, affluent states—often in the Northeast or near major financial hubs—tend to have higher millionaire concentrations. New Jersey’s commuter ties to New York City, Connecticut’s wealthy suburbs and finance/hedge‑fund presence, and D.C.’s federal and professional pay scales all create dense pockets of wealth that increase millionaires per household percentages above California’s even while California hosts more millionaires in total [1] [2].
5. Trends and drivers behind California’s numbers
Coverage credits Bay Area high tech and migration of elite talent for California’s growth in high‑net‑worth individuals; the Bay Area’s millionaire population reportedly surged significantly since 2014 and California still leads in hundred‑millionaires and billionaires as well as overall millionaire counts [2]. At the same time, other states have attracted wealth through lower taxes and faster recent growth, influencing per‑capita shifts reported by wealth studies [7] [8].
6. Data limitations and what reporting doesn’t settle
Public articles use different data sources and dated snapshots (some rely on Phoenix Marketing, Statista, CNBC surveys, UBS or proprietary surveys), and they rarely publish identical definitions or the raw denominators used for “per capita” comparisons. The supplied sources note numbers and relative rankings but do not deliver a single definitive table comparing every state on identical terms—available sources do not mention a uniform, up‑to‑date national ranking using the same metric for all states in 2025 [4] [6] [2].
7. Practical takeaway for readers
If you want the quick fact: California has the most millionaire households in absolute terms (≈1.1–1.14M) but is outpaced on a millionaires‑per‑household or per‑capita basis by smaller, affluent states including New Jersey, Connecticut and the District of Columbia [1] [2] [3]. For any policy or planning use, select one consistent metric (per 1,000 adults, percent of households, or percent of population) and then consult the primary data series (Phoenix Marketing/Statista, UBS or state‑level wealth reports) because reported rankings shift with definitions and vintage [6] [5].
If you want, I can pull the underlying lists (e.g., Statista/Phoenix Marketing rankings or the UBS/Visual Capitalist table) and produce a single side‑by‑side comparison using one clear metric drawn from the sources above.