The United States now has over 1 million households with $5 million or more in investable assets – so there's a wealth of high-net-worth clients for advisors to pursue. But where can you find them?
Maryland leads the charge as the state with the most millionaire households per capita, according to a year-end report by Phoenix Marketing International. All of the top 10 states benefit from areas dubbed "wealth creation engines," including large cities and thriving tourism or centers of industry, according to Phoenix Managing Director David Thompson.
Advisors who aren't in the top 10 states shouldn't despair. There are other bright spots to consider. The 11th ranked state, for instance, boasted one of the highest percent increases in millionaire households last year: Minnesota saw a 5% increase in millionaire households. Other states with notable millionaire gains were Montana, Oregon and North Dakota.
The states whose millionaire counts took the biggest hits were Rhode Island and Missouri. Click through to see the top 10 states with the most millionaire households based on population, or click here to see the slideshow version. --Maddy Perkins