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The 10-year bull market in stocks and longest economic expansion in U.S. history have minted many a millionaire since the darkest days of the Great Recession.
A decade ago, less than 1 in 20, or 4.9%, of all U.S. households were considered to be millionaires, according to Phoenix Marketing International, which tracks the affluent market. That means they held at least $1 million in investable assets, such as cash, stocks, bonds and funds, among other types of investments. Real estate such as the family home, employer-sponsored retirement plans and business partnerships don't count.
Cut to today, and 6.2% of all U.S. households are millionaires. In raw numbers, the nation's ranks of millionaires grew by more than 2 million over the past 10 years.
Naturally, the gains haven't been distributed evenly. Although every state and the District of Columbia has more millionaire households today than it did in 2008, some areas of the country are gaining millionaires as a percentage of total households at a much faster clip than others.
Kiplinger.com annually ranks all 50 states plus Washington, D.C., by their respective concentrations of millionaires. In the most recent tally, New Jersey leapfrogged long-time leader Maryland for the top spot. Nearly 9% of New Jersey households are millionaires vs. 8.9% for Maryland, which led the country in millionaires as a percentage of households from 2011 through 2017 before slipping to fourth place.
That got us thinking: How have state millionaire concentrations shifted since the financial crisis? Here, we look at the five best states that have risen through the millionaire rankings since the Great Recession ... and the five that have experienced the biggest dropoffs.
SEE ALSO: 25 Small Towns With Big Millionaire Populations
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