R.I. ranks 17th for highest percent of millionaire households
ACCORDING TO A national study, 5.53 percent of Rhode Island households have at least $1 million in investable assets, ranking the state 17th for highest percentage of millionaire households. Above, the mansion former Alex and Ani CEO Giovanni Feroce purchased in Newport earlier this year for $6.8 million.
PROVIDENCE – Of Rhode Island’s estimated 413,196 households, 22,845 of them, or 5.53 percent, claim $1 million or more in investable assets, ranking the Ocean State at No. 17 nationally in the 2013 Global Wealth Monitor ranking of U.S. states by percentage of millionaire households.
The Global Wealth Monitor, produced by Phoenix Marketing International, serves to provide annual estimates of the number of affluent and wealthy households in the United States. The ranking is based on data from the Federal Reserve’s Survey of Consumer Finance, and the household figures represent approximations rather than actual number of households.
Rhode Island’s spot at No. 17 in the ranking of the 50 U.S. states and the District of Columbia represented a drop from No. 16 in 2012. Rhode Island slipped three spots compared with five years ago in 2008, when the state came in at No. 14.
Last year, Massachusetts ranked at No. 6 with 6.73 percent of its roughly 2.6 million households considered millionaires. In both 2012 and 2008, Massachusetts ranked one place higher at No. 5.
Connecticut, with 7.32 percent of all households considered millionaires, ranked highest among the New England states in the 2013 Global Wealth Monitor. Only Maryland with 7.7 percent and New Jersey with 7.49 percent ranked higher. New Hampshire, with 6.48 percent, ranked at No. 8 nationally, while Vermont, with 5.26 percent, placed at No. 18 just below Rhode Island. Maine ranked at No. 25 with 4.69 percent.
On average, 4.46 percent of households in the United States hold at least $1 million in investable assets. The lowest-ranking states in the Phoenix Marketing study were Mississippi with 3.06 percent, Arkansas with 3.12 percent and West Virginia with 3.28 percent.