California Business Minute™

Hi, I am Tim Johnson and welcome to the California Business Minute.

The overall number of millionaire households in the U.S. has increased nationwide
for the second time in two years according to an annual report.

 In 2011, there were 5.94 million millionaire households, compared with 5.56
million households a year earlier, an increase of approximately 6.8 percent.
Nearly every U.S. state saw an increase its total number of millionaires, adding
thousands of households to millionaire status, according to the new numbers from
Phoenix Marketing revealing which U.S. states attract the most high-income
families.

The study defines millionaire households as those with $1 million or more in
investable or liquid assets (excluding sponsored retirement plans and real estate).
 Overall, 5.08 percent of U.S. households claim millionaire status, up from last
year but still short of the 2007 high of 5.25 percent.

California ranks as having the largest number of millionaires, but it also has
one of the fastest growing segments of this income. Of interest, in California
the  number of millionair households grew from 662,735 in 2009 by rising 90,000
averaging 45,000 per year.

STATES WITH THE HIGHEST GROWTH OF MILLIONAIRES, 2009-2010

1. Maryland                      7.22      157,779 households
2. Hawaii                          7.21        33,461 
3. New Jersey                   7.19      231,456
4. Connecticut                  7.13        98,392
5. Massachusetts             6.41      162,619
6. Alaska                         6.39        16,239
7. Virginia                        6.26      195,006
8. New Hampshire            6.06        31,159
9. California                      6.01      750,686
10. Washington DC          5.88         15,603

According to study released earlier in the year, California has 1.3 million
millionaires and will continue its lead through 2020 as it is forecasted to
grow by nearly 52 percent to a state with over 2.7 million millionaires. The
report by Deloitte Center for Financial Services illustrates that the future
percentage growth will be seen in Arizona and Vermont, but aggregate growth
will be in California, New York, Texas and Florida.

I am Tim Johnson and this has been the California Business Minute.