New Jersey Has More Millionaires Than Most States

Even though most people in New Jersey struggle with finances, our state has more millionaire households than almost any other state in the nation.

New Jersey Has More Millionaire Households Than Almost Any Other State

Most residents of New Jersey are counting every penny, watching gas prices, and dreading the next utility bill, but that doesn't mean there aren't rich people in the Garden State.

As a matter of fact, if you count up all the millionaire households in New Jersey, you will find that we have more than almost any other state in the nation.

Photo by Panagiotis Falcos on Unsplash

New Jersey ranks behind only Hawaii and Massachusetts for the number of millionaire households in America, according to Yahoo! Finance.

New Jersey Millionaire Households By The Numbers

In New Jersey, there are an astounding 323,000 households with at least $1 million in assets, and not one of them is in my neighborhood.

Read More: The Richest Celebrity In New Jersey

Even though the name is "millionaire households," the ranking is based on the percentage of households earning over $500,000, and in the Garden State, that percentage sits at 42.6%.

Photo by Laurel and Michael Evans on Unsplash

In New Jersey, our millionaire-to-household ratio is 8.50%, which is very high. California's ratio, with all those mega-rich celebrities, is only 7.77%.

Many New Jersey Residents Are Struggling

There is quite a distance in New Jersey between the millionaire households and the families working multiple jobs to get by.

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That's why I always root for the big lottery winners to be someone who could really use the money to change the lives of the ones he loves.