list of millionaires in west virginia
Property taxes are in line with the national average, but Florida's gas tax is the 10th-highest state tax on gasoline in the country. But wait, there's more. There's no sales tax in the Granite State, either. Jefferson County, where Shepherdstown and Charles Town are, has a per capita income of $29,733. Visit our corporate site. Michael Bloomberg, founder of the financial data company that bears his name and erstwhile presidential candidate, is the state's richest person at a net worth of $60.1 billion. UnitedHealth Group (UNH (opens in new tab)), 3M (MMM (opens in new tab)), Target (TGT (opens in new tab)) and General Mills (GIS (opens in new tab)) are just a few of the major firms headquartered there. Manhattan and Brooklyn are the first- and fourth-most expensive places to live in the country at a whopping 145.7% above the U.S. average. More than 5% of Missouri's households have at least $1 million in investable assets. The 11 Best Closed-End Funds (CEFs) for 2020. According to the BEA, South Carolina is 8.9% cheaper than the national average. Published 24 January 23. recession Forbes Magazine has recently published a list of richest person in each state naming Jim Justice II the winner in West Virginia. But then, with a cost of living almost 12.2% below the national average, paychecks tend to go further. Wall Street analysts believe these five stocks should be near the front of your sell list. By Karee Venema As for the better-paying occupations, managers in finance, marketing and information systems are in the top 20 for average salary. The state also is home to nine billionaires. Estimates of millionaire households provided by Phoenix Marketing International (opens in new tab), a firm that tracks the affluent market. He believes the key to finding the right place to live comes down to looking at the data, reading about things to do, and, most importantly, checking it out yourself before you move. They also benefit from property taxes that are among the lowest in the country, which helps make Louisiana one of the more tax-friendly states. Agriculture, oil, copper and timber all play an important role in the economy, to say nothing of travel and tourism. - Net worth: $1.1 billion (#2,384 wealthiest in the world) - Residence: Vienna. A long-time financial journalist, Dan is a veteran of SmartMoney, MarketWatch, CBS MoneyWatch, InvestorPlace and DailyFinance. Sales taxes lean high, and in some areas, groceries are taxed as well. Billionaires are ranked by net worth as of March 24. NY 10036. Concentration of millionaires: 4.81%. Low costs are great, but there's not as much to like when it comes to paying taxes. Taxes are rough, too. The Centennial State has a flat tax: If you have federal taxable income, the rate is 4.63%. Tiny Vermont has just 16,411 millionaire households, and the Green Mountain State is one of the tougher states when it comes to taxing millionaires. The cost of living for Illinois is 1.9% below the U.S. average, but taxes can take quite a toll. Luxury-brand retailers tend to focus on this demographic. And property taxes, particularly in Detroit, are steep. No wonder Massachusetts has a cost of living 22% higher than the national average, according to C2ER. At the turn of the century, when 4,000 people lived here, at least 14 millionaires called Bramwell, WV home, making it the richest town per capita in the United States. Jim Justice lives in West Virginia. Fortunately, for rich and not-so-rich alike, Idaho's overall cost of living is 7.5% below the national average. South Dakota is better known for Mount Rushmore, agriculture and the great outdoors than millionaires. Although N.H. is a relatively tax-friendly state especially for retirees the high concentration of millionaires contributes to relatively high living costs. Property taxes are quite low, but sales taxes take a toll. Sites of interest in . North Dakota, the nation's second-largest oil-producing state after Texas, saw its oil output decline 4.6% from January to February, the most recent available data as of this writing. Although Minnesota affords residents a cost of living that's 2.5% below the national average, median home value (and median income) easily top national levels. Both median income and home value are well above national averages in Colorado, as is the cost of living, albeit only by 1.9%. Among other policies, income tax rates reach 8.75%. Acts of conspicuous consumption, on the other hand, can rack up payments to local authorities. So you can have high confidence that it can keep up with short-term expenses and long-term financial obligations. The state's tobacco and alcohol taxes take a noticeable bite as well. Millionaires and regular folks alike don't catch much of a break when it comes to giving the state government its cut. Expenses in the Granite State run 6% above the U.S. average. When it comes to paying taxes, the situation for Kentucky residents is mixed. Unfortunately for millionaires and non-millionaires alike, Michigan is not tax-friendly. This is a list of U.S. states and federal district by the number of households with more than $1 million in investable assets as of 2020 (data for the year 2019). Home West Virginia University How Many Millionaires Live In West Virginia? Needless to say, New York's taxes are tough on retirees too. The richest places in West Virginia share common characteristics such as having a genius level populous, sky high home prices, and a Pleasantville level of married couples. Additionally, Alabama allows folks to deduct their federal income taxes (it's one of just of a handful of states with this break). How did we come up with these mega wealthy cities? Jacqueline Mars, heir to the Mars candy fortune, is the state's wealthiest resident with a net worth of $27.4 billion, per Forbes. It turns out there are numerous states with higher percentages of well-off households, several of which probably will surprise you. When it comes to paying taxes, Nebraska is ranked as "least tax-friendly" by Kiplinger because the average property tax rate is quite high. With more than 28,000 millionaire households out of 420,830, Rhode Island has a merely in-line concentration of millionaires. In his current role at Kiplinger, Dan writes about equities, fixed income, currencies, commodities, funds, macroeconomics, demographics, real estate, cost of living indexes and more. On the other hand, the ratio of median income to median home values is very favorable. Virginia's high concentration of . The tax rate for 2018 was 5.49%; in 2019 it dropped to 5.25%. With a net worth of $64 billion, Larry Ellison is California's richest resident and one of the richest people in the world. There's a lot to like about Oklahoma for wealthy retirees. On the other hand, sales taxes run high, as do property taxes. Sales taxes are reasonable, too. Maryland's 23 counties and Baltimore City have income taxes ranging from 1.75% to 3.20% of taxable income on top of the state's take. Austin's hearing aid company's charitable foundation, long known for its glitzy galas and celebrity supporters, took a $350,000 to $1 million PPP loan. . Housing costs in Ohio are relatively low, but the state's average property tax bill isn't. HENRY stands for high earner, not rich yet, and is typically a younger earner who enjoys an income of $100,000 to $250,000 a year. In the Portland metro area the state's most populous region costs are 15% above the national average. It also happens to be a great place to retire. Overall, the cost of living in the Yellowhammer State is 13.6% below the national average. Note well that to be considered a millionaire by the standards of wealth research, a household must have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships, among other select assets. Montana is generally tax-friendly if you're still working. South Charleston. It also offers a bayou full of tax breaks to retirees. Below are the richest people in West Virginia. West Virginias Huntington-Ashland metro area has by far the highest concentrated poverty rate in the state. Idaho taxes all income except Social Security and Railroad Retirement benefits. More than a quarter-million of Ohio's 4.7 million households have investable assets of at least $1 million. Taxes more than make up for higher prices, however. Steep local income levies make Maryland a decidedly tax-unfriendly state. 8 Dirt-Cheap Index Mutual Funds for Thrifty Investors. And yet, happily, you don't have to be a millionaire to enjoy its many pleasures. Offsetting that somewhat is the fact that the Sunflower State is not the friendliest place when it comes to taxes. 14 Bankruptcy Filings Chalked Up to COVID-19. Please help update this article to reflect recent events or newly available information. In West Virginia, Lewisburg is the only city home to a billionaire. Laconia and the state's famed Lakes Region benefits from its popularity as a tourism hub. The Bluegrass State recently moved to a 5% flat tax and opened up more items to its 6% sales tax. In an extreme example, Tupelo is one of the 10 cheapest cities in the U.S. Mississippians also enjoy some of the lowest property taxes in the nation, and its income tax levy, already fairly low, continues to shrink. Number of millionaire households. And major state and local taxes are above average, which can add up to a sucker punch for your wallet. There are fewer than 32,000 millionaire households in Maine a state in which rich and poor alike face relatively high living costs and taxes. Data on residency and net worth came from the list, which is updated every five minutes to reflect changes in stock prices and private company valuations. Sadly for its residents, the Buckeye State is among Kiplinger's least tax-friendly states. New Mexico picked up a billionaire for the first time in newcomer Ron Corio, a solar entrepreneur. 15 Dividend Kings for Decades of Dividend Growth. Those who earn more than $373,894 are rich. However, Social Security benefits are exempted from state income taxes, and property taxes are light. Given the number of major corporation headquarters, it should come as no surprise that CEOs have some of the highest average salaries. You can download the data here. As a no-income-tax haven, Nevada is one of Kiplinger's most tax-friendly states. But it's worth noting that the city of Wilmington taxes wages of everyone who lives or works there at 1.25%. The cost of living in Indiana overall is 10.7% below the national average. In 2020 alone, he received $500,000 in dividends. Seniors, however, catch a break. The upside of having fewer millionaires is that it helps keep a lid on living costs, which are 8.9% below the U.S. average. The bad news is that the top income rate of 6.9% kicks in at just $17,900 of taxable income, and Montana taxes virtually all forms of retirement income, including Social Security. Ray Dalio, founder of hedge fund Bridgewater Associates, tops the state's rich list with a net worth estimated at $18 billion. Ms. Mars is heiress to the Mars Candy fortune and is #22 on the world's richest people list according to Forbes magazine. Minnesota is loaded with giant companies. The highest concentrations of millionaires are found in the Atlanta and Savannah metro areas. Taxable income over $40,000 is taxed at a steep 6.5% tax rate (the top rate of 8.95% is reserved for taxable income over $1,000,000). By the Council for Community and Economic Research's formula, costs are 14.3% higher in Vermont. However, it remains to be seen what happens to their ranks amid an historic crash in oil prices. Virginia's cost of living is only 2% higher than the national average. We then averaged all the rankings for a place into a Rich Score with the place having the lowest overall Rich Score, Bridgeport, crowned the Richest City In West Virginia For 2023. About the only bright spot in Connecticut's tax picture is that localities can't add to the Constitution State's 6.35% sales tax. On average, the cost of living in Texas is 8.5% lower than the U.S. average, according to C2ER. Jim Kennedy, chairman of conglomerate Cox Enterprises, is the state's wealthiest citizen with a net worth of $8.7 billion. The Empire State's average sales tax rate is the 10th-highest in the country. Locals have said their Mountain State neighbors have a strong sense of community, and that they are unpretentious and humble. Others even said West Virginians are pretty much the nicest people on the planet, and even though their state pride runs deep, theyre very welcoming to outsiders. Indeed, small towns such as Dickinson and Williston, located in the oil-rich Bakken Formation, have some of the highest concentrations of millionaires in the U.S. The state's gas tax is now the 11th-highest in the country. This is a list of U.S. states and federal district by the number of billionaires as of 15 Sep 2020; the total of 642 billionaires includes 19 people whose state of residence is unknown at 15 Sep 2020, most of whom hold dual U.S. citizenship. Ellison is a cloud computing pioneer. California's reputation as a high-tax destination is built in part on how aggressively it goes after big earners, with a 13.3% tax rate that kicks in at $1 million (for single filers) of taxable income. 33 Major U.S. Companies Hiring Now to Meet Coronavirus Demand. Worth an estimated $1.2 billion, Jim Justice II is the only resident with a minimum 10-figure net worth. Illinois' economic woes are one reason why it makes the list; it's 50th in the latest ranking of states' fiscal health by the Mercatus Center at George Mason University and residents are paying the price with higher taxes. Dan Burrows is Kiplinger's senior investing writer, having joined the august publication full time in 2016. Heck, Texas is so big it not only has two of the smallest towns with the most millionaires in the U.S. Andrews and Fredericksburg but it's also home to two of the cheapest U.S. metro areas in which to live. Architectural and engineering managers, CEOs and pharmacists have some of the highest average salaries in the state. An estimated 14.8% of the local population living below the poverty line reside in one of nine area neighborhoods in which 40% of the population or more also live in poverty. In the Los Angeles-Long Beach-Anaheim metro, more than 360,000 households have at least $1 million in investable assets. Published 29 April 23. stocks to sell World-class ski resorts and luxury shopping are the main draw. Regardless of wealth, Nebraskans can take comfort in a cost of living that's 10.5% lower than the national average, according to the BEA. South Carolina is one of Kiplinger's most tax-friendly states for retirees, and one of our most tax-friendly states overall. Thanks to low consumer prices and light taxes, Mississippi also is the second-least expensive state. Jim Justice No Longer A Billionaire, After $850 Million Debt To Insolvent Greensill Capital Revealed", From a Utah Basement to SAP's $8 Billion Buy: The Brothers Behind Qualtrics Are Tech's Newest Billionaires, Here Are The States With The Most Billionaires, https://en.wikipedia.org/w/index.php?title=List_of_U.S._states_by_the_number_of_billionaires&oldid=1143656706, This page was last edited on 9 March 2023, at 02:42. Virginia's high concentration of millionaires is largely driven by Washington, D.C., and its close-in suburbs such as Arlington and McLean. We use data, analytics, and a sense of humor to determine quality of life for places across the nation. Housing, in particular, is pricey. It also boasts a decent concentration of millionaire households. The state levy for sales tax is 2.9%, but localities can add as much as 8.30%. From Hilton Head Island to the Midlands region to the Blue Ridge Mountains, South Carolina has something for everyone. Taxes aren't overly onerous, at least compared to many of its New England neighbors. Taxes in Kansas aren't kind to retirees either. Sure, median income is below the national level, but the cost of living is 11.2% below the national average. Nike (NKE (opens in new tab)) founder Phil Knight is the state's richest person with a net worth of $38.6 billion. West Virginia is a state that is rich in natural resources and ripe with technological advancements. North Carolina's tax situation is just so-so. Heres how it works. Batten the hatches for continued market tumult without eating high fees with these six Vanguard ETFs and mutual funds. And although median income is 24% below the national level, home prices are a whopping 42% cheaper than the U.S. median. The average combined rate is 7.63%, according to the Tax Foundation. And as any East Coast traveler can tell you, New Jersey is no longer a place where you can hop off an exit and buy cheap gas.