Millionaire States

An article came across my desk about millionaires and their “migration”. No, not migration to some sunny island, rather migrating to another state in the U.S.: Top 10 Surprising States with the Most Millionaires”  (Phoenix Wealth & Affluent Monitor, February 17, 2017)

According to the article: “ Wealth is more concentrated and shifting geographically…”

So where do the millionaires migrate and which states top the list of having the most millionaires? More research concluded that Colorado did not make the top ten listing.

In 2015, according to there were “6 million U.S. households with $1 million or more of (investable) assets.”

The top ten on that list: (which includes the District of Columbia) are: D.C.; Delaware; New Hampshire; Massachusetts; Virginia; Alaska; Hawaii; New Jersey; Connecticut and Maryland.

What makes these states so attractive to millionaires?

Apparently not taxes or cost of living, since New Jersey is a high tax state and Alaska is expensive to live.  Climate is not a deciding factor, think Alaska versus Hawaii!

I considered that perhaps the state mottos might have a connection?

If you are a millionaire – Why not migrate to a state with an attractive motto? (Just one thought)

So here are the interesting mottos of the above ten states:

D.C. – motto on corporate seal – Justice to all

Delaware – Liberty and Independence

New Hampshire – Live Free or Die

Massachusetts – (Latin) By the sword we seek peace, but peace only under liberty

Virginia – (Latin) thus always to tyrants

Alaska – North to the future

Hawaii – (native Hawaiian translation) The life of the land is perpetuated in righteousness

New Jersey – liberty and prosperity

Connecticut – (Latin) He who transplanted sustains

Maryland (Italian) strong deeds, gentle words

 Thus, the words that seem to attract millionaires? Justice, liberty, independence, freedom,future,  peace, righteousness, prosperity, deeds.

By the way, the motto (Latin) of Colorado is “Nothing without providence”

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About Attorney Barbara Ann Dalvano

Attorney in Denver, Colorado with extensive practice experience in the areas of Estate Planning, Wills and Trusts, Business Succession Planning, Probate, Contract Law.

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