Updated at 1:44 p.m., Wednesday, January 9, 2008
Hawaii no longer top in millionaire households
Advertiser Staff
Hawai'i is no longer at the top of the heap when it comes to millionaire households.The number of millionaire households in Hawai'i slipped last year, at least according to a marketing company that tracks the buying habits of high-net worth individuals.
But Hawai'i still remains among the top five states in terms of percentage of millionaire households compared to the rest of the country.
The research by Phoenix Marketing International, a Rhinebeck, N.Y.-based firm, shows Hawai'i had 29,365 millionaire households last year, down slightly from the 29,423 it had in 2006.
The decline, along with increases in millionaires living elsewhere, meant Hawai'i fell from the No. 1 spot it had occupied in 2005 and 2006 in terms of percentage of households.
Instead, New Jersey, Maryland and Connecticut pulled past the Aloha State with higher percentages. Millionaires lived in 6.69 percent of the Hawai'i's 438,893 households, Phoenix said.
"Traditional East Coast concentrations of wealth have continued to outperform most of the rest of the country," said David Thompson, managing director of the Phoenix Affluent Practice, in a press statement.
"This is a function of three factors: high levels of education; access to top-paying jobs in finance and technology; and a stock market that has advanced over the past four years."
